1. During the year ended March 31, 2009 the Company issued 9,77,098 equity shares of Rs 10 each pursuant to exercise of stock options by certain employees under the Employee Stock Option Scheme.

2. Income from Operations for the year and quarter ended March 31, 2009 include Dividend of Rs 4,000.00 Lakhs received from a Subsidiary Company.

3. The Board of Directors at their meeting proposed a dividend of Rs 1.20 per share, subject to the approval of the members at the ensuing Annual General Meeting.

4. Figures for the previous period / year have been regrouped wherever necessary, in order to make them comparable.

5. The above results were reviewed by the Audit Committee, approved by the Board of Directors at the meeting held on April 28, 2009.

Rajiv B Lall
Managing Director