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UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED 31^ST MARCH, 2005

(RS. IN LACS)
PARTICULARS	QUARTER ENDED	QUARTER ENDED	ACCOUNTING YEAR ENDED	ACCOUNTING YEAR ENDED
	31.03.2005	31.03.2004	31.03.2005	31.03.2004
	UNAUDITED	REVIEWED	UNAUDITED	AUDITED
INCOME FROM OPERATION	6369.30	5845.77	24662.24	21248.64
OTHER INCOME	60.15	114.92	1159.21	178.89
TOTAL INCOME	6429.45	5960.69	25821.45	21427.53
TOTAL EXPENDITURE	5599.03	5312.71	21792.86	19262.84
DECREASE IN STOCK IN TRADE	-585.31	-1247.98	1094.47	-1884.50
CONSUMPTION OF RAW MATERIAL	5359.84	5639.12	17359.44	18108.87
COST OF SALES	4774.53	4391.14	18453.91	16224.37
STAFF COST	153.61	223.93	725.89	696.55
OTHER EXPENSES	670.89	697.64	2613.06	2341.92
INTEREST	194.72	155.31	682.68	558.71
DEPRECIATION	30.31	23.59	112.92	94.99
PROFIT BEFORE TAX	605.39	469.08	3232.99	1510.99
PROVISION FOR TAX	45.54	33.92	163.97	113.32
PROVISION FOR DEFERRED TAX	82.18	23.26	257.00	100.91
INCOME TAX FOR THE PREVIOUS YEAR	0.00	10.75	0.00	10.75
NET PROFIT	477.67	401.15	2812.02	1286.01
PAID UP EQUITY SHARE CAPITAL	727.57	571.57	727.57	571.57
RESERVES EXCLUDING REVALUATION RESERVES
EPS - Rs. ANNUALISED	7.81	7.02	45.98	23.44
AGGREGATE OF NON-PROMOTERS SHAREHOLDING
NUMBER OF SHARES	4758295	2939443
% OF SHARE HOLDING	65.40%	63.56%

NOTES:
1. During the financial year 2004-05 the net profit of the company rose by 118.66% and total turnover rose by 20.51%. During the quarter under review, the net profit rose by 19% and the income from operations rose by 9% as compared to the corresponding quarter of the previous year. 2. The company has entered into critical care segments of anesthesiology, oncology and surgery by creating a dedicated division called “Resurgence”. The company is also entering herbal prescription drug by creating super specialty herbal division to address diseases for which there is no allopathic cure available. The company also intends to get into high-value niche segments such as nephrology and neuropsychiatry and later into the medical devices segments, especially orthopedic and dental equipments. The company plan to create total nine marketing divisions to address different segments and strengthen its marketing divisions by doubling employees’ strengths. 3. Considering the company’s strong distributor’s network, it is in process of forging alliances with originators who are not present in India and are willing to license their products for Indian markets (supported by manufacturing strengths of group company Ind-Swift Laboratories Limited (ISLL) to supply low cost API) to make and market those products in India. On other hand company also plans to out-license its products and NDDS to domestic as well as global players. The company has forged agreements with leading domestic companies including Ranbaxy and Lupin for Nitazoxanide, an anti – diarroheal drug launched for the first time in India after successful clinical trails. 4. The company has received a US patent for New Drug Delivery System (NDDS) of a macrolide anti-biotic drug. This is the fourth product from the company stable under NDDS for patient convenience and compliance, which has earned distinction for the company. In addition to this, the company has already filed patents for two of its products based on NDDS. The R&D of the company is working on developing 12 new molecules for launching with NDDS, which are in different stage of R&D. These new products are from the high growth therapeutic segments of Cardiology, Diabetology, Neurology, Cancer, Anti – Asthmatic etc. 5. Continuous introduction of new API molecules by group company have provided excellent opportunities to the company in terms of dosage contract manufacturing along with providing technical dossier for a speedy launch of their products to market. This opportunity

AGGREGATE OF NON-PROMOTERS SHAREHOLDING