The above unaudited financial results were reviewed by the Audit Committee and have been approved by the Board at its meeting held on August 5, 2010. A Limited Review of the above stand alone financial results has been carried out by the Statutory Auditors.

The Consolidated financial results, which are optional, have been presented by the Company, so as to provide additonal information.

The consolidated financial results have been prepared in accordance with AS - 21 on 'Consolidated Financial Statement', AS-27 'Financial Reporting of Interests in Joint Ventures' and includes financial results of all subsidiaries and Joint Ventures.

Investor complaints pending at the beginning of the quarter: Nil, received: 43, resolved: 43 and lying unresolved at the end of the quarter Nil.

Sales include Dossier income in standalone of Rs.3031 lakhs(Rs. 1074 lakhs) and in consolidated of Rs.3868 lakhs (Rs. 4310 lakhs).

Foreign Exchange (Gain)/Loss represents exchange differences arising on all foreign currency transactions. This includes net loss during the quarter due to restatement of Foreign Currency Convertible Bonds (net of Deposits) Rs.2376 lakhs (gain of Rs.5302 lakhs).

The paid up share capital of the Company has increased during April-June 2010 to Rs. 2822.66 lakhs as a result of allotment of 7,24,320 Equity Shares of Rs. 5 each for cash at premium of Rs.517.036 upon request received for conversion of FCCBs worth USD 8.714 Millions, out of USD 60 Million issue in terms of the offer document. 17,41,394 Equity shares were similarly allotted during July- August 2010 by conversion of FCCBs worth USD 20.95 Millions, out of USD 60 Million issue. Further, 27,007 Equity Shares of Rs. 5 each at a premium of Rs. 357.60 per share were allotted under ESOP 2004 Scheme by the Compensation Committee of the Company at their meeting held on July 19, 2010. Accordingly, as on date the paid up share capital of the Company has increased to Rs. 2911.08 lakhs.

In respect of matter referred to in the auditors' review report for the quarter ended June 30, 2010 in relation to non-provision of premium on redemption of 139,200 Zero Coupon Foreign Currency Convertible Bonds (FCCBs) of USD 1000 each, the management is of the view that it is contingent in nature, as determination and crystallization of liabilities is dependent on uncertain future events or actions, not wholly within the control of the Company.

Zao Express Pharma (formerly Zao Aurobindo Pharma), Russia ceased to be subsidiary effective April 1, 2010 by way of 100% divestiture.

The National Long-term Fitch Rating of the Company has been upgraded in July 2010 to 'AA-(ind)' from 'A+(ind)' indicating that the Company's Outlook is Stable.

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