1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on May 28, 2009.

2. The company operates only in one segment, Petroleum Sector. As such reporting is done on a single segment basis.

3. Gross Refining Margin for the quarter was US$ 6.60 / bbl (previous year US$ 9.59 / bbl) and upto the quarter is US$ 1.22 / bbl (previous year US$ 8.47 / bbl).

4. Other expenditure includes Exchange fluctuation loss of Rs 47.58 Crore for the quarter and Rs 533.74 Crore upto the quarter. (Exchange fluctuation gain of Rs (-) 45.34 Crore and Rs 86.11 Crore, respectively for the quarter and upto the quarter of the previous year is included in other income).

5. Employees cost includes Rs 54.67 Crore (2008: Rs 6.76 Crore) towards estimated provision / adhoc relief paid in respect of pay revision for supervisory employees for the period January 01, 2007 to March 31, 2009. Also, pending finalisation of Long Term Settlement with workmen, for revision of pay with effect from January 01, 2009, no provision has been made in the accounts, except to the extent of adhoc relief paid amounting to Rs 0.85 Crore.

6. In line with the scheme formulated by the Petroleum Planning & Analysis Cell, the company has received a discount of Rs 1306.56 Crore from Oil and Natural Gas Corporation Limited on crude oil purchased and has passed on the same as discount on products sold to IndianOil Corporation Limited. Accordingly, gross sales and consumption of raw-materials upto the quarter are net of Rs 1306.56 Crore.

7. Figures have been re-grouped wherever necessary.

8. The Audited Accounts are subject to review by the Comptroller and Auditor General of India under Section 619(4) of the Companies Act, 1956.

N C Sridharan
Director (Finance)