UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 30TH SEPTEMBER 2004
			(Rs. in lacs)
Particulars							Previous
							Accounting
			Quarter ended		Half-year ended		year ended
			30.09.2004	30.09.2003	30.09.2004	30.09.2003	31.03.2004
							(Audited)
1	Net Sales (Net of Excise)/Income from operations		1522.59	1161.06	2701.25	2221.05	5061.85
2	Other Income		4.53	10.50	12.03	13.69	39.66
3	Total Expenditure		1304.44	1055.58	2300.94	1969.11	4510.64
	a)	Increase/decrease in stock in trade	0.98	(-) 32.71	(-) 107.39	(-) 114.91	7.08
	b)	Consumption of raw materials	215.48	188.07	409.63	378.82	792.28
	c)	Purchases (Tradings)	272.19	200.54	485.46	354.52	777.75
	d)	Power & Fuel	98.82	113.51	184.95	210.85	383.97
	e)	Staff Cost	238.86	205.55	472.69	410.61	907.18
	f)	Other expenditure	478.11	380.62	855.60	729.22	1642.38
4	Operating Profit		222.68	115.98	412.34	265.63	590.87
5	Interest		28.34	31.25	59.43	64.19	122.11
6	Gross Profit		194.34	84.73	352.91	201.44	468.76
7	Depreciation		66.78	47.78	133.86	95.56	205.69
8	Profit (+)/Loss (-) before tax		127.56	36.95	219.05	105.88	263.07
9	Provision for taxation
	-	Current	20.00	12.25	50.00	27.00	33.00
	-	Deferred	(-) 7.62	12.10	(-) 15.36	10.23	68.96
10	Net Profit (+)/Loss (-)		115.18	12.60	184.41	68.65	161.11
11	Paid-up equity share capital		268.75	268.75	268.75	268.75	268.75
	(Face Value Rs. 5/- each)
12	Reserves excluding revaluation reserve		---	---		---	1863.05
	(as per balance sheet)
13	Basic and diluted EPS (in Rs.)		2.14	0.23	3.43	1.28	3.00
14	Aggregate of Non-promoter Shareholding
	- No. of shares		2237034	2237034	2237034	2237034	2237034
	- Percentage of shareholding		41.62	41.62	41.62	41.62	41.62
Notes:
1	The above statement of Unudited Financial Results were reviewed by the Audit Committee and approved by the
	Board of Directors at its meeting held on 29.10.2004.
2	Figures have been regrouped wherever necessary.
3	The Statutory Auditors of the Company have carried out a limited Review of the Unaudited Financial Results for
	the quarter / half-year ended 30.09.2004.
4	Status of Investors' Complaints / Queries: Pending as on 01.07.2004 - NIL, received during the quarter - 13,
	disposed off during the quarter - 12 and pending as on 30.09.2004 - 01.
						By Order of the Board
Date: 29.10.2004						Vidush Somany
Place: Ahmedabad						Executive Director