THE ZANDU PHARMACEUTICAL WORKS LIMITED
SCHEDULES FORMING PART OF THE BALANCE SHEET AS AT 31st DECEMBER, 2007
Regd. Office : 70, Gokhale Road South, Dadar, Mumbai - 400 025.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2007
	(Figures Rupees in Lacs,except EPS)					(Figures Rupees in Lacs,except EPS)

	STANDALONE					CONSOLIDATED
	Quarter	Quarter	Nine Months	Nine Months	Financial year	Quarter	Nine Months	Financial year
	ended	ended	ended	ended	ended	ended	ended	ended
	31st December, 2007	31st December, 2006	31st December, 2007	31st Dec., 2006	31st March, 2007	31st Dec., 2007	31st Dec., 2007	31st March, 2007
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)	(Unaudited)	(Unaudited)	(Audited)


Sales	5258.18	5052.21	12266.12	11723.41	14725.52	6261.66	15119.92	16413.83
Less: Excise Duty	635.68	599.64	1448.63	1331.14	1662.03	650.97	1496.04	1708.58
Net Sales	4622.50	4452.57	10817.49	10392.27	13063.49	5610.69	13623.88	14705.25
Other Income	153.28	75.22	293.40	253.98	463.24	149.10	292.63	472.66
Total Income	4775.78	4527.79	11110.89	10646.25	13526.73	5759.79	13916.51	15177.91
Expenditure
a) (Increase) /decrease in stock in trade
and work in progress	(17.04)	(206.23)	(197.14)	(192.60)	(48.05)	468.01	(0.87)	(103.46)
b) Consumption of materials	2020.65	2006.48	4456.87	4014.01	4951.16	2421.40	6257.68	5934.71
c) Purchase of traded goods	27.45	27.30	84.66	94.53	140.58	27.45	84.66	141.80
		0.00
d) Employees Cost	366.67	376.82	965.98	972.95	1303.97	447.29	1216.48	1435.44
e) Advertisement and Sales Promotion	601.91	656.60	1453.51	1589.48	2084.64	601.91	1453.51	2092.12
f) Depreciation and Amortisation	65.65	77.39	196.87	231.70	310.38	86.77	252.25	340.67
g) Other expenditure	811.03	765.52	1973.88	1934.54	2676.74	920.41	2405.32	3070.69
Total	3876.32	3703.88	8934.63	8644.61	11419.42	4973.24	11669.03	12911.97

Interest	10.02	11.89	30.14	32.19	39.75	32.06	84.09	48.66

Profit before Tax	889.44	812.02	2146.12	1969.45	2067.56	754.49	2163.39	2217.28

Tax Expense (including Fringe Benefit Tax)	257.12	205.50	619.29	612.30	607.92	203.85	619.85	659.68

Net Profit for the Period	632.32	606.52	1526.83	1357.15	1459.64	550.64	1543.54	1557.60

Paid-up equity share capital	806.40	604.80	806.40	604.80	806.40	806.40	806.40	806.40
(Face value Rs.100/-)

Reserves excluding revaluation reserves					6040.98			6341.20
as per balance sheet of previous
accounting year

Earnings Per Share (EPS)
Basic and Diluted EPS for the period (Rs)	78.41	75.21	189.34	168.30	181.01	68.28	191.41	193.15
Public Shareholding
(a) Number of Shares			467782	351849	468003
(b) Percentage of Shareholding			58.01%	58.18%	58.04%


Notes on Standalone Results :-

1.The above results, reviewed and recommended by Audit committee,were taken on record by the Board of Directors of the Company at its'
meeting held on 22^ndJanuary,2008.The results on standalone basis have been subjected to Limited Review by the Statutory Auditors.
2 . Information on segments has been disclosed on a consolidated basis in accordance with Accounting Standard 17 "Segment Reporting".
3. Pursuant to the adoption of Accounting Standard (AS) 15 (Revised 2005) 'Employee Benefits' issued by the Institute of Chartered Accountants
of India (ICAI), the Company has adjusted the additional liability (net of deferred tax) upto 31^st March, 2007 against the opening balance
of revenue reserves and the additional liability in this respect for the quarter / nine months ended 31^st December, 2007 has been computed and
charged to the Profit and Loss Account in accordance with the said Accounting Standard.
4.The Board of Directors has recommended an interim dividend of Rs.50/-per equity share on face value of Rs.100/-each aggregating to
Rs.471.72 Lakhs including dividend distribution tax of Rs.68.52 Lakhs. The record date for the same is 28^th January,2008.
5 .Earnings per share for the previous periods has been adjusted for the issue of Bonus shares in the ratio of 1:3 ( as approved in the
Annual General Meeting held on 26^th December, 2006) in accordance with Accounting Standard 20 ( AS 20) "Earnings per share".
6. There were no complaints from investors outstanding at the beginning of the quarter.The Company has received five complaints from the
investors during the quarter and all the complaints were disposed off during the quarter.There were no complaints lying unresolved
at the end of the quarter.
7. Previous period figures have been regrouped wherever necessary to conform to the current period.


Notes on Consolidated Results :-
1. Consolidated Financial Results include the Financial Results of the subsidiary Zandu Chemicals Ltd. (ZCL). ZCL has become the subsidiary
of the Company w.e.f. 1^st November,2006.
2. Segment-wise Revenue, Result and capital Employed on consolidated basis:

Particulars	Unaudited	Audited
	Nine Month ended	Year ended
	31.12.2007	31.03.2007
1. Segment Revenue
a) Pharmaceutical	11057.18	13303.75
b) Chemicals	2610.12	1705.90
Total Revenue	13667.30	15009.65
2. Segment Results before Interest and Tax
a) Pharmaceutical	2068.23	2124.85
b) Chemicals	100.65	201.75
Less : (1 ) Interest	84.09	48.66
(2) Other Unallocable expenditure net	(78.60)	60.66
of unallocable Income
Profit before Tax	2163.39	2217.28
3. Capital Employed
(Segment Assets less Segment Liabilities)

a) Pharmaceutical	5022.54	5343.95
b) Chemicals	832.77	201.40
c) Unallocated Assets	2858.90	1615.34
Total	8714.21	7160.69

			For The Zandu Pharmaceutical Works Ltd.


Place : Mumbai			(Girish Parikh)
Date : 22^nd January,2008			Managing Director