THE  ZANDU  PHARMACEUTICAL WORKS LIMITED
		SCHEDULES  FORMING PART OF THE BALANCE SHEET AS AT 31st DECEMBER, 2007
		Regd. Office : 70, Gokhale Road South, Dadar, Mumbai - 400 025.
		UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED  30TH JUNE, 2008
										(Figures Rupees in Lakhs except EPS)
					STANDALONE					CONSOLIDATED
					Quarter ended	Quarter ended	Year ended	Period ended	Period ended	Quarter ended	Quarter ended	Year ended	Period ended	Period ended
					30th June, 2008	30th June, 2007	31st March, 2008	31st Dec, 2007	31st Dec, 2006	30th June, 2008	30th June, 2007	31st March, 2008	31st Dec, 2007	31st Dec, 2006
					(Unaudited)	(Unaudited)	(Audited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)	(Unaudited)	(Unaudited)
								Published & Reviewed	Publishe(UnReviewed)
		Sales			3297.36	2778.79	15474.55			3524.03	3720.46	18710.71
		Less: Excise Duty			207.50	311.11	1776.96			213.69	379.92	1835.69
		Net Sales	0.00	0.00	3089.86	2467.68	13697.59	0.00	0.00	3310.34	3340.54	16875.02	0.00	0.00
		Other Income			76.04	39.06	417.14			83.80	40.82	421.03
		Total Income	0.00	0.00	3165.90	2506.74	14114.73	0.00	0.00	3394.14	3381.36	17296.05	0.00	0.00
		Total Expenditure
		a) (Increase) /decrease in stock in trade.
		and work in progress			(19.48)	(56.81)	196.10			(414.41)	61.69	363.46
		b) Consumption of materials.			987.19	956.37	5263.49			1365.69	1427.50	7125.80
		c) Purchase of traded goods			26.58	24.70	127.83			26.58	24.70	127.83
		d) Employees Cost			354.25	291.93	1383.73			464.68	375.38	1709.95
		e) Advertisement and Sales Promotion			293.57	247.21	1794.76			293.57	223.35	1794.76
		f) Depreciation and Amortisation			55.65	65.28	261.72			169.73	81.56	339.29
		g) Other expenditure			698.57	525.44	2616.48			850.38	633.44	3290.30
		Total	0.00	0.00	2396.33	2054.12	11644.11	0.00	0.00	2756.22	2827.62	14751.39	0.00	0.00
		Interest			9.80	10.35	39.85			92.31	29.85	101.32
		Profit before Tax	0.00	0.00	759.77	442.27	2430.77	0.00	0.00	545.61	523.89	2443.34	0.00	0.00
		Tax Expense ( including Fringe Benefit Tax)	(354.43)	177.65	264.86	130.41	789.95	619.29	612.30	206.11	159.20	793.43
		Net Profit for the period	354.43	(177.65)	494.91	311.86	1640.82	(619.29)	(612.30)	339.50	364.69	1649.91	0.00	0.00
		Paid-up equity share capital	806.40	806.40	806.40	806.40	806.40	806.40	604.80	806.40	806.40	806.40	806.40
		(Face value Rs.100/-)
		Reserves excluding revaluation reserves as					6958.18					7257.36
		per balance sheet of previous accouting  year
		Basic & Diluted EPS for the period (Rs)	43.95	(22.03)	61.37	38.67	203.47			42.10	45.22	204.60
		Avertisement	#REF!	#REF!	0.00		#REF!				#REF!	#REF!
		legal & professional (Advt)	#REF!	#REF!	#REF!		#REF!				#REF!	#REF!
		Avertisement & Legal & Professional	#REF!	#REF!	#REF!		#REF!				#REF!	#REF!
		Percentage of Advt expenses			#REF!		#REF!				#REF!	#REF!
		Public Shareholding
		(a) Number of Shares					467782
		(b) Percentage of Shareholding					58.01%
		Notes on Standalone Results :-
		1. The above results, reviewed and recommended by Audit committee,were taken on record by the Board of Directors of the Company at its' meeting
		held on 18 thJuly, 2008.
		2. The statutory auditors of the Company have carried out limited review of the unaudited financial results on standalone basis for the quarter ended 30th June,2008.
		3.  Information on segments has been disclosed on a consolidated basis in accordance with Accounting Standard 17 "Segment Reporting".
		4.  The  Company's first quarter results are based on the financial performance of the quarter which in the subsequent period is dependent upon various
		factors such as increase in sales and upward variations in the raw materials and other costs, in the current economic scenario.
		5. The Company has long term investments in the equity shares of Zandu Chemicals Limited (ZCL), a subsidiary company, in which Company holds 93.84%
		equity stake, aggregating Rs.27.41 lakhs  and loans/advances to ZCL aggregate to Rs. 776 lakhs as at 30th June,2008 ( Rs.667.46 lakhs  as at
		31st March,2008). During the current quarter, ZCL suffered a loss with a substantial erosion in its networth (though positive) mainly on account of lower
		turnover and higher depreciation charge due to capitalisation of its project. However, considering ZCL's  expansion plans, consequential business growth
		and the investment being strategic and long term , the diminution in the value of the investment is considered to be temporary and the advances are
		considered good of recovery by the management . This is a matter of qualification by the statutory auditors.
		6. There were no complaints from investors outstanding at the beginning of the quarter.The Company has received two complaints from the investors
		during the quarter and all complaints were disposed off during the quarter.There were no complaints lying unresolved at the end of the quarter.
		7. Previous year/period  figures have been regrouped wherever necessary to conform to the current period.
		Notes on Consolidated Results :-
		1. Consolidated Financial Results include the Financial Results of the subsidiary Zandu Chemicals Ltd. (ZCL). ZCL has become the subsidiary
		of the Company w.e.f. 1st November,2006.
		2. Segment-wise Revenue, Result and capital Employed on consolidated basis:
		Particulars				Unaudited	Audited
						Quarter  ended	Year ended
						30thJune,2008	31stMarch,2008
		1. Segment Revenue
		a) Pharmaceutical				3122.63	13931.15
		b) Chemicals				228.25	3194.84
		Total  Revenue				3350.88	17125.99
		2. Segment Results before Interest  and Tax
		a) Pharmaceutical				843.73	2506.00
		b) Chemicals				(191.04)	77.05
		Less :(1) Other Unallocable expenditure net of unallocable Income				107.08	139.71
		Profit before Tax				545.61	2443.34
		3. Capital Employed
		(Segment Assets less Segment Liabilities)
		a) Pharmaceutical				7482.65	5505.05
		b) Chemicals				758.84	866.59
		c) Unallocated  Assets				171.61	1692.12
		Total				8413.10	8063.76
							For The Zandu Pharmaceutical Works Ltd.
							(Girish  Parikh)
		Place  :  Mumbai					Managing Director
		Date : 18 thJuly,2008