1. The audited accounts of the company by the Board of Directors at its meeting held on June 27, 2009 after review by the Audit Committee at its meeting held on June 26, 2009.

2. The Board has recommended a Final dividend @ 10% (i.e. Rs 1.00 per share) for the year 2008-09 to be paid to those shareholders whose name appear in the Register of Members on September 19, 2009.

3. Out of the proceeds of zero coupon FCCBs of Rs 267.96 Crores issued in April 2006, Rs 0.17 crore have remained unutilised till the end of March, 2009.

4. a) In respect of 1% Foreign Currency Convertible Bonds (FCCBs) of USD 55 million, 2194 bonds (out of total 2200 bonds) valued at Rs 239.31 crores were converted into 49883342 equity shares till date.

b) In respect of Zero Coupon Foreign Currency Convertible Bonds (FCCBs) of USD 60 million, 425 bonds (out of total 600 bonds) valued at Rs 189.81 crores were converted into 31798240 equity shares till date.

5. In Standalone results:

a) The company has exercised the options granted vide notification NO. GSR225(E) dated March 31, 2009 issued by the Ministry of Corporate Affairs and accordingly the exchange differences arising on revaluation of long term foreign currency monetary items have been recognised over the shorter of the maturity period or March 31, 2011. Due to this, profit after tax for the current year is higher by Rs 16.41 crores.

b) Exceptional Items for the year ended March 31, 2009 includes loss of Rs 114.72 crores on account of fluctuations on foreign currency assets / liabilities including Loans.

6. On October 31, 2008, 134834154 Bonus Shares has been allotted in the ratio of 2:5 thereby increasing capital by Rs 134.83 crores. Accordingly, EPS for the corresponding previous periods / year have been adjusted as per AS-20.

6. Previous period / year figures have been regrouped / rearranged wherever considered necessary.

A K Jagatramka
Vice Chairman & Managing Director