1. Figures for the previous period have been regrouped and reclassified to conform to the classification of the current period, where necessary.

2. Sponge Iron is the only reportable segment in accordance with the Accounting Standard 17 issued pursuant to the companies (Accounting Standards) Rules 2006.

3. The above results have been approved at the meeting of the Board of Directors held on April 22, 2009.

4. The Board of Directors has recommended a dividend of 80% (i.e. Rs 8 per equity share) for the year ended March 31, 2009. The cash outflow on account of dividend will be Rs 1232 lakh & for tax on distributed profit including Education Cess will be Rs 209.38 lakh.

Suresh Thawani
Managing Director