--------------

----- in
Rs. Cr.
--------------
Balance Sheet -----
Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Sources Of Funds
Total Share Capital 285.15 291.80 292.30 293.00 293.60
Equity Share Capital 285.15 291.80 292.30 293.00 293.60
Share Application Money 7.49 3.50 58.00 1.50 1.80
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves 6,135.30 9,025.10 11,260.40 12,220.50 17,396.80
Revaluation Reserves 0.00 0.00 0.00 0.00 0.00
Networth 6,427.94 9,320.40 11,610.70 12,515.00 17,692.20
Secured Loans 45.06 23.20 4.00 0.00 0.00
Unsecured Loans 5.10 214.80 3,818.40 5,013.90 5,530.20
Total Debt 50.16 238.00 3,822.40 5,013.90 5,530.20
Total Liabilities 6,478.10 9,558.40 15,433.10 17,528.90 23,222.40
Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Application Of Funds
Gross Block 2,364.53 1,645.90 2,282.20 5,743.30 6,761.30
Less: Accum. Depreciation 1,246.27 0.00 0.00 2,563.70 3,105.00
Net Block 1,118.26 1,645.90 2,282.20 3,179.60 3,656.30
Capital Work in Progress 612.36 989.50 1,335.00 1,311.80 991.10
Investments 3,459.20 4,348.70 4,500.10 6,895.30 8,966.50
Inventories 148.65 240.40 448.10 459.60 606.90
Sundry Debtors 1,968.07 2,582.30 3,646.60 4,446.40 4,754.70
Cash and Bank Balance 822.42 1,849.20 3,732.10 1,902.10 1,938.30
Total Current Assets 2,939.14 4,671.90 7,826.80 6,808.10 7,299.90
Loans and Advances 1,136.96 1,666.50 4,231.30 4,202.00 5,519.40
Fixed Deposits 0.58 0.00 0.00 2,507.10 3,726.00
Total CA, Loans & Advances 4,076.68 6,338.40 12,058.10 13,517.20 16,545.30
Deffered Credit 0.00 0.00 0.00 0.00 0.00
Current Liabilities 1,776.83 2,998.90 3,361.60 5,564.30 4,706.00
Provisions 1,011.56 765.20 1,380.70 1,810.70 2,230.80
Total CL & Provisions 2,788.39 3,764.10 4,742.30 7,375.00 6,936.80
Net Current Assets 1,288.29 2,574.30 7,315.80 6,142.20 9,608.50
Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.00
Total Assets 6,478.11 9,558.40 15,433.10 17,528.90 23,222.40

Contingent Liabilities 509.18 661.60 749.90 1,045.40 778.00

Book Value (Rs) 45.03 63.86 79.05 85.42 120.49
 --------------
----- in
Rs. Cr.
--------------
Profit & Loss account -----
Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Income
Sales Turnover 10,264.09 13,758.50 17,658.10 21,612.80 23,006.30
Excise Duty 36.97 74.60 165.50 105.50 84.30
Net Sales 10,227.12 13,683.90 17,492.60 21,507.30 22,922.00
Other Income 151.92 288.70 326.90 -480.40 875.30
Stock Adjustments 24.21 86.30 187.00 -3.80 111.00
Total Income 10,403.25 14,058.90 18,006.50 21,023.10 23,908.30
Expenditure
Raw Materials 1,391.88 1,975.30 3,139.30 3,438.80 4,140.40
Power & Fuel Cost 86.46 0.00 0.00 154.00 141.40
Employee Cost 4,279.03 5,768.20 7,409.10 9,249.80 9,062.80
Other Manufacturing Expenses 934.24 120.50 299.80 1,687.80 2,071.80
Selling and Admin Expenses 801.07 27.60 557.80 1,523.00 1,475.10
Miscellaneous Expenses 274.76 2,624.10 2,558.00 691.40 640.00
Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 0.00
Total Expenses 7,767.44 10,515.70 13,964.00 16,744.80 17,531.50
Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Operating Profit 2,483.89 3,254.50 3,715.60 4,758.70 5,501.50

PBDIT 2,635.81 3,543.20 4,042.50 4,278.30 6,376.80
Interest 3.13 7.20 116.80 196.80 108.40
PBDT 2,632.68 3,536.00 3,925.70 4,081.50 6,268.40
Depreciation 292.26 359.80 456.00 533.60 579.60
Other Written Off 0.00 0.00 0.00 0.00 0.00
Profit Before Tax 2,340.42 3,176.20 3,469.70 3,547.90 5,688.80
Extra-ordinary items -33.85 0.00 0.00 0.00 0.00
PBT (Post Extra-ord Items) 2,306.57 3,176.20 3,469.70 3,547.90 5,688.80
Tax 286.10 334.10 406.40 574.10 790.80
Reported Net Profit 2,020.48 2,842.10 3,063.30 2,973.80 4,898.00
Total Value Addition 6,375.55 8,540.40 10,824.70 13,306.00 13,391.10
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Equity Dividend 712.88 873.70 876.50 586.00 880.90
Corporate Dividend Tax 99.98 126.80 148.90 99.60 128.30

Per share data (annualised)

Shares in issue (lakhs) 14,257.54 14,590.00 14,615.00 14,649.81 14,682.11
Earning Per Share (Rs) 14.17 19.48 20.96 20.30 33.36
Equity Dividend (%) 250.00 300.00 300.00 200.00 300.00
Book Value (Rs) 45.03 63.86 79.05 85.42 120.49
 --------------
----- in
Rs. Cr.
--------------
Cash Flow -----
Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Net Profit Before Tax 2340.43 3176.20 3469.70 3547.90 5688.80

Net Cash From
Operating Activities 1912.25 2674.60 715.90 4344.50 4477.40
Net Cash (used
in)/from
Investing Activities -1694.42 -1881.90 -1127.50 -3662.70 -3064.60
Net Cash (used
in)/from Financing
Activities 59.80 238.50 2290.90 -70.70 -96.20
Net
(decrease)/increase
In Cash and Cash
Equivalents 277.63 1031.20 1879.30 611.10 1316.60
Opening Cash &
Cash Equivalents 545.38 818.00 1852.80 3798.10 4347.70
Closing Cash & Cash
Equivalents 823.00 1849.20 3732.10 4409.20 5664.30
 -------------
------ in
Rs. Cr.
-------------
Key Financial Ratios ------

Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

Investment Valuation Ratios

Face Value 2.00 2.00 2.00 2.00 2.00
Dividend Per Share 5.00 6.00 6.00 4.00 6.00
Operating Profit Per Share (Rs) 17.42 22.31 25.42 32.48 37.47

Net Operating Profit Per Share (Rs) 71.73 93.79 119.69 146.81 156.12
Free Reserves Per Share (Rs) 42.65 -- -- 81.06 116.54
Bonus in Equity Capital 98.08 95.84 95.68 95.51 95.32
Profitability Ratios
Operating Profit Margin(%) 24.28 23.78 21.24 22.12 24
Profit Before Interest And Tax
Margin(%) 21.19 20.71 18.29 19.22 21.07
Gross Profit Margin(%) 25.08 21.15 18.63 19.64 21.47
Cash Profit Margin(%) 22.36 22.91 19.74 20.27 21.56
Adjusted Cash Margin(%) 22.32 22.91 19.74 20.27 21.56
Net Profit Margin(%) 19.53 20.34 17.19 13.53 20.97
Adjusted Net Profit Margin(%) 19.49 20.34 17.19 13.53 20.97
Return On Capital Employed(%) 35.58 33.3 23.23 26.77 23.06
Return On Net Worth(%) 31.43 30.5 26.51 23.76 27.68
Adjusted Return on Net Worth(%) 31.39 30.5 26.51 31.34 25.19
Return on Assets Excluding
Revaluations 21.8 63.86 79.05 85.42 120.49
Return on Assets Including
Revaluations 21.8 63.86 79.05 85.42 120.49
Return on Long Term Funds(%) 35.87 33.31 23.32 37.17 30.12

Liquidity And Solvency Ratios

Current Ratio 1.42 1.68 2.54 1.1 1.34
Quick Ratio 1.4 1.61 2.44 1.76 2.29
Debt Equity Ratio 0.01 0.03 0.33 0.4 0.31
Long Term Debt Equity Ratio -- 0.03 0.33 0.01 0.01

Debt Coverage Ratios

Interest Cover 735.79 442.14 30.71 23.85 49.41
Total Debt to Owners Fund 0.01 0.03 0.33 0.4 0.31
Financial Charges Coverage Ratio 829.08 492.11 34.61 26.56 54.76
Financial Charges Coverage Ratio
Post Tax 739.19 445.71 31.13 18.82 51.53

Management Efficiency Ratios

Inventory Turnover Ratio 69.56 57.23 39.41 56.15 45.4
Debtors Turnover Ratio 6.06 6.01 5.62 5.32 4.98
Investments Turnover Ratio 78.23 57.23 39.41 56.15 45.4
Fixed Assets Turnover Ratio 7.16 8.31 7.81 3.85 3.47
Total Assets Turnover Ratio 1.58 1.43 1.14 1.24 0.99
Asset Turnover Ratio 4.35 8.31 7.81 3.85 3.47

Average Raw Material Holding 28.45 -- -- 66.55 53.39

Average Finished Goods Held 3.78 -- -- 4.13 6.19

Number of Days In Working Capital 45.35 67.73 150.56 102.81 150.91

Profit & Loss Account Ratios

Material Cost Composition 13.6 14.43 17.94 15.98 18.06
Imported Composition of Raw
Materials Consumed 62.12 -- -- 45 36.83

Selling Distribution Cost Composition 1.67 -- 3.04 1.43 1.64

Expenses as Composition of Total
Sales 69.25 80.05 73.66 77.28 73.26

Cash Flow Indicator Ratios

Dividend Payout Ratio Net Profit 40.23 35.2 33.47 23.05 20.6
Dividend Payout Ratio Cash Profit 35.14 31.24 29.13 19.54 18.42
Earning Retention Ratio 59.68 64.8 66.53 82.53 77.36
Cash Earning Retention Ratio 64.79 68.76 70.87 84.62 79.97
AdjustedCash Flow Times 0.02 0.07 1.09 1.13 1.1

Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

Earnings Per Share 14.17 19.48 20.96 20.3 33.36

Book Value 45.03 63.86 79.05 85.42 120.49
 --------------
----- in
Rs. Cr.
--------------
Key Financial Ratios -----

Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

Investment Valuation Ratios

Face Value 1.00 1.00 1.00 1.00 1.00

Dividend Per Share 13.50 11.50 14.00 14.00 20.00

Operating Profit Per Share

(Rs) 68.21 43.95 51.35 61.52 34.06

Net Operating Profit Per Share

(Rs) 229.52 152.67 189.39 228.92 117.74

Free Reserves Per Share (Rs) 113.86 80.25 110.22 134.37 75.24

Bonus in Equity Capital 18.61 59.30 59.30 59.30 79.65

Profitability Ratios

Operating Profit Margin(%) 29.71 28.79 27.11 26.87 28.93

Profit Before Interest And Tax

Margin(%) 27.26 26.34 24.42 24.75 26.62

Gross Profit Margin(%) 30.07 29.17 24.64 25.01 26.89

Cash Profit Margin(%) 26.33 27.29 25.29 26.09 26.44

Adjusted Cash Margin(%) 27.25 26.44 25.29 26.09 26.44

Net Profit Margin(%) 24.05 25.00 24.11 20.74 24.13

Adjusted Net Profit Margin(%) 24.97 24.15 24.11 20.74 24.13

Return On Capital
Employed(%) 55.70 49.87 42.92 43.27 42.46

Return On Net Worth(%) 48.43 46.62 41.34 35.13 37.30

Adjusted Return on Net

Worth(%) 50.28 45.04 39.16 41.06 37.75

Return on Assets Excluding

Revaluations 36.59 82.35 111.43 136.38 76.72

Return on Assets Including

Revaluations 36.59 82.35 111.43 136.38 76.72

Return on Long Term

Funds(%) 55.97 50.12 42.96 43.27 42.46

Liquidity And Solvency Ratios

Current Ratio 2.19 1.93 1.98 1.83 1.49

Quick Ratio 2.22 1.98 1.97 1.83 1.48

Debt Equity Ratio 0.01 0.01 0.01 0.01 0.01

Long Term Debt Equity Ratio -- -- 0.01 0.01 0.01

Debt Coverage Ratios

Interest Cover 700.35 1,179.14 1,383.58 784.41 674.43

Total Debt to Owners Fund 0.01 0.01 0.01 0.01 0.01

Financial Charges Coverage

Ratio 757.67 1,279.26 1,517.73 840.52 723.63

Financial Charges Coverage

Ratio Post Tax 663.42 1,196.54 1,453.50 688.32 639.14

Management Efficiency Ratios

Inventory Turnover Ratio 492.37 1,245.97 1,137.21 1,321.77 3,398.94

Debtors Turnover Ratio 5.93 5.83 5.66 6 6.54

Investments Turnover Ratio 536.84 1,412.30 1,137.21 1,321.77 3,398.94

Fixed Assets Turnover Ratio 9.11 8.2 5.74 5.15 4.74

Total Assets Turnover Ratio 1.99 1.85 1.68 1.66 1.52

Asset Turnover Ratio 6.68 6.49 5.74 5.15 4.74

Average Raw Material Holding 85.76 144.33 98.28 93.98 72.97

Average Finished Goods Held 0.48 0.05 0.03 0.07 0.04

Number of Days In Working

Capital 71.53 63.6 71.55 67.44 55.58

Profit & Loss Account Ratios

Material Cost Composition 1.43 0.14 0.24 0.23 0.1

Imported Composition of Raw

Materials Consumed 80.37 70.79 80.43 79.74 78.67

Selling Distribution Cost

Composition 0.1 0.2 0.14 0.09 0.03

Expenses as Composition of
Total Sales 90.17 92.38 90.51 93.01 92.38

Cash Flow Indicator Ratios

Dividend Payout Ratio Net

Profit 27.72 34.46 35.55 34.2 81.61

Dividend Payout Ratio Cash

Profit 25.32 31.57 32.26 31.41 75.3

Earning Retention Ratio 73.3 64.34 62.47 70.74 19.37

Cash Earning Retention Ratio 75.53 67.42 66.11 72.81 25.53

AdjustedCash Flow Times 0.01 0.01 0 0.01 0.01

Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

Earnings Per Share 55.53 38.39 46.07 47.92 28.62

Book Value 114.64 82.35 111.43 136.38 76.72