1. The results for the quarter and year ended March 31, 2009 were reviewed by the Audit Committee and approved by the Board of Directors on April 25, 2009 and have been subjected to audit.

2. Pursuant to terms of the Composite Scheme of Arrangement, the business pertaining to New Chemical Entity Research Unit, a division of Piramal Healthcare Ltd (formerly known as Nicholas Piramal India Ltd) was demerged into the Company on a going concern basis. The said Scheme was sanctioned by the Hon’ble High Court of Mumbai on January 11, 2008 with effect from April 01, 2007 being the Appointed Date. Consequently the effect of the same was given in the fourth quarter of the financial year ended March 31, 2008. During the corresponding previous quarter and year Piramal Healthcare Ltd had incurred an expenditure of Rs 1,429 Lakhs and Rs 8,018 Lakhs respectively pertaining to the demerged New Chemical Entity Research Unit.

3. In view of Losses no provision has been made for Current Tax. Tax expenses represents Fringe Benefits Tax.

4. The Company is mainly engaged in Pharmaceutical Research and Development business which is considered the Primary reportable business segment.

5. The Equity Shares of the Company were listed on the Bombay Stock Exchange Ltd and National Stock Exchange of India Ltd on May 29, 2008. since this is the first yeas of results of the Company published subsequent to listing of the shares and as the Company has not carried any operations during the corresponding quarter in previous year, the figures for previous quarter are not furnished.

6. Based on management projections / other finance options these quarterly / year end results are prepared on going concern basis.

Ajay G Piramal
Chairman