AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31ST MARCH 2004
					(Rupees in Lakhs)
	Quarter	Quarter	Year		Year
	ended	ended	ended		ended
	31st Mar,2004	31st Mar,2003	31st Mar,2004		31st March, 2003
	(Unaudited)	(Unaudited)	(Audited)		(Audited)
Net Sales	2301.39	2298.34	12345.10		11297.41
Other Income	192.20	118.57	417.66		265.53
Total Income	2493.59	2416.91	12762.76		11562.94
Total Expenditure
a) (Increase) /decrease in	(125.74)	(86.95)	(91.83)		200.57
stock in trade.
b) Consumption of materials.	572.50	599.24	3644.36		3093.92
c) Excise Duty	297.22	282.42	1450.54		1244.05
d) Staff Cost	321.55	241.48	1185.55		1045.09
e) Advertisement and Sales Promotion	399.51	358.13	1977.66		1921.04
f) Other expenditure	813.55	670.30	2757.35		2575.55
Interest	19.76	26.89	72.02		136.15
Depreciation	77.30	103.01	315.90		370.72
Profit before Tax	117.94	222.39	1451.21		975.85
Provision for Taxation	63.41	45.79	453.41		235.79
(Including Deferred Tax of Rs 17.81lakhs)
Profit after Tax	54.53	176.60	997.80		740.06
Paid-up equity share capital	403.20	403.20	403.20		403.20
(Face value Rs.100/-)
Reserves excluding revaluation
reserves (as per balance sheet )			4537.33		3748.37
Basic and Diluted EPS for the	13.52	43.80	252.11		184.01
period (Rs)
Aggregate of non-promoter Shareholding
(a) Number of Shares			262316		264091
(b) Percentage of Shareholding			65.06%		65.50%
Note :
1. The above results were taken on record by the Board of Directors in their meeting held on 4th August, 2004
2. Board of Directors has recommended subject to shareholders approval an issue of bonus shares in the ratio
of 1:2 i.e. 1 additional equity shares for every 2 existing equity shares held by the members.
3. The Board of Directors has proposed the final dividend @10% for the financial year 2003- 04, subject to
shareholders approval. The company has already paid two interim dividend totalling to 40%, with this total
dividend (Interim & Final) works out to 50%, as against 40% of previous year.
4. 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)
5. Provision for Taxation of Rs 453.41 lakhs includes Rs 17.81 lakhs towards Deferred Tax for the period 1st April 2003
to 31st March 2004 in accordance with the requirements of Accounting Standard - 22 "Accounting for Taxes on Income"
6. There were no complaints from investors outstanding at the beginning of the quarter. The Company has received 6
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.
					Sd/-
Place : Mumbai			Y. P. Trivedi
Date : 4th August, 2004			(Chairman)