1 . The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting on July 17, 2008.

2. The results for the quarter ended June 30, 2008 have been subjected to "Limited Review" by the Statutory Auditors of the Company.

3. Pursuant to the disclosure requirements of clause 41 of the listing agreement with stock exchanges, the consolidated figures for the Hikal Group (the Company together with its subsidiary and associate companies), are as follows:

4. Other expenditure includes Rs.503 lacs being exchnage loss on revaluation of current assets, current liabilities and short term loans.

5. The company has taken forward cover on future exports, the gain/loss on these transactions will be recognised as and when they fall due. The company has not done Mark to Market valuation as at June 30, 2008.

6. The Company has issued 0.5% Foreign Currency Convertibile Bonds (FCCB) aggregating to Rs.480 million which is convertible at the option of the bondholder at a pre-determined price. The bonds are redeemable if the holders do not opt for conversion into the Company's equity shares.The Board is of the opinion that it is more likely than not that holders would opt for conversion rather than redemption of bonds, accordingly, believes that the payment of premium on redemtion, if any, is contingent in nature, hence at this stage, provision for redemption premium is not considered necessary and has not been recognised in the financial statements. The amount of premium on the entire quantum of bonds determined on a time proportion basis till June 30, 2008 aggregates to Rs. 906 lacs.

7. The Exchange gain/loss on Long Term liabilities is notional in nature and hence will be recognised at the year end.

8. There were no investors complaints at the beginning of the quarter. During the quarter one complaint was received and same was resolved during the quarter, therefore no complaints were pending as on June 30, 2008.