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 SEPTEMBER, 2008
										(Figures Rs. In Lacs. except EPS)
					STANDALONE					CONSOLIDATED			ZCL Standalone	ZPWL-STD ALN	ZPWL+ZCL
					Quarter ended	Quarter ended	Half Year Ended	Half Year Ended	Year ended	Quarter ended	Half Year Ended	Year ended	ZCL	Quarter ended	Quarter ended
					30th Sept, 2008	30th Sept, 2007	30th Sept, 2008	30th Sept, 2007	31st March, 2008	30th Sept, 2008	30th Sept, 2008	31st March, 2008	Half Year Ended	30th June, 2008	30th June, 2008
					(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)	(Unaudited)	(Unaudited)	(Audited)	(Unaudited)
		Sales			4763.65	4229.15	8061.01	7007.94	15474.55	5975.23	9499.26	18710.71	1438.25	3297.36	3524.03
		Less: Excise Duty			307.62	502.49	515.12	812.95	1776.96	319.02	532.71	1835.69	17.59	207.50	213.69
		Net Sales	0.00	0.00	4456.03	3726.66	7545.89	6194.99	13697.59	5656.21	8966.55	16875.02	1420.66	3089.86	3310.34
		Other Operating Income			5.93	8.96	9.54	13.23	26.37	6.50	17.87	30.26	8.33	3.61	11.37
		Total Income	0.00	0.00	4461.96	3735.62	7555.43	6208.22	13723.96	5662.71	8984.42	16905.28	1428.99	3093.47	3321.71
		Total Expenditure
		a) (Increase) /decrease in stock in trade.
		and work in progress			(78.41)	(123.28)	(97.89)	(180.09)	196.10	213.37	(201.04)	363.46	(103.15)	(19.46)	(414.41)
		b) Consumption of materials.			1772.70	1479.85	2759.89	2436.22	5263.49	2290.90	3656.59	7125.80	896.70	987.19	1365.69
		c) Purchase of traded goods			25.63	32.51	52.21	57.21	127.83	25.63	52.21	127.83	0.00	26.58	26.58
		d) Employees Cost			362.43	307.38	716.68	599.31	1383.73	494.68	959.36	1709.95	242.68	354.23	464.68
		e) Advertisement and Sales Promotion			378.99	604.39	672.56	851.60	1794.76	378.99	672.56	1794.76	0.00	293.57	293.57
		f) Depreciation and Amortisation			60.61	65.94	116.26	131.22	261.72	225.84	395.57	339.29	279.31	55.65	169.73
		g) Other expenditure			823.21	636.76	1521.78	1162.85	2616.48	991.24	1841.62	3290.30	319.84	698.57	850.38
		Total	0.00	0.00	3345.16	3003.55	5741.49	5058.32	11644.11	4620.65	7376.87	14751.39	1635.38	2396.33	2756.22
		Profit from Operations before Other Income
		and Interest			1116.80	732.07	1813.94	1149.90	2079.85	1042.06	1607.55	2153.89	(206.39)	697.14	565.49
		Other Income			90.63	92.10	163.06	126.89	390.77	90.63	163.06	390.77	0.00	72.43	72.43
		Profit before Interest			1207.43	824.17	1977.00	1276.79	2470.62	1132.69	1770.61	2544.66	(206.39)	769.57	637.92
		Interest			10.19	9.77	19.99	20.12	39.85	132.99	225.30	101.32	205.31	9.80	92.31
		Profit from Ordinary Activities before Tax	0.00	0.00	1197.24	814.40	1957.01	1256.67	2430.77	999.70	1545.31	2443.34	(411.70)	759.77	545.61
		Tax Expense ( including Fringe Benefit Tax)	#REF!	427.78	414.65	231.76	679.51	362.17	789.95	352.34	558.45	793.43	(121.06)	264.86	206.11
		Net Profit after tax	#REF!	(427.78)	782.59	582.64	1277.50	894.50	1640.82	647.36	986.86	1649.91	(290.64)	494.91	339.50
		Paid-up equity share capital	806.40	806.40	806.40	806.40	806.40	806.40	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)	#REF!	(53.05)	97.05	72.25	158.42	110.92	203.47	123.97	122.38	204.60
		Avertisement	#REF!	#REF!			0.00		#REF!	#REF!	#REF!	#REF!
		legal & professional (Advt)	#REF!	#REF!			#REF!		#REF!	#REF!	#REF!	#REF!
		Avertisement & Legal & Professional	#REF!	#REF!			#REF!		#REF!	#REF!	#REF!	#REF!
		Percentage of Advt expenses					#REF!		#REF!	#REF!	#REF!	#REF!
		Public Shareholding
		(a) Number of Shares					642000	467807	467782
		(b) Percentage of Shareholding					79.61%	58.01%	58.01%
		Notes on Standalone Results :-
		1. The above results, reviewed and recommended by Audit committee were approved and taken on record by the Board of Directors of the Company at its' meeting
		held on, 31st October, 2008.
		2. The statutory auditors of the Company have carried out limited review of the unaudited financial results on standalone basis.
		3. The Company is exclusively in the Pharmaceutical business and has only one reportable primary segment.
		4  Consequent to Emami Limited aquiring further equity stake in the Company in October, 2008 ( in addition to the equity stake acquired in May, 2008) through open
		offer,purchase of shares from the existing promoters/their family members and market purchase,  the Company has become a
		subsidiary of Emami Limited, subsequent to quarter end.Shareholding of Emami Ltd as at the quarter end has been classified under public shareholding.
		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.914.15 lakhs as at 30th September,2008 ( Rs.667.46 lakhs as at
		31st March,2008). During the current quarter, ZCL suffered a loss resulting in negative networth mainly on account of low turnover, high interest
		and high 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 and no provision is considered necessary in this respect at this stage. This is a matter of qualification by the statutory auditors.
		6. The Company has given loans/advances to associate companies for an amount aggregating to Rs.1658.03 lakhs ( Rs.1582.71 lakhs as at 30th June,2008) and has long term equity investments
		aggregating to Rs.18.19 lakhs as at 30th Septemnber, 2008.The networth of these companies is eroded/substantially eroded as at the quarter end
		mainly on account of fall in the value of their investments during the current quarter , which is in the opinion of  these companies is temporary and on that basis, no provision is considered necessary
		at this stage towards such loans/advances and these are good and recoverable and the diminution in the value of the investments is temporary .This is a matter of qualification by the statutory auditors.
		7.  Out of five complaints ( including one outstanding at the  beginning of the quarter), four complaints are disposed off during the quarter and one complaint is
		unresolved as at the end of quarter.
		8. Previous year/period figure 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	Unaudited	Unaudited	Audited
					Quarter Ended	Half Year Ended	Half Year Ended	Year Ended
					30th Sept,2008	30th Sept,2008	30th Sept,2007	31stMarch,2008
		1. Segment Revenue
		a) Pharmaceutical			4484.56	7607.19	6443.69	13931.15
		b) Chemicals			1200.59	1428.84	2106.99	3194.84
		Total  Revenue			5685.15	9036.03	8550.68	17125.99
		2. Segment Results before Interest  and Tax
		a) Pharmaceutical			1331.78	2175.51	1281.71	2506.00
		b) Chemicals			(169.94)	(360.98)	164.75	77.05
		Less :(1) Other Unallocable expenditure net of unallocable Income			162.14	269.22	37.56	139.71
		Profit before Tax			999.70	1545.31	1408.90	2443.34
		3. Capital Employed
		(Segment Assets less Segment Liabilities)
		a) Pharmaceutical			1020.60	8503.25	6711.59	5505.05
		b) Chemicals			(969.24)	(210.40)	361.42	866.59
		c) Unallocated  Assets			576.55	748.16	965.23	1692.12
		Total			627.91	9041.01	8038.24	8063.76
										For The Zandu Pharmaceutical Works Ltd.
										(Girish  Parikh)
		Place  :  Mumbai								Managing Director
		Date : 31st October, 2008