1. For the quarter ended March 31, 2009, net loss on account of exchange rate difference of Rs 2,065 lacs includes unrealized net loss in accordance with Accounting Standard-11 "The effect of changes in Foreign Exchange Rates", (AS-11) of Rs 1,643 lacs on long term foreign currency borrowing (including those repayable over a period of 8 years). The option under the notification No. GSR 225E dated March 31, 2009, issued by the Ministry of Corporate Affairs, relating to AS-11 will be exercised at the time of finalisation of Annual Audited Accounts.

2. During the quarter ended March 31, 2009, a sum of Rs 1,272 lacs has been debited to hedging reserve as per the Companies accounting policy.

3. As of March 31, 2009, out of total issued ZCCB´s of US$ 60 Million, ZCCB holders representing US$ 49.15 Million (81.92%) has been converted into underlying equity shares.

4. Company has made a tax provision including deferred tax adjustments on annual basis and accordingly Rs 6,234 lacs (previous years Rs 5,698 lacs) has been provided.

5. In terms of option available under clause 41, the Company has opted for declaring quarterly standalone results for the current financial year 2008-09. The Company shall declare Audited Consolidated financials for March 31, 2009 at a later date.

6. On April 09, 2009, pursuant to shareholders decision under Section 81 (1A) of the Companies Act, 1956, the Company has issued and allotted 1,997,780 Equity Shares at Rs 360.40 per share (face value of Rs 10 each) to International Finance Corporation, Washington, DC, USA on preferential basis. The amount raised by such issue is Rs 7,200 lacs.

7. The Auditors of the Company have carried out the Limited Review of the above financial results.

8. The figures have been regrouped, rearranged, reclassified or reworked as necessary to conform to the current year accounting treatment.

9. The above results have been taken on record at a meeting by the Audit Committee and the Board of Directors of the Company on April 30, 2009.

Anil B Jain
Managing Director