THE ZANDU PHARMACEUTICAL WORKS LTD.
		Regd. Office : 70, Gokhale Road South, Dadar, Mumbai - 400 025.
		UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER
		ENDED  31ST DECEMBER , 2004					(Figures in Lakhs)
			Quarter	Quarter	Period	Period	Financial year
			ended	ended	ended	ended	ended
			31st Dec, 2004	31st Dec, 2003	31st Dec 2004	31st Dec 2003	31st March, 2004
			(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
		Net Sales	3604.90	4067.11	8693.33	10043.71	12345.10
		Other Income	80.50	71.14	186.35	225.46	417.66
		Total Income	3685.40	4138.25	8879.68	10269.17	12762.76
		Total Expenditure
		a) (Increase) /decrease in	(19.00)	(190.69)	144.24	33.91	(91.83)
		stock in trade.
		b) Consumption of materials.	1268.79	1498.88	2597.52	3071.86	3644.36
		c) Excise Duty	489.05	529.48	995.82	1153.32	1450.54
		d) Staff Cost	283.31	285.66	831.88	864.00	1185.55
		e) Advertisement and Sales Promotion	585.05	638.16	1338.61	1578.15	1977.66
		f) Other expenditure	650.65	712.72	1823.57	1943.80	2757.35
		Interest	14.45	17.98	37.67	52.26	72.02
		Depreciation	75.60	81.61	221.51	238.60	315.90
		Profit before Tax	337.50	564.45	888.86	1333.27	1451.21
		Provision for Taxation	121.00	165.00	301.00	390.00	453.41
		(Incl. Deferred Tax of Rs 13.80 lacs)
		Profit after Tax	216.50	399.45	587.86	943.27	997.80
		Paid-up equity share capital	604.80	403.20	604.80	403.20	403.20
		(Face value Rs.100/-)
		Reserves excluding revaluation					4537.33
		reserves (as per balance sheet)
		Basic & Diluted EPS for the period	35.80	99.07	97.20	233.95	252.11
		(Rs)
		Aggregate of non-promoter Shareholding
		(a) Number of Shares			262046	263448	262316
		(b) Percentage of Shareholding			64.99%	65.34%	65.06%
		Note :
		1.  The above results were reviewed by the Audit Committee and were thereafter taken on record by the Board of Directors
		in their  Meeting held on 22nd January, 2005
		2.  The Share holders has approved issue of bonus shares in the Annual General meeting held on 17th September, 2004
		in the ratio of 1:2  i.e. 1 equity share for every 2 existing shares held by them. Consequently, the Paid-up Equity Share Capital
		has increased from 403.20 lakhs to 604.80 lakhs. The earning per share (EPS)  is calculated on increased Share Capital.
		EPS for quarter ended 31st Dec. 2003, nine months ended 31st Dec 2003  and previous year ended 31st March, 2004 after
		adjustment on account of issue of bonus shares would stand at Rs 66.05, Rs 155.96 and Rs 168.07 respectively.
		3.  The Company is in pharmaceutical business and considering the organisation structure of the company and its internal financial
		reporting,the company has only one reportable segment as per Accounting Standard on Segment Reporting (AS - 17)
		4.   Provision for Taxation of Rs 301 lakhs includes Rs  13.80 lakhs towards Deferred Tax  for the period 1st April 2004
		to 31st December, 2004 in accordance with requirements of Accounting Standard - 22 "Accounting for Taxes on Income".
		5.  In view of seasonality of products financial performance are not indicative of full years results
		6.  There were no complaints from investors outstanding at the beginning of the quarter. The Company has  received  7
		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.
				For The Zandu Pharmaceutical Works Ltd.
		Place  :  Mumbai			(Y. P. Trivedi)
		Date    :  22nd January, 2005			Chairman