THE ZANDU PHARMACEUTICAL WORKS LTD.
	Regd. Office : 70, Gokhale Road South, Dadar, Mumbai - 400 025.
	UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER
	ENDED 30 TH JUNE, 2003					(Figures in Lakhs)
				Quarter	Quarter	Financial year
				ended	ended	ended
				30th June, 2003	30th June, 2002	31st March, 2003
				(Unaudited)	(Unaudited)	(Audited)
				(Reviewed)
	Net Sales			2410.15	2237.51	11297.41
	Other Income			49.53	35.40	265.53
	Total Income			2459.68	2272.91	11562.94
	Total Expenditure
	a) Increase (-) /decrease(+) in			129.53	48.75	200.57
	stock in trade.
	b) Consumption of materials.			593.78	624.05	3093.92
	c) Excise Duty			231.57	243.64	1244.05
	d) Staff Cost			288.29	264.34	1045.09
	e) Advertisement and Sales Promotion			366.32	331.02	1921.04
	f) Other expenditure			488.70	528.96	2575.55
	g) Interest			17.46	45.39	136.15
	h) Depreciation			76.00	89.74	370.72
	Profit before Tax			268.03	97.02	975.85
	Provision for Taxation			70.00	15.00	235.79
	(Including Deferred Tax of Rs 11.77 lacs)
	Profit after Tax			198.03	82.02	740.06
	Paid-up equity share capital			403.20	403.20	403.20
	(Face value Rs.100/-)
	Reserves excluding revaluation reserves (as per balance sheet) of previous accounting year					3748.37
	Earnings per share (Basic and diluted) for the period (Rs)			49.11	20.34	184.01
	Note :
	1.The above results were taken on record by the Board of Directors in their Meeting held on 29 th July 2003
	subsequent to the limited review by the statutory auditors as required under clause 41 of the listing agreement.
	2.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).
	3. Provision for Taxation of Rs 70 lakhs includes Rs 11.77 lakhs towards Deferred Tax for the period 1st April 2003 to 30 th June, 2003 in accordance with requirements of Accounting Standard - 22 "Accounting for Taxes on Income".
	4. In view of seasonality of products financial performance are not indicative of full year's results
	5.There were no complaints from investors outstanding at the beginning of the quarter. The Company has received 5 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.
	6. Previous period figures have been regrouped wherever necessary.
					For The Zandu Pharmaceutical Works Ltd.