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UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2003
     
      (Rs. in lacs)
P A R T I C U L A R S Quarter ended Previous
      Accounting
    Year ended
  30.06.2003 30.06.2002 31.03.2003
    (Audited)
1 Net Sales / Income from operations 1181.35 955.06 4586.18
2 Other Income 3.19 1.85 31.63
3 Total Expenditure 1034.89 859.62 4125.08
  a) Increase/decrease in stock in trade (-) 82.20 110.76 188.82
  b) Consumption of raw materials 190.75 92.48 586.29
  c) Purchases (Tradings) 153.98 120.47 516.02
  d) Excise Duty 121.36 100.38 436.33
  e) Power & Fuel 97.34 72.43 387.76
  f) Staff Cost 205.06 148.38 823.03
  g) Other expenditure 348.60 214.72 1186.83
4 Operating Profit 149.65 97.29 492.73
5 Interest 32.94 40.65 152.24
6 Gross Profit 116.71 56.64 340.49
7 Depreciation 47.78 50.32 189.42
8 Profit (+)/Loss (-) before tax 68.93 6.32 151.07
9 Provision for taxation      
  - Current 14.75 0.42 16.50
  - Deferred (-) 1.87 1.68 (-) 7.37
10 Net Profit (+)/Loss (-) 56.05 4.22 141.94
11 Paid-up equity share capital 268.75 268.75 268.75
  (Face Value Rs. 5/- each)      
12 Reserves excluding revaluation reserves ---   1747.42
  (as per balance sheet)      
13 Basic and diluted EPS (in Rs.) 1.04 0.08 2.64
14 Aggregate of Non-promoter Shareholding      
  - No. of shares 2237034 2237034 2237034
  - Percentage of shareholding 41.62 41.62 41.62
Notes:
1 The above statement of Unaudited Financial Results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 17.07.2003.
2 Figures have been regrouped wherever necessary.
3 The Company has received and disposed off 14 Investors' complaints / queries during the quarter.
4
By Order of the Board
Date:  17.07.2003 Vikram Somany
Place: Ahmedabad Chairman-cum-Managing Director