THE  ZANDU  PHARMACEUTICAL WORKS LIMITED
	Regd. Office : 70, Gokhale Road South, Dadar, Mumbai - 400 025.mbai
	UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED  31ST DECEMBER, 2008
			(Figures Rupees in Lakhs,except EPS)
		STANDALONE
		Quarter	Quarter	Nine Months	Nine Months	Financial year
		ended	ended	ended	ended	ended
		31st Dec., 2008	31st Dec., 2007	31st Dec., 2008	31st Dec., 2007	31st March, 2008
		(Reviewed)	(Reviewed)	(Reviewed)	(Reviewed)	(Audited)
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
	Sales	5452.21	5258.18	13513.22	12266.12	15474.55
	Less: Excise Duty	295.88	635.68	811.00	1448.63	1776.96
	Net Sales	5156.33	4622.50	12702.22	10817.49	13697.59
	Other Operating Income	5.00	4.85	14.54	18.08	26.37
	Total Income	5161.33	4627.35	12716.76	10835.57	13723.96
	Total  Expenditure
	a) (Increase) /decrease in stock in trade
	and work in progress	(62.44)	(17.04)	(160.33)	(197.14)	196.10
	b) Consumption of materials	2381.25	2020.65	5141.14	4456.87	5263.49
	c) Purchase of traded goods	32.29	27.45	84.50	84.66	127.83
	d) Employees Cost	425.31	366.67	1141.99	965.98	1383.73
	e) Advertisement and Sales Promotion	539.30	601.91	1211.86	1453.51	1794.76
	f) Depreciation and Amortisation	62.55	65.65	178.81	196.87	261.72
	g) Other expenditure	1359.80	811.03	2881.58	1973.88	2616.48
	Total	4738.06	3876.32	10479.55	8934.63	11644.11
	Profit from Operations before Other Income
	and Interest	423.27	751.03	2237.21	1900.94	2079.85
	Other Income	170.68	148.43	333.74	275.32	390.77
	Profit before Interest	593.95	899.46	2570.95	2176.26	2470.62
	Interest	9.83	10.02	29.82	30.14	39.85
	Profit from Ordinary Activities before Tax	584.12	889.44	2541.13	2146.12	2430.77
	Tax Expense for the period (including Fringe Benefit Tax)	325.25	257.12	1004.76	619.29	789.95
	Income tax - Earlier years ( Provision written back )	(285.25)	-	(285.25)	-	-
	Net Profit after tax	544.12	632.32	1821.62	1526.83	1640.82
	Paid-up equity share capital	806.40	806.40	806.40	806.40	806.40
	(Face value Rs.100/-)
	Reserves excluding revaluation reserves					6958.18
	as per balance sheet of previous accounting  year
	Earnings Per Share (EPS)
	Basic and Diluted EPS for the period (Rs)	67.48	78.41	225.90	189.34	203.47
	Public Shareholding
	(a) Number of Shares	219345	467782	219345	467782	467782
	(b) Percentage of Shareholding	27.20%	58.01%	27.20%	58.01%	58.01%
	Notes on Results :-
	1  Consequent to Emami Limited acquiring further equity stake in the Company in October, 2008 ( in addition to the equity stake acquired in
	May, 2008) through open offer,purchase of shares from the existing promoters/their family members and market purchase, the Company
	has become a subsidiary of Emami Limited.
	2. The Company has long term investments in the equity shares of Zandu Chemicals Limited (ZCL), a subsidiary company in which the Company
	holds 93.84% equity stake aggregating Rs.27.41 lakhs and loans/advances to ZCL aggregating Rs.1092.46 lakhs as at 31st December,
	2008 (Rs. 914.15 lakhs as at 30 th September, 2008). Based on the unaudited results of ZCL for the nine months ended 31st December, 2008,
	ZCL has continued to suffer operating losses. However, during the current quarter, pursuant to Emami Limited acquiring majority stake in
	the Company and as part of business restructuring (consequently the Company will hold minority shareholding in ZCL in the near future),the
	existing value of the investments in/loans and advances to ZCL is proposed to be recovered over a period of time up to 1st December, 2014.
	The management continues to hold such  investments as long term. Subsequent to 31 st December, 2008, ZCL re-paid Rs. 250 lakhs towards
	loans/advances. Considering the above, in the opinion of the Company, the investments in ZCL and loans/advances to ZCL are
	considered fully recoverable and no provision is considered necessary. This is a matter of reference by the Statutory Auditors.
	3.  The Company has given loans/advances to associate companies for an amount aggregating Rs. 1468.75 lakhs (net of Rs. 238.18 lakhs
	provided during the quarter, and included under “Other Expenditure”) (Rs. 1658.03 lakhs as at 30th September, 2008) and has long term equity
	investments aggregating to Rs. 18.19 lakhs as at 31st December, 2008. As per the unaudited financials of these companies their net worth
	is negative as at the quarter end mainly on account of fall in the value of their investments during the current period, which is considered  to be
	temporary.  Further, during the current quarter, pursuant to Emami Limited, acquiring majority stake in the Company, the Company as a part of
	business restructuring process, is exploring various options so as to ensure recovery of the loans/advances for which discussions/negotiations
	with the concerned parties are at an advanced stage. On that basis, no provision is considered necessary at this stage towards such loans/
	advances and these are good and recoverable and the diminution in the value of the investments is considered temporary by the Company. This
	is a matter of reference by the  statutory auditors.
	4. The Company is exclusively in the Pharmaceutical business and has only one reportable primary segment.
	5. One complaint was outstanding at the beginning of the quarter and one complaint was received during the quarter. Both these complaints have
	been resolved during the quarter. There were no complaints lying unresolved at the end of the quarter.
	6. Previous year/period figures have been regrouped wherever necessary to conform to the current period.
	7. The above results, reviewed and recommended by Audit committee were approved and taken on record by the Board of  Directors of the Company
	at its' meeting held on, 22nd January, 2009.
	8. The statutory auditors of the Company have carried out limited review of the unaudited financial results on standalone basis.
				For The Zandu Pharmaceutical Works Ltd.
				Harsh Vardhan Agarwal
	Place  :  Mumbai			( Joint Managing Director )
	Date :22 nd January, 2009