THE ZANDU PHARMACEUTICAL WORKS LTD.
Regd. Office : 70, Gokhale Road South, Dadar, Mumbai - 400 025.
UNAUDITED FINANCIAL RESULTS FOR THE HALF YEAR ENDED  30TH SEPTEMBER, 2007
	(Figures Rupees in Lacs,except EPS)					(Figures Rupees in Lacs,except EPS)
	STANDALONE					CONSOLIDATED
	Quarter	Quarter	Half Year	Half Year	Financial year	Quarter	Half Year	Financial year
	ended	ended	ended	ended	ended	ended	ended	ended
	30th Sept, 2007	30th Sept, 2006	30th Sept, 2007	30th Sept, 2006	31st March, 2007	30th Sept, 2007	30th Sept, 2007	31st March, 2007
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)	(Unaudited)	(Unaudited)	(Audited)
Sales	4229.15	4204.52	7007.94	6671.20	14725.52	5137.80	8858.26	16413.83
Less: Excise Duty	502.49	468.83	812.95	731.12	1662.03	465.14	845.07	1708.58
Net Sales	3726.66	3735.69	6194.99	5940.08	13063.49	4672.66	8013.19	14705.25
Other Income	101.06	126.29	140.12	180.61	463.24	102.71	143.53	472.66
Total Income	3827.72	3861.98	6335.11	6120.69	13526.73	4775.37	8156.72	15177.91
Expenditure
a) (Increase) /decrease in stock in trade
and work in progress	(123.28)	137.25	(180.09)	13.63	(48.05)	(530.57)	(468.88)	(103.46)
b) Consumption of materials	1479.85	1193.34	2436.22	2007.54	4951.16	2408.78	3836.28	5934.71
c) Purchase of traded goods	32.51	11.29	57.21	67.23	140.58	32.51	57.21	141.80
d) Employees  Cost	307.38	292.77	599.31	596.13	1303.97	393.81	769.19	1435.44
e) Advertisement and Sales Promotion	604.39	701.64	851.60	932.88	2084.64	628.25	851.60	2092.12
f) Depreciation	65.94	78.25	131.22	154.31	310.38	83.92	165.48	340.67
g) Other expenditure	636.76	612.05	1162.85	1171.24	2676.74	851.48	1484.91	3070.69
Total	3003.55	3026.59	5058.32	4942.96	11419.42	3868.18	6695.79	12911.97
Interest	9.77	9.13	20.12	20.30	39.75	22.18	52.03	48.66
Profit before Tax	814.40	826.26	1256.67	1157.43	2067.56	885.01	1408.90	2217.28
Tax  Expense (including Fringe Benefit Tax)	231.76	289.30	362.17	406.80	607.92	256.80	416.00	659.68
-- Current Tax  and Deferred Tax	216.76	276.43	339.67	387.63	564.39	239.67	390.53	576.00
-- Deferred Tax						0.51	0.87	39.32
-- Fringe Benefit Tax	15.00	12.87	22.50	19.17	43.53	16.62	24.60	44.36
Net Profit for the Period	582.64	536.96	894.50	750.63	1459.64	628.22	992.91	1557.60
Paid-up equity share capital	806.40	604.80	806.40	604.80	806.40	806.40	806.40	806.40
(Face value Rs.100/-)
Reserves excluding revaluation reserves					6040.98			6341.20
as per balance sheet of previous
accounting  year
Earnings Per Share (EPS)
Basic and Diluted EPS for the period (Rs)	72.25	66.59	110.92	93.08	181.01	77.90	123.13	193.15
Avertisement			0.00	0.00		0.00	0.00	0.00
legal & professional (Advt)			0.00	0.00			0.00
Avertisement & Legal & Professional			0.00	0.00			0.00
Percentage of Advt expenses			0.00	0.00			0.00
Public Shareholding
(a) Number of Shares			467807	351549	468003
(b) Percentage of Shareholding			58.01%	58.13%	58.04%
Notes :
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  October 20, 2007.
The results on standalone basis have have been subjected to a limited review by the Statutory Auditors.
2 . Information  on segments  has  been disclosed on a consolidated basis in accordance with Accounting Standard  17 " Segment Reporting ".
3. Pursuant to the adoption of Accounting Standard (AS) 15 (Revised 2005) 'Employee Benefits ' issued by the Institute of Chartered Accountant of India (ICAI),
the Company has adjusted  the additional liability (net of deferred tax ) upto  31 st March , 2007 against  the opening balance of revenue reserves  and the additional  liability
in this respect  for the half year ended  30th September, 2007 has been computed and charged to the Profit and Loss Account   in accordance  with the said Accounting Standard.
4. The Shareholders in the Annual General Meeting held on 29th September, 2007 have approved ,one time special dividend of Rs. 15/- per equity  share, in addition to Rs. 75/-
per share  interim dividend for the year ended  31st March , 2007 .
5 .Earnings  per share for the previous periods has been adjusted for the issue of Bonus shares  in the ratio of 1:3 ( as  approved  in the Annual General Meeting held on 26th December , 2006)
in accordance with Accounting Standard 20 ( AS 20) Earnings per share.
6. There were no complaints from investors outstanding at the beginning of the quarter. The Company has received five 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. 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.
8. Previous period  figures have been regrouped wherever necessary to conform to the current period.
Segment-wise Revenue, Result and capital Employed on consolidated basis:
Particulars	Unaudited	Audited
	Half Year ended	Year ended
	30.09.2007	31.03.2007
1. Segment Revenue
a) Pharmaceutical	6443.69	13303.75
b) Chemicals	2106.99	1705.90
Total  Revenue	8550.68	15009.65
2. Segment Results before Interest  and Tax
a) Pharmaceutical	1301.83	2124.85
b) Chemicals	196.65	201.75
Less : (1 )  Interest	52.02	48.66
(2) Other Unallocable expenditure net	37.56	60.66
of unallocable Income
Profit before Tax	1408.90	2217.28
3. Capital Employed
Segment Assets
a) Pharmaceutical	6711.59	5343.95
b) Chemicals	361.42	201.40
c) Unallocated  Assets	965.23	1615.34
Total	8038.24	7160.69
				For The Zandu Pharmaceutical Works Ltd.
Place  :  Mumbai					(Girish  Parikh)
Date    :  20th October,2007					Managing Director