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 SEPTEMBER, 2003
						(Figures in Lakhs)
		Quarter	Quarter	Half Year	Half Year	Financial year
		ended	ended	ended	ended	ended
		30 th Sept, 2003	30 th Sept, 2002	30 th Sept, 2003	30 th Sept, 2002	31st March, 2003
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
		(Reviewed)		(Reviewed)
	Net Sales	3566.45	3123.61	5976.60	5361.12	11297.41
	Other Income	104.79	57.73	154.32	93.13	265.53
	Total Income	3671.24	3181.34	6130.92	5454.25	11562.94
	Total Expenditure
	a) Increase (-)/ decrease(+) in	95.07	56.72	224.60	105.47	200.57
	stock in trade.
	b) Consumption of materials.	979.20	874.56	1572.98	1498.61	3093.92
	c) Excise Duty	392.27	324.17	623.84	567.81	1244.05
	d) Staff Cost	290.05	273.74	578.34	538.08	1045.09
	e) Advertisement and Sales Promotion	573.67	503.73	939.99	834.75	1921.04
	f) Other expenditure	742.38	672.89	1231.08	1201.84	2575.55
	g) Interest	16.82	32.28	34.28	77.67	136.15
	h) Depreciation	80.99	91.89	156.99	181.63	370.72
	Profit before Tax	500.79	351.36	768.82	448.39	975.85
	Provision for Taxation	155.00	85.00	225.00	100.00	235.79
	(Including Deferred Tax of Rs 13.44 lacs)
	Profit after Tax	345.79	266.36	543.82	348.39	740.06
	Paid-up equity share capital (Face value Rs.100/-)	403.20	403.20	403.20	403.20	403.20
	Reserves excluding revaluation reserves (as per balance sheet) of previous accounting year					3748.37
	Basic and Diluted EPS for the period (Rs)	85.76	66.06	134.88	86.41	184.01
	Aggregate of non-promoter Shareholding
	(a) Number of Shares			263448	265201	264091
	(b) Percentage of Shareholding			65.34%	65.77%	65.50%
	Note :
	1. The above results were taken on record by the Board of Directors in their Meeting held on 21 st October, 2003 subsequent to the limited review by the statutory auditors as required under clause 41 of the listing agreement.
	2. The Interim Equity Dividend of Rs.20/- per share has been declared in the board meeting held on 21st October, 2003
	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 Current and Deferred Taxation of Rs 225 lakhs for the six months ended 30th September, 2003 has been made on estimated basis. The actual liability of the Company will be determined on the basis of taxable income of the Company for the year 1st April, 2003 to 31st March, 2004
	5. In view of seasonality of products financial performance is not indicative of full year's results
	6. There were no complaints from investors oustanding at the beginning of the quarter. The Company has received 4 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				(Jaisinh Vithaldas)
	Date : 21st October, 2003				Chairman