1. The above results for the quarter/year ended March 31, 2009 were taken on record at the Board of Directors meeting held on May 28, 2009. The audited accounts are subject to review by the Comptroller and Auditor General of India under section 619(4) of the Companies Act, 1956.

2. The Board of Directors have recommended a final dividend of Re 1.30 per equity share, in addition to the interim dividend of Rs 1.30 per equity share already paid, for the financial year 2008- 09 thus taking the total dividend to Rs 2.60 per equity share, subject to approval of shareholders.

3. The wage revision of the employees of the company is due w.e.f. January 01, 2007. Pending finalisation of fresh agreements, cumulative amount of Rs 528766 lakhs upto the year ended March 31, 2009 (upto previous year-260951 lakhs), have been provided towards employees costs on estimated basis for the period January 01, 2007 to March 31, 2009.
Against the provision made, payments on account of ad-hoc adjustable amount and merger of Dearness Allowance with Basic Pay, of Rs 107724 lakh have been adjusted.

4. The Company has two subsidiary companies: a) IISCO Ujjain Pipe & Foundry Co. Ltd (IISCO-Ujjain) and b) Maharashtra Elektrosmelt Ltd (MEL). The IISCO-Ujjain is under liquidation. The audited financial results of MEL have been considered in the preparation of consolidated financial results.

5. The figures of previous periods have been re-grouped, wherever necessary, to conform to current quarter/year´s classification.

Soiles Bhattacharya
Director (Finance)