The above unaudited financial results were reviewed by the Audit Committee and have been approved by the Board at its meeting held on 30.01.2009. The quarterly stand alone results are subject to Limited Review by Auditors of the Company.

The consolidated financial results have been prepared in accordance with AS - 21 on 'Consolidated Financial Statement', AS-27 ' Financial Reporting of Interests in Joint Ventures' and includes financial results of all subsidiaries and Joint Ventures.

The Company’s operations fall within a single primary business segment viz. ‘Pharmaceutical Products’.

Sales for the quarter include exports of Rs.4,790.6 Millions (Rs.3,152.4 Millions).

In respect of a matter referred to in the limied review report by the Auditors for the quarter and six months ended September 30, 2008 relating to non-provision of premium of Rs. 2,728.5 Millions on redemption of outstanding USD 255.5 Million Zero Coupon Foreign Currency Convertible Bonds (FCCBs), the management is of the opinion that the determination and crystallisation of liability is dependent upon the outcome of uncertain future events or actions, not wholly within the control of the Company and therefore the same has been considered as a "contingent liability" as at September 30, 2008. Further, the management continues to hold the same view as at December 31, 2008 on outstanding USD 255.5 Million FCCBs.

The Company in the month of January 2009 has repurchased and cancelled Foreign Currency Convertible Bonds (FCCBs), in accordance with RBI Policy, aggregating to USD 25,940,000 comprising USD 19,360,000 FCCBs due 2011 (Tranche A) and USD 6,580,000 FCCBs due 2011( Tranche B) at discount to the face value.

The manufacturing unit hitherto forming part of Aurobindo Pharma USA Inc.has since been demerged effective October 1, 2008 and transferred to new step down subsidiary Auro Life Pharma LLC, USA. The Pharmacin International B.V. Netherlands, step down subsidiary, has since been liquidated on 22nd December, 2008 to rationalise the business operations in Netherlands. This de-merger and liquidation does not have any material impact on the above financials of the Company.

During January 2009, step down subsidiary Aurobindo Pharma (Bulgaria) EAD has been incorporated. The Aurobindo Pharma (Pty) Limited, the step down subsidiary, in South Africa has entered into an agreement to form a 50:50 Joint Venture to market our products in South Africa and Namibia.

The Board in its meeting held on 30.01.2009 has approved an interim dividend of 60 %, i.e. Rs. 3/- per equity share of Rs. 5 each for the current financial year 2008-09. Consequently, the total amount of Interim divident payable would be Rs. 161.3 million.

Figures for the previous periods have been rearranged/regrouped wherever necessary to make it comparable.