1. The above results were reviewed by the Audit Committee on April 22, 2009 and were approved at the meeting of the Board of Directors held on April 22, 2009.

2. The Board of Directors has recommended a dividend of 40% i.e. Rs 4.00 per equity share of Rs 10/- each for the current year. The payment is subject to the approval of the shareholders in the Annual General Meeting.

3. Other operating income for the year ended March 31, 2009 includes a sum of Rs 13,048 lakhs (net of tax Rs 8,613 lakhs) being excess royalty liability written back based on decision of the Rajasthan High Court.

4. Arising from the announcement of the Institute of the Chartered Accountants of India on March 29, 2008, the Company had decided to adopt Accounting Standard (AS) 30 - Financial Instruments : Recognition and Measurement effective April 01, 2007.

5. Consistent with the treatment followed in earlier years, investment in equity shares of a power company has been considered as an intangible asset. This has resulted in an additional amortisation charge of Rs 467 lakhs for the year March 31, 2009 (corresponding previous year : Rs 467 lakhs) and the net profit for the year being lower by Rs 308 lakhs (corresponding previous year Rs 306 lakhs). This treatment, being in preference to the requirements of Accounting Standards, has been reported by the auditors.

6. Figures for the previous period have been regrouped / rearranged to correspond with current period figures wherever necessary.

Akhilesh Joshi
COO & Whole Time Director