The above unaudited financial results were reviewed by the Audit Committee and have been approved by the Board at its meeting held on 30.04.2009. The quarterly stand alone results are subject to Limited Review by Auditors of the Company.

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.

This unaudited financial results of the fourth quarter have been presented for the first time. The figures of the corresponding quarter of previous year were derived from the Annual Audited Results to make it comparable and were not subject to limited review.

The Company’s operations fall within a single primary business segment viz. ‘Pharmaceutical Products’.

Investor complaints pending at the beginning of the quarter: Nil, received: 42, resolved: 42 and lying unresolved at the end of the quarter Nil.

Sales for the quarter include exports of Rs.5376.3 millions (Rs.4039.7 millions).

Foreign Exchange (Gain) / Loss represents exchange differences arising on all foreign currency transactions. This includes loss during the quarter due to restatement of Foreign Currency Convertible Bonds (net of Deposits) Rs.420.2 millions (loss of Rs.122.6 millions).

During the quarter, the Company has repurchased and cancelled Foreign Currency Convertible Bonds (FCCBs), in accordance with RBI Policy, aggregating to USD 60,900,000 at discount.

The Board at its meeting held on 31.03.2009 approved a “Scheme of Arrangement” (Scheme) for utilization of the Capital Redemption Reserve Account of Rs. 90 millions towards adjusting the expenses as specified in the Scheme. The proposed Scheme also provides for transfer of the Capital Reserve Account of Rs. 90.3 millions and the credit of the gain arising on buyback of FCCBs, being capital in nature, to an account to be referred to as “Reconstruction Reserve Account” available for the purposes as mentioned in the Scheme.
The Scheme will be subject to necessary permissions, sanctions and approvals. A meeting of the Sharesholders of the Company as directed by the Hon’ble High Court of Andhra Pradesh at Hyderabad is being convened on 21.05.2009. Pending approval of the Scheme by the sharesholders, Hon’ble High Court of Andhra Pradesh and completion of other statutory formalities, no effect thereof has been given in the abovesaid results for the quarter and year ended 31.03.2009.

In respect of matters referred to in the limited review report by the Auditors for the quarter and nine months ended December 31, 2008 - (a) relating to non-provision of premium of Rs. 28043 lakhs on redemption of outstanding USD 229.56 Million Zero Coupon Foreign Currency Convertible Bonds (FCCBs) (excluding USD 25.94 Million FCCBs repurchased during January 2009), the management is of the opinion that the determination and crystallisation of liability is dependent upon the outcome of uncertain future events or actions, not wholly within the control of the Company and therefore the same has been considered as a “contingent liability” as at December 31, 2008.
Further, the management continues to hold the same view as at March 31, 2009 on outstanding USD 194.60 Million FCCBs. (b) relating to diminution of unquoted non trade current investment of USD 15 Million, the loss which has arisen on realisation of the same has been covered in the Scheme proposed as above and this has no impact on the results of the Company for the quarter.

During the quarter, step down subsidiaries i.e. Aurobindo Pharma France SARL and Aurobindo Pharma (Bulgaraia) EAD have been incorporated.

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