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UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2002
         
      (Rs. in lacs)
Particulars Quarter Previous
  ended Accounting
  30.06.2002 year ended
    31.03.2002
    (Audited)
1 Net Sales / Income from operations 955.06 4121.48
2 Other Income 1.85 98.48
3 Total Expenditure 859.62 3744.55
  a) Increase/decrease in stock in trade 110.76 (-) 35.57
  b) Consumption of raw materials 212.95 1061.97
  c) Staff Cost 148.38 728.19
  d) Other expenditure 387.53 1989.96
4 Operating Profit 97.29 475.41
5 Interest 40.65 192.55
6 Gross Profit 56.64 282.86
7 Depreciation 50.32 199.27
8 Profit (+)/Loss (-) before tax 6.32 83.59
9 Provision for taxation    
  - Current 0.42 6.50
  - Deferred 1.68 31.95
10 Net Profit (+)/Loss (-) 4.22 45.14
11 Paid-up equity share capital 268.75 268.75
  (Face Value Rs. 5/- each)    
12 Reserves excluding revaluation reserves -- 1641.87
  (as per balance sheet)    
13 Basic and diluted EPS 0.08 0.84
14 Aggregate of Non-promoter Shareholding    
  - No. of shares 2237034 2237034
  - Percentage of shareholding 41.62 41.62
 
Notes:
   
1 These  Results were taken on record by the  Board of Directors in their meeting held
on 31.07.2002.
2 Pursuant to the Order of Hon'ble Gujarat High Court dated 30.10.2001 for transfer of Ceramic  Division of  Madhusudan Industries Limited into  the Company, figures for  the quarter  ended  30.06.2001 are not available, hence not given.
3 The  actual production  was  adversely affected due  to labour  unrest  during the current quarter, which has since been resolved.
4 Quarterly figures have been regrouped wherever necessary.
By Order of the Board
Date:  31.07.2002 Vikram Somany
Place: Ahmedabad Chairman