1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meetings held on April 30, 2009 and have undergone “Limited Review” by the Statutory Auditors of the Company.

2. The Company is primarily engaged in the business of colonisation and real estate development, which as per AS-17 on “Segment Reporting” issued by the ICAI is considered to be the only reportable business segment. The Company is primarily operating in India which is considered as a single geographical segment.

3. As per the Employees Stock Option Scheme 2006, Rs. 8.60 crores has been provided as staff cost during the quarter, according to the Guidance Note issued by ICAI, as the proportionate cost of 55,29,335 Options outstanding as on March 31, 2009 (including the proportionate cost of 3,81,559 Options committed to be granted in the future).

4. Board of Directors in its meeting held on April 30, 2009 has approved to transfer Company’s Wind-Power Business, as a going concern, on slump-sale basis, to a wholly owned subsidiary, for which approval of the shareholders is being sought by way of postal ballots pursuant to Section 293(1)(a) read with Section 192A of the Companies Act, 1956.

5. The previous period figures have been regrouped / re-arranged wherever necessary to make them comparable.

6. The weighted average number of equity shares outstanding during the period has been considered for calculating the Basic and Diluted Earning Per Share (not annualised) in accordance with AS-20.

7. Utilisation of funds received through Initial Public Offer (IPO):

Expenditure incurred upto March 31,2009 (Rs in Crores)

Acquisition of land and development rights : 5,669.55

Development and construction costs for existing projects : 636.25

Prepayment of Loans : 2,577.95

Issue related expenses : 302.98

Total : 9,186.73

8. The Company had issued Public Announcement (PA) and Corrigendum to PA dated September 30, 2008 and October 15, 2008 respectively, for buyback of its shares from the open market at a price not exceeding Rs. 600/- per share for an aggregate amount not exceeding Rs. 1100 crore. Under the Buy-back programme, the Company has bought back 76,23,567 equity shares till March 31, 2009 at a consideration (excluding transaction cost) of Rs. 140.34 crores Of the above, 76,18,567 equity shares have been extinguished up to March 31, 2009.

9. CRISIL vide it´s letter dated 17th April, 2009 assigned “A+” Rating watch with developing implications to the Company´s Rs.92.90 billion Term Loans and Overdraft Facility and “P1” Rating watch with developing implications to the Company´s Rs. 15.99 billion Short Term Loan, Bank Guarantee and Letter of Credit.

10. ICRA vide its letter dated 24th February, 2009 assigned “ A2 +” for the company’s Short Term Debt Programme of Rs 3000 crores.

T C Goyal
Managing Director