1. The above results were reviewed by the Audit Committee at their meeting held on 29th June,2009 and approved by the Board of Directors at their meeting held on June 30, 2009.

2. Board of Directors has recommended a dividend of Re.1/- Per equity share of Rs.10/- each for the year ended March 31, 2009.

3. With effect from April 01, 2008, the Company has adopted the principles of hedge accounting as set out in Accounting Standard 30, ´Financial Instruments: Recognition and Measurement´, issued by The Institute of Chartered Accountants of India. Accordingly, the foreign exchange (gain)/loss of Rs 37.69 crore for the year ended March 31, 2009 on forward foreign exchange contracts entered into to hedge firm commitments and highly probable forecast transactions, which qualify for hedge accounting, has been accounted under Hedging Reserve to be ultimately recognised in the profit and loss account when the forecasted transactions arise, as against the earlier practice of recognising the same in the profit and loss account, by marking them to market at the end of each period. The loss for the year ended March 31, 2009 is lower to that extent.

4. Pursuant to notification of the Companies (Accounting Standards) Amendment Rules 2009 on March 31, 2009, the Company has exercised the option of deferring the charge to the profit and loss account arising on exchange differences, in respect of accounting periods commencing on or after December 07, 2006, on long-term foreign currency monetary items (i.e. monetary assets or liabilities expressed in foreign currency and having a term of 12 months or more at the date of origination). As a result, such exchange difference have been accumulated in foreign currency monetary item translation difference account and would be amortized over the balance period of such long term asset/liability but not beyond, accounting period ending on or before March 31, 2011. Accordingly, as on March 31, 2009 an amount of Rs 2.12 crores remains unamortized in the foreign currency monetary item translation difference account.

5. The commercial production of Polyester Staple Fibre commenced from October 01, 2007 and hence the figures for the current year are not comparable with the corresponding figures of the previous year.

6. The Company has during the year ended March 31, 2009 converted a part of the freehold land under real estate development from fixed assets to stock in trade at market value and the difference between the market value and cost amounting to Rs 390.11 crore has been credited to Revaluation Reserve. The Company has entered into a Memorandum of Agreement to sell a part of the commercial building being constructed on such land to its wholly owned subsidiary. The revenue arising from sale of the undivided interest in the underlying freehold land to the subsidiary amounting to Rs 188.54 crore has been recognized in the Profit & Loss account with a corresponding release from the Revaluation Reserve.

7. The wholly owned subsidiary referred to in para 7 above was acquired with effect from December 31, 2008 as a special purpose vehicle for acquisition and disposal of the commercial property under construction and is being held exclusively with a view to its subsequent disposal in the near future. It is thus excluded from consolidation in accordance with the provisions of AS 21 - Consolidated Financial Statements.

8. Figures for the previous periods have been regrouped / restated wherever necessary.

P V Kuppuswamy
Joint Managing Director