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

2. The Board of Directors has recommended dividend Rs 3.50 Per share of Rs 2 each (175%) for the financial year 2008-09. The payment is subject to the approval of the shareholders in its Annual General Meeting.

3. Exceptional items (Credit) Rs. 7,985 lacs for the quarter and Rs. 5,531 lacs for the year include:

a) Pursuant to BIFR granting approval to the draft rehabilitation scheme of India Foils Ltd (IFL) and in terms of the said scheme, net loans & guarantees aggregating to Rs. 15,488 lacs devolved on the Company. Against which the Company has been allotted Preference shares by IFL amounting to Rs. 15,203 lacs. The Company has sold the preference shares at a loss of Rs 15,203 lacs. Exceptional item for the quarter & year ended March 31, 2009 include the differences between the above mentioned loss & reversal of provision of Rs 12,834 lacs made in earlier years/periods.

b) During the earlier year, the Company had impaired assets represented by investment in one of its subsidiary. During the quarter, based on the current indications, the Company has recalculated the recoverable amount of the assets and accordingly written back Rs. 7900 lacs during the quarter.

4. Other operating income for the quarter and year ended March 31, 2009 includes a sum of Rs.4,906 lacs on account of insurance claim.

5. Tax expenses for the quarter and year ended March 31, 2009 is net of write back of provision of Rs. 2,497 lacs & Rs. 4,600 lacs respectively related to earlier years.

6. The Central Government, vide notification dated March 31, 2009, has amended Accounting Standard AS 11 The effects of Changes in Foreign Exchange Rates, notified under the Companies (Accounting Standard) Rules, 2006. During the year the Company opted to follow the above changes in respect of all long term foreign currency items which are not covered by Accounting Standard (AS 30) on Financial instruments; Recognition and Measurement. However, this has no impact on results for the quarter and year ended March 31, 2009.

7. Arising from the announcement of The Institute of Chartered Accountants of India on March 29, 2008, the Company had chosen for adoption of Accounting Standard (AS) - 30, Financial Instruments: Recognition & Measurement, in its entirety during the quarter ended March 31, 2008. The figures of corresponding quarter of the previous year have not been restated. As a result the same are not comparable.

8. On March 06, 2009, after renegotiation, the Company and ASARCO executed new Settlement and Purchase and Sale Agreement to purchase the operating assets of ASARCO for a consideration of (a) cash payment of US $ 1.1 billion on closing and (b) a senior secured non interest bearing promissory note of US $ 600 million, payable over a period of nine years. This is subject to the approval of the creditors constituents of ASARCO and U.S Bankruptcy Court for the Southern District of Texas.

9. During the year ended March 31, 2009, the Company incorporated Sterlite (USA) Inc. as its wholly owned subsidiary and Talwandi Sabo Power Ltd has become 100% subsidiary with effect from September 01, 2008 through its subsidiary Sterlite Energy Ltd.

10. a) Out of the ADS proceeds of Rs. 8,05,093 lacs, so far the Company has utilised Rs. 4,57,600 lacs.

b) Out of the total right issue proceeds of Rs. 1,97,230 lacs received in past, so far the Company has utilised Rs. 1,07,219 lacs.

The unutilised proceeds of ADS & right issue have been temporarily invested in Debt Mutual Funds & Fixed Deposits with banks.

11. Increase in the public shareholding during the year is inter-alia on account of conversion of some of ADS into underlying shares and classification of one of the promoters´ shareholding as public holding following his demise.

12. Others business segment comprises of Phosphoric Acids & Aluminium Foils.

13. Previous Period/Year figures have been regrouped / rearranged wherever necessary.

Anil Agarwal
Chairman