THE ZANDU PHARMACEUTICAL WORKS LTD.
		Regd. Office : 70, Gokhale Road South, Dadar, Mumbai - 400 025.
		UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE YEAR
		ENDED  31st MARCH, 2006				(Figures in Lakhs)
			Quarter	Quarter	Year	Year	Financial year
			ended	ended	ended	ended	ended
			31st March, 2006	31st March, 2005	31st March, 2006	31st March, 2005	31st March, 2005
			(Unaudited)	(Unaudited)	(Unaudited)	(Audited)	(Audited)
		Net Sales	2961.19	2638.16	12994.56	11342.19	######
		Other Income	103.74	120.32	328.31	318.59	318.59
		Total Income	3064.93	2758.48	13322.87	11660.78	######
		Total Expenditure
		a) (Increase) /decrease in stock in trade.	(54.71)	(89.80)	160.48	53.97	53.97
		b) Consumption of materials.	909.98	734.99	3809.65	3349.07	######
		c) Excise Duty	357.25	329.84	1543.67	1293.13	######
		d) Staff Cost	307.25	309.37	1215.99	1144.33	######
		e) Advertisement and Sales Promotion	329.11	295.86	1863.73	1650.83	######
		f) Other expenditure	601.50	733.44	2523.70	2530.17	######
		Interest	9.19	3.28	40.84	52.68	52.68
		Depreciation	88.82	79.45	342.08	301.71	301.71
		Profit before Tax	516.54	362.05	1822.73	1284.89	######
		Provision for Taxation
		-- Current Tax	117.65	107.47	531.70	411.00	411.00
		-- Deferred Tax	1.08	1.53	12.03	0.65	0.65
		-- Fringe Benefit Tax	6.83	-	30.09	-	-
		Profit after Tax	390.98	253.05	1248.91	873.24	873.24
		Paid-up equity share capital	604.80	604.80	604.80	604.80	604.80
		(Face value Rs.100/-)
		Reserves excluding revaluation reserves				4901.38	######
		(as per balance sheet)
		Basic & Diluted EPS for the period (Rs)	64.65	41.84	206.50	150.54	150.54
		Aggregate of non-promoter Shareholding
		(a) Number of Shares			327512	391916	391836
		(b) Percentage of Shareholding			54.15%	64.80%	64.79%
		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  22 nd April, 2006
		2.   The Board of Directors had recommended and paid an Interim Equity Dividend of Rs. 70 per share on face value of Rs.100/-
		each aggregating to Rs. 482.74 lakhs including dividend distribution tax of Rs.59.38 lakhs.
		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.   The Company has investments aggregating to Rs 14.50 lakhs in the equity shares of Zandu Chemicals Limited, a company
		promoted by the Company, and has also given loans / advances to the said company aggregating to Rs 355.34 lakhs,
		which are outstanding as at 31st March, 2006. The investee company's accumulated losses have exceeded its networth
		and as informed the said company has as required by law referred the matter to Board for Industrial and Financial Reconstruction
		(BIFR) and the said company is hopeful of positive outcome.Accordingly,on that basis no provision is considered necessary
		by the management towards the diminution in the value of investments considered temporary and loans and advances
		considered good of recovery. This is a matter of qualification by the statutory auditors.
		5.  There were no complaints from investors outstanding at the beginning of the quarter. The Company has received three
		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.
					sd/-
		Place  :  Mumbai			(G. G. Parikh)
		Date    :  22nd April, 2006			Managing Director