nirma

Dow Jones Company Report

Nirma Limited

© 2010 Factiva, Inc. All rights reserved.

Table of Contents

Company Report 3

General Information 3 Industry Classification 3

Performance/Segment Information 4

Officers and Executives 4 Board of Directors 4 Management Team and Key Personnel 4 Executive Biographies 4 Paresh B. Seth , Company Secretary, Compliance Officer 4 Hiren K. Patel , Managing Director, Director 4 Kalpesh A. Patel , Executive Director 4

Peer Comparison 5

Overview and History 5 Overview 5 History 5

Products and Services 6 Sales by Business Segment 6

Key Financial Ratios 7

Balance Sheet - Annual 8

Cash Flow - Annual 10

Income Statement - Annual 11

Balance Sheet - Interim/Quarterly 12

Cash Flow - Interim/Quarterly 12

Income Statement - Interim/Quarterly 12

Dow Jones Company Report for Nirma Limited

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Company Report

Company ReportGeneral Information Industry Classification

Nirma Limited

Selected Legal Status Categories: Public LimitedCompany

Nirma HouseAshram RoadAhmedabad, India 380 009India

Phone: 91-79-27546565Fax: 91-79-27546603Web: http://www.nirma.co.in/

Ownership Type: ListedPrimary Exchange: Bombay Stock ExchangeDUNS Number: 650184963

Location Type: HeadquartersGlobal Ultimate: Nirma LimitedDomestic Ultimate: Nirma LimitedImmediate Parent: Nirma LimitedThis company has 28 family members

Most Recent Stock Split: 2.0 (14-Mar-2007)Fiscal Year-End Date: 31-Mar-2010

Nirma Limited is an India-based consumer and chemical company. TheCompany has a diversified portfolio of soaps and surfactants, pharma, andprocessed minerals. The Company’s consumer products portfolio includesdetergents, soaps, scouring products and edible salt. Its industrial productsportfolio includes linear alkyl benzene (LAB), glycerine, alfa olefin sulfonate(AOS), sulfuric acid, soda ash, pure salt, vacuum evaporated iodized salt, singlesuper phosphate (SSP) and sodium silicate. The Company markets its productsthrough its fully owned subsidiary, Nirma Consumer Care Ltd. Its manufacturingfacilities are located at Mandali, Mehsana; Moraiya, Ahmedabad; Alindra,Vadodara; Kalatalav, Bhavnagar; Sachana, Ahmedabad, and Searles Valley,United States.

Primary Industry ClassificationDow Jones Industry Soap/Cleaning ProductsSIC 2841 Soaps and Other Detergents, Except Speciality CleanersNAICS 325611 Soap and Other Detergent ManufacturingSecondary Industry ClassificationSIC 2844 Perfumes, Cosmetics, and Other Toilet PreparationsNAICS 325620 Toilet Preparation Manufacturing

Source: Reuters


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Performance/Segment Information

Performance/Segment Information

Financial Performance(INR m)

Business Segment(INR m) Top 5 Segments

Geographic Segment(INR m) Top 5 Segments

Source: ReutersOfficers and Executives Board of Directors Management Team and Key Personnel Executive Biographies Paresh B. Seth , Company Secretary, Compliance Officer Hiren K. Patel , Managing Director, Director Kalpesh A. Patel , Executive Director

Officers and Executives Board of DirectorsName Job TitleKarsanbhai K. Patel Non-Executive Chairman of the Board Rakesh K. Patel Non-Executive Vice Chairman of the Board Hiren K. Patel Managing Director, Director Kalpesh A. Patel Executive Director Shrenikbhai K. Lalbhai Non-Executive Independent Director Rajendra D. Shah Non-Executive Independent Director Atulya P. Sarwan Non-Executive Independent Director Chinubhai Ramanlal Shah Non-Executive Independent Director Kaushikbhai N. Patel Non-Executive Independent Director


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Pankaj Ramanbhai Patel Non-Executive Independent Director Management Team and Key PersonnelName Job TitleParesh B. Seth Company Secretary, Compliance Officer Hiren K. Patel Managing Director, Director Kalpesh A. Patel Executive Director

Source: Reuters Publication Date: 02-Aug-2010

Peer Comparison

Peer Comparison Dow Jones Industry: Soap/Cleaning ProductsTotal Number of Companies: 34Rank Company Name Sales USD m Employees Market Cap

USD mNet Income

USD mNet Profit

Margin3 PZ Cussons plc 1,149.25 8,596 2,295.73 72.91 7.73%4 Nirma Limited 998.85 685.81 53.03 5.31%5 Campbell Brothers Limited 699.81 6,277 1,751.96 63.83 9.07%6 Bombril SA 470.46 255.95 220.82 46.76%7 Procter & Gamble Hygiene & Health Care 179.22 282 1,482.99 39.50 22.04%8 CBON COSMETICS Co Ltd 172.35 1,015 73.55 9.62 5.58%9 CHEMTRONICS Co., Ltd. 165.11 209 55.79 4.96 3.01%10 Symex Holdings Limited 134.08 62.37 8.44 6.30%11 Jyothy Laboratories, Ltd. 131.72 4,000 441.53 15.90 12.03%12 ZIBO QIXIANG TENGDA CHEMICAL CO., LTD. 107.32 50 0.00 0.00 0.00%

Source: Reuters, Factiva

Overview and History Overview History

Overview and History Overview Nirma is engaged in manufacturing of soaps and surfactants including detergents, toilet soap and its ingredients. It also manufacturessingle super phosphate, vacuum salt, iodized salt, tooth paste, and incense sticks. The company primarily operates in India, where it isheadquartered in Ahmedabad.The company recorded revenues of INR45,748.2 million (approximately $998.2 million) during the financial year (FY) ended March 2009,an increase of 70.4% over FY2008. The operating profit of the company was INR1,872.4 million (approximately $40.9 million) duringFY2009, an increase of 36.8% over FY2008. The net profit was INR1,330 million (approximately $29 million) in FY2009, a decrease of40.2% over FY2008.Nirma is engaged in producing both consumer products and industrial products. The company's keyproducts include the following:

Consumer Products:

Soaps:


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Nirma bath soapsNirma beauty soapsNirma lime fresh soapsNima rose Nima sandal

Detergents:

Nirma washing powderNirma detergent cakeSuper nirma washing powderNirma popular detergent powder Nirma popular detergent cake Edible salt:

Iodized salt Scouring products:

Nirma clean dish wash bar Nima bartan bar

Industrial Products:

LAB (Linear Alkyl Benzene) AOS (Alfa Olefin Sulfonate) Sulfuric acid Glycerin Soda ash Pure salt Vacuum evaporated iodized salt SSP (Single super phosphate ) Sodium silicate

Brands:

NirmaNima

History Nirma started manufacturing of toilet soap under the brand name Camay for its subsidiary Nirma Consumer Care in 2002.In 2004, Nirma acquired Core Health Care situated at Ahmedabad, India.Nirma appointed Hiren K Patel as the Managing Director of the company in 2006.In 2007, the company acquired a wholly owned subsidiary Karnavati Holdings. In the same year, the company also acquired SearlesValley Minerals Inc. & Searles Valley Minerals Operations Inc., the US based producer of processed minerals, through its wholly ownedsubsidiary Karnavati Holdings.Searles Valley Minerals, an indirect wholly owned subsidiary of Nirma, incorporated a company by name Searles Valley Minerals Europein France in 2008.

Source: DataMonitor

Products and Services Sales by Business Segment

Products and Services Sales by Business Segment Nirma is engaged in producing both consumer products and industrial products. The company's key products include the following:Consumer Products:Soaps:


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Nirma bath soapsNirma beauty soapsNirma lime fresh soapsNima roseNima sandalDetergents:Nirma washing powderNirma detergent cakeSuper nirma washing powderNirma popular detergent powderNirma popular detergent cakeEdible salt:Iodized saltScouring products:Nirma clean dish wash barNima bartan barIndustrial Products:LAB (Linear Alkyl Benzene)AOS (Alfa Olefin Sulfonate)Sulfuric acidGlycerinSoda ashPure saltVacuum evaporated iodized saltSSP (Single super phosphate )Sodium silicateBrands:NirmaNima

Source: DataMonitor

Key Financial Ratios

Key Financial Ratios Last Financial

PeriodReporting Currency INRRelative ValuationsP/E excluding Extraordinary Items 12.80Price to Sales TTM 1.32Price to Cash Flow 5.44Price to Free Cash Flow --Price to Book 1.13Price to Tangible Book Value 1.13Tangible Book Value per Share 177.54Current Enterprise Value 43,473.09Current EV / Total Revenue 0.93Current EV/EBITDA 5.96Financial StrengthCurrent Ratio 3.54Quick Ratio 2.26


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Long Term Debt to Equity 0.47Debt to Equity 0.47Interest Coverage 6.85ProfitabilityPre-Tax Margin TTM 13.28%Pre-Tax Margin, 5-Yr Average 7.94%Net Profit Margin TTM 8.99%Net Profit Margin, 5-Yr Average 5.88%Operating Margin TTM 12.29%Operating Margin, 5-Yr Average 7.94%EBIT 3,916,400,000EBIT TTM --EBIT Margin, 5-Yr Average --Gross Margin TTM 36.09%Gross Margin, 5-Yr Average 52.27%Tax Rate 25.46%Tax Rate, 5-Yr Average 25.98%EffectivenessReturn on Average Equity 9.26%Return on Average Equity, 5-Yr Average 8.96%Return on Average Assets 4.90%Return on Average Assets, 5-Yr Average 4.67%Return on Investment 5.59%Return on Investment, 5-Yr Average 5.20%EfficiencyRevenue per Employee --Net Income per Employee --Asset Turnover 0.92Receivables Turnover 8.59Inventory Turnover 2.45

Source: Reuters Publication Date: 31-Jul-2010

Balance Sheet - Annual

Balance Sheet - Annual

Period End Date 31-Mar-2010 31-Mar-2009 31-Mar-2008 31-Mar-2007 31-Mar-2006Update Type/Date Normal

01-Jun-2010Restated

01-Jun-2010Normal

09-Sep-2008Reclassified

09-Sep-2008Normal

18-Sep-2006Auditor/Accountant Hemanshu

Shah & Co.HemanshuShah & Co.

HemanshuShah & Co.

Accounting Standard IndianAccountingStandards

IndianAccountingStandards




Annual Balance Sheet: (INR, In millions) Cash 1,711.40 2,706.20 549.10 165.30 2,788.90Short Term Investments -- -- 462.90 482.60 --

Cash and Short Term Investments 1,711.40 2,706.20 1,012.00 647.90 2,788.90Trade Accounts Receivable, Gross -- -- 212.20 2,344.20 --Provision for Doubtful Accounts -- -- (10.40) (10.30) --

Trade Accounts Receivable, Net 5,146.30 5,617.30 201.80 2,333.90 2,533.30Other Receivables 7,400.60 6,210.80 9,685.10 5,521.70 3,249.80

Total Receivables, Net 12,546.90 11,828.10 9,886.90 7,855.60 5,783.10


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Inventories - Finished Goods -- -- 2,334.50 1,145.00 857.90Inventories - Work in Progress -- -- 423.00 354.40 286.40Inventories - Raw Materials -- -- 5,198.80 3,375.50 2,272.00

Total Inventory 8,096.10 8,882.10 7,956.30 4,874.90 3,416.30Restricted Cash - Current -- -- 3.20 -- --

Other Current Assets, Total -- -- 3.20 -- --Total Current Assets 22,354.40 23,416.40 18,858.40 13,378.40 11,988.30

Buildings -- -- 4,667.50 4,331.80 2,419.10Land/Improvements -- -- 385.80 336.00 199.20Machinery/Equipment -- -- 29,170.00 27,535.30 20,421.50Construction in Progress -- -- 2,891.80 1,132.30 407.80

Property/Plant/Equipment, Gross -- -- 37,115.10 33,335.40 23,447.60Accumulated Depreciation -- -- (16,100.40) (14,259.00) (8,472.60)Property/Plant/Equipment, Net 28,253.50 27,640.50 21,014.70 19,076.40 14,975.00Goodwill, Gross -- -- 4,810.10 15.70 15.70Accumulated Goodwill Amortization -- -- (92.60) (11.00) (9.40)Goodwill, Net -- -- 4,717.50 4.70 6.30Intangibles, Gross -- -- 4,291.70 4,295.80 4,295.80Accumulated Intangible Amortization -- -- (2,217.40) (1,792.30) (1,361.60)Intangibles, Net -- -- 2,074.30 2,503.50 2,934.20Other Long Term Investments 24.00 63.60 55.60 62.40 70.30Total Long Term Investments 24.00 63.60 55.60 62.40 70.30Deferred Income Tax - Long Term Asset -- -- 4,842.50 495.00 --Other Long Term Assets, Total -- -- 4,842.50 495.00 --Total Assets 50,631.90 51,120.50 51,563.00 35,520.40 29,974.10

Accounts Payable 3,895.20 3,690.60 3,075.50 1,393.20 946.30Accrued Expenses -- -- 6.50 2.10 10.60Notes Payable/Short Term Debt -- -- 0.00 0.00 0.00

Dividends Payable -- -- 749.90 29.30 2.20Customer Advances -- -- 290.40 347.50 157.80Security Deposits -- -- 0.10 0.10 0.10Other Current Liabilities 2,413.70 2,506.80 1,405.40 1,650.10 845.10

Other Current Liabilities, Total 2,413.70 2,506.80 2,445.80 2,027.00 1,005.20Total Current Liabilities 6,308.90 6,197.40 5,527.80 3,422.30 1,962.10

Long-Term Debt 13,268.50 16,670.20 13,047.30 3,248.50 4,028.60Total Long Term Debt 13,268.50 16,670.20 13,047.30 3,248.50 4,028.60

Total Debt 13,268.50 16,670.20 13,047.30 3,248.50 4,028.60Deferred Income Tax - Long Term Liability 2,800.90 2,638.20 7,068.30 4,524.30 3,542.30

Total Deferred Income Tax 2,800.90 2,638.20 7,068.30 4,524.30 3,542.30Total Liabilities 22,378.30 25,505.80 25,643.40 11,195.10 9,533.00

Preferred Stock - Non Redeemable -- -- 27.90 29.70 27.90Total Preferred Stock - Non Redeemable, Net -- -- 27.90 29.70 27.90

Common Stock 795.70 795.70 795.70 793.90 793.90Total Common Stock 795.70 795.70 795.70 793.90 793.90Additional Paid-In Capital -- -- 5,833.60 5,693.80 2,232.50Retained Earnings 27,457.90 24,819.00 19,262.40 17,807.90 17,386.80Total Stockholders' Equity 28,253.60 25,614.70 25,919.60 24,325.30 20,441.10Total Liabilities and Shareholders Equity 50,631.90 51,120.50 51,563.00 35,520.40 29,974.10Shares Outstanding - Common Stock, PrimaryIssue

159,142,280 159,142,280 159,142,280 158,769,370 158,802,750

Total Common Shares Outstanding 159,142,280 159,142,280 159,142,280 158,769,370 158,802,750Shares Outstanding - Preferred Stock, PrimaryIssue

-- -- 279,290 279,290 --


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Total Preferred Shares Outstanding -- -- 279,290 279,290 --

Source: Reuters Publication Date: 10-Jun-2010Cash Flow - Annual

Cash Flow - Annual

Period End Date 31-Mar-2009 31-Mar-2008 31-Mar-2007 31-Mar-2006Update Type/Date Normal

15-Sep-2009Normal

09-Sep-2008Normal

21-Sep-2007Normal

18-Sep-2006Auditor/Accountant Hemanshu Shah &

Co.Hemanshu Shah &

Co.Hemanshu Shah &

Co.Hemanshu Shah &

Co.Accounting Standard Indian Accounting

StandardsIndian Accounting



StandardsAnnual Cash Flow Statement: (INR, Inmillions)

Net Income 2,157.60 2,359.20 1,850.20 3,450.70Depreciation 2,880.70 2,363.40 2,077.40 1,565.30Accumulated Depreciation and Depletion 2,880.70 2,363.40 2,077.40 1,565.30Unusual Items 596.60 (13.20) (97.00) (110.60)Equity in Net Earnings Loss (4.30) 3.70 0.00 --Other Non-Cash Items 69.10 (553.30) (32.70) 688.50Cash Taxes Paid 400.00 591.20 873.60 765.70Cash Interest Paid 1,000.10 335.70 212.90 66.20Accounts Receivable (1,245.00) 231.00 (868.20) (1,162.10)Inventories (925.80) (1,488.10) (1,457.40) 29.30Accounts Payable 687.10 (500.70) 1,652.10 102.90Other Operating Cash Flow (1,400.10) (926.90) (1,086.50) (831.90)Changes in Working Capital (2,883.80) (2,684.70) (1,760.00) (1,861.80)Cash from Operating Activities 2,815.90 1,475.10 2,037.90 3,732.10Purchase of Fixed Assets (3,314.10) (3,146.90) (521.70) (294.20)Capital Expenditures (3,314.10) (3,146.90) (521.70) (294.20)Acquisition of Business 0.00 (7,986.50) 0.00 --Sale of Fixed Assets 2.80 6.70 14.60 3.20Sale/Maturity of Investment 0.00 28.50 19.20 36.00Purchase of Investments 0.00 (13.00) (4.40) (24.20)Other Investing Cash Flow 253.60 158.90 245.20 207.30Other Investing Cash Flow Items, Total 256.40 (7,805.40) 274.60 222.30Cash from Investing Activities (3,057.70) (10,952.30) (247.10) (71.90)Cash Dividends Paid - Common Stock (747.20) (26.10) (1,383.00) (454.50)Cash Dividends Paid (747.20) (26.10) (1,383.00) (454.50)

Repurchase/Retirement, Preferred (27.90) 0.00 -- --Preferred Stock, Net (27.90) 0.00 -- --Issuance (Retirement) of Stock, Net (27.90) 0.00 -- --

Long Term Debt Issued 12,633.00 12,858.10 155.50 0.00Long Term Debt Reduction (9,905.90) (3,059.30) (3,289.40) (2,318.90)

Long Term Debt, Net 2,707.90 9,870.60 (2,555.90) (2,432.20)Issuance (Retirement) of Debt, Net 2,707.90 9,870.60 (2,555.90) (2,432.20)Cash from Financing Activities 1,932.80 9,844.50 (3,938.90) (2,886.70)Net Change in Cash 1,691.00 367.30 (2,148.10) 773.50Net Cash - Beginning Balance 1,015.20 647.90 2,788.90 2,015.40Net Cash - Ending Balance 2,706.20 1,015.20 640.80 2,788.90Cash Interest Paid, Supplemental 1,000.10 335.70 212.90 66.20Cash Taxes Paid, Supplemental 400.00 591.20 873.60 765.70


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Source: Reuters Publication Date: 10-Jun-2010Income Statement - Annual

Income Statement - Annual

Period End Date 31-Mar-2010 31-Mar-2009 31-Mar-2008 31-Mar-2007 31-Mar-2006Update Type/Date Normal

01-Jun-2010Reclassified01-Jun-2010

Normal09-Sep-2008

Reclassified09-Sep-2008

Normal18-Sep-2006

Auditor/Accountant HemanshuShah & Co.

HemanshuShah & Co.

HemanshuShah & Co.






Annual Income Statement: (INR, In millions) Net Sales 46,203.80 45,748.20 -- -- --Gross Revenue -- -- 30,030.30 25,858.00 25,193.30Excise Taxes Receipts -- -- (3,185.70) (2,950.10) (3,253.10)Interest Income -- -- 2.90 -- --Other Revenue 757.20 699.30 164.50 291.80 244.30

Total Revenue 46,961.00 46,447.50 27,012.00 23,199.70 22,184.50Cost of Revenue 20,824.80 21,253.50 14,983.50 10,561.80 9,036.50Excise Taxes Payments -- -- 1,444.60 -- --

Gross Profit 25,379.00 24,494.70 10,416.50 12,346.10 12,903.70Selling, General and Administrative Expense -- -- 4,363.50 8,051.70 7,634.20Labor and Related Expense 4,387.40 4,030.20 1,547.30 688.70 476.50Advertising Expense -- -- 421.10 -- --Depreciation 3,374.80 2,880.10 2,363.40 2,077.40 1,565.30

Interest Expense, Operating -- -- 355.00 212.90 223.40Operating Interest Expense, Net -- -- 355.00 212.90 223.40

Interest Income, Operating -- -- (156.70) (243.00) (202.10)Investment Income, Operating 51.70 890.60 40.00 0.00 --

Interest Investment Income, Operating 51.70 890.60 (116.70) (243.00) (202.10)Interest Expense, Net Operating 519.90 748.50 -- -- --

Impairment-Assets Held for Use -- -- 0.00 -- --Other Operating Expense 14,457.60 14,487.00 -- -- --

Other Operating Expense, Net -- -- (708.90) 0.00 --Total Operating Expense 43,616.20 44,289.90 24,652.80 21,349.50 18,733.80Operating Income 3,344.80 2,157.60 2,359.20 1,850.20 3,450.70Income Before Tax 3,344.80 2,157.60 2,359.20 1,850.20 3,450.70Total Income Tax 851.50 827.60 15.90 693.40 1,030.80Income After Tax 2,493.30 1,330.00 2,343.30 1,156.80 2,419.90Net Income Before Extraordinary Items 2,493.30 1,330.00 2,343.30 1,156.80 2,419.90Net Income 2,493.30 1,330.00 2,343.30 1,156.80 2,419.90Preferred Dividends -- -- (2.00) (1.90) (1.70)Miscellaneous Earnings Adjustment -- -- (118.20) 1,107.40 --Total Adjustments to Net Income -- -- (120.20) 1,105.50 (1.70)Income Available to Common Excl.Extraordinary Items

2,493.30 1,330.00 2,223.10 2,262.30 2,418.20

Income Available to Common Incl.Extraordinary Items

2,493.30 1,330.00 2,223.10 2,262.30 2,418.20

Basic Weighted Average Shares 159.11 159.28 159.14 158.77 158.77Basic EPS excluding Extraordinary Items 15.67 8.35 13.97 14.25 15.23Basic EPS including Extraordinary Items 15.67 8.35 13.97 14.25 15.23


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Dilution Adjustment -- -- 0.00 0.00 0.00Diluted Net Income 2,493.30 1,330.00 2,223.10 2,262.30 2,418.20Diluted Weighted Average Shares 159.11 159.28 159.14 159.14 158.77

Diluted EPS excluding Extrordinary Items 15.67 8.35 13.97 14.22 15.23Diluted EPS including Extraordinary Items 15.67 8.35 13.97 14.22 15.23

Dividends per Share - Common Stock,PrimaryIssue

4.50 4.00 4.00 4.00 3.75

Gross Dividends - Common Stock -- 636.60 636.60 635.00 595.40Interest Expense, Supplemental -- -- 248.80 183.60 216.90Depreciation, Supplemental 3,374.80 2,880.10 2,363.40 2,077.40 1,565.30Total Special Items -- -- (0.80) -- --

Normalized Income Before Tax 3,344.80 2,157.60 2,358.40 1,850.20 3,450.70Effect of Special Items on Income Taxes -- -- (0.01) -- --Income Taxes Excl. Impact of Special Items 851.50 827.60 15.89 693.40 1,030.80

Normalized Income After Taxes 2,493.30 1,330.00 2,342.51 1,156.80 2,419.90Normalized Income Available To Common 2,493.30 1,330.00 2,222.31 2,262.30 2,418.20

Basic Normalized EPS 15.67 8.35 13.96 14.25 15.23Diluted Normalized EPS 15.67 8.35 13.96 14.22 15.23Rental Expenses -- -- 156.00 53.40 15.40

Source: Reuters Publication Date: 10-Jun-2010Balance Sheet - Interim/Quarterly

Cash Flow - Interim/Quarterly

Income Statement - Interim/Quarterly

Income Statement - Interim/Quarterly

Period End Date 31-Mar-2003 31-Dec-2002 30-Sep-2002 31-Mar-2002 31-Dec-2001Update Type/Date Normal Normal Special Update Normal Normal






Interim Income Statement: (INR, In millions) Net Sales 5,938.50 6,265.00 11,960.00 5,399.00 5,793.00

Total Revenue 5,938.50 6,265.00 11,960.00 5,399.00 5,793.00Cost of Revenue 2,732.30 3,116.00 5,936.00 2,269.00 2,778.00Excise Taxes Payments 896.00 902.00 1,860.00 883.00 885.00

Gross Profit 2,310.20 2,247.00 4,164.00 2,247.00 2,130.00Labor and Related Expense 103.30 110.00 197.00 90.00 96.00Depreciation 322.30 318.00 610.00 312.00 300.00

Interest Expense, Operating 108.10 131.00 320.00 194.00 253.00Operating Interest Expense, Net 108.10 131.00 320.00 194.00 253.00Other Unusual Expense 139.80 -- -- -- --

Other Operating Expense 957.60 844.00 1,590.00 805.00 735.00Total Operating Expense 5,259.40 5,421.00 10,513.00 4,553.00 5,047.00Operating Income 679.10 844.00 1,447.00 846.00 746.00Other Non-Operating Income 130.60 28.00 81.00 35.00 41.00Other Non-Operating Income, Net 130.60 28.00 81.00 35.00 41.00Income Before Tax 809.70 872.00 1,528.00 881.00 787.00


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Total Income Tax 250.60 228.00 560.00 343.00 257.00Income After Tax 559.10 644.00 968.00 538.00 530.00Net Income Before Extraordinary Items 559.10 644.00 968.00 538.00 530.00Net Income 559.10 644.00 968.00 538.00 530.00Income Available to Common Excl.Extraordinary Items

559.10 644.00 968.00 538.00 530.00

Income Available to Common Incl.Extraordinary Items

559.10 644.00 968.00 538.00 530.00

Basic Weighted Average Shares 158.76 158.76 158.76 158.76 158.76Basic EPS excluding Extraordinary Items 3.52 4.06 6.10 3.39 3.34Basic EPS including Extraordinary Items 3.52 4.06 6.10 3.39 3.34

Dilution Adjustment 0.00 0.00 0.00 0.00 0.00Diluted Net Income 559.10 644.00 968.00 538.00 530.00Diluted Weighted Average Shares 158.76 158.76 158.76 158.76 158.76

Diluted EPS excluding Extrordinary Items 3.52 4.06 6.10 3.39 3.34Diluted EPS including Extraordinary Items 3.52 4.06 6.10 3.39 3.34

Dividends per Share - Common Stock,PrimaryIssue

2.00 0.00 0.00 0.00 0.00

Gross Dividends - Common Stock 317.50 0.00 0.00 0.00 0.00Interest Expense, Supplemental 108.10 131.00 320.00 194.00 253.00Depreciation, Supplemental 322.30 318.00 610.00 312.00 300.00Total Special Items 139.80 -- -- -- --

Normalized Income Before Tax 949.50 872.00 1,528.00 881.00 787.00Effect of Special Items on Income Taxes 43.27 -- -- -- --Income Taxes Excl. Impact of Special Items 293.87 228.00 560.00 343.00 257.00

Normalized Income After Taxes 655.63 644.00 968.00 538.00 530.00Normalized Income Available To Common 655.63 644.00 968.00 538.00 530.00

Basic Normalized EPS 4.13 4.06 6.10 3.39 3.34Diluted Normalized EPS 4.13 4.06 6.10 3.39 3.34

Source: Reuters Publication Date: 10-Jun-2010page load: 8/3/2010 12:23:11 AMgetReportListIdentifier START: 8/3/2010 12:23:11 AMgetReportListIdentifier END: 8/3/2010 12:23:12 AMPdf object created: 8/3/2010 12:23:12 AMReportService START: 8/3/2010 12:23:12 AMReportService END: 8/3/2010 12:23:15 AMProfilesReportType.Headlines START: 8/3/2010 12:23:15 AMPdf END: 8/3/2010 12:23:15 AM

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