1. The above results were reviewed by the Audit Committee and approved at the meeting of the Board of Directors of the Company held on June 25, 2009.

2. The activities of the Company relate to only one business segment i.e. Pharmaceuticals.

3. Tax expense includes Current tax Rs.4452 lakhs (2007-08 Rs.1585 lakhs),adjustment relating to past years of Rs. l52 lakhs (2007-08 Rs.551 lakhs).Deferred Tax Rs.2537 lakhs (2007-08 Rs.1279 lakhs), Fringe benefit tax Rs 93 lakhs (2007-08 Rs.210 lakhs) and is net of MAT credit available of Rs.432 lakhs (2007-08 Rs.(223) lakhs).

4. The figures for the previous year have been rearranged / regrouped wherever necessary to confirm to current period´s presentation.

5. During the year, 26775 Equity shares of Rs 2/- each at premium of Rs.141.13 were allotted on exercise of stock options under the Employee stock options scheme.

6. The Board of Directors at their meeting held on October 29, 2008 & January 28, 2009 approved conversion of 6718 & 1000 partly paid up Equity Shares of Rs 2/- each into fully paid up shares respectively.

7. Matrix Laboratories Ltd (Matrix) had entered into agreements in October 2008 for the termination of the joint venture agreements with Aspen Pharmacare Holdings Ltd ("Aspen"). The Astrix Laboratories Ltd (Astrix) and Fine Chemicals Corporation (Pty) Ltd (FCC) joint ventures are held 50:50 by Aspen and Matrix along with their respective subsidiaries. Under the terms of the new agreement, 50% Matrix stake in FCC would be bought back by Aspen and 50% Aspen stake in Astrix would be bought back by Matrix. Matrix has assigned its right to acquire 50% stake in Astrix to its parent company to the extent 49% and fellow subsidiary to the extent of 1%. The transaction has been closed with effect from May 31, 2009.

8. MP Laboratories (Mauritius) Ltd (MP Laboratories), a wholly owned subsidiary of Mylan Inc., and one of the Promoters of the Company had initiated voluntary delisting of the shares of the Company from the Bombay Stock Exchange (BSE) and National Stock Exchange of India Ltd (NSE) (together "Stock Exchanges") in accordance with the Securities and Exchange Board of India (Delisting of Securities) Guidelines, 2003 (´the Delisting Offer´).On June 01, 2009, MLP Laboratories announced the acceptance of the discovered price of Rs 211/- per share ("Exit Price") established by the reverse book building process in the Delisting Offer. Under the Delisting Offer, MP Laboratories has acquired 27,053,416 equity shares aggregating to 17.50% of the paid-up share capital of the Company, thereby increasing the Promoters shareholding to 93.63% of the paid-up share capital of the Company. Subsequent to this, the Company has allotted 1,725,170 equity shares of Rs 2/- each to Matrix ESOP Trust on June 21, 2009.

Consequent to this allotment, the paid-up share capital of the Company increased to Rs. 312,677,622 comprising of 156,338,811 equity shares of Rs. 2/- each. The Company will make requisite applications to the stock exchanges for delisting of the shares of the Company.

S Srinivasan
Chief Executive Officer & Managing Director