THE ZANDU PHARMACEUTICAL WORKS LTD.
		Regd. Office : 70, Gokhale Road South, Dadar, Mumbai - 400 025.
		UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE PERIOD
		ENDED  30TH SEPTEMBER , 2004					(Figures in Lakhs)
			Quarter	Quarter	Half Year	Half Year	Financial year
			ended	ended	ended	ended	ended
			30th Sept, 2004	30th Sept, 2003	30th Sept, 2004	30th Sept, 2003	31st March, 2004
			(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
		Net Sales	3054.37	3566.45	5088.43	5976.60	12345.10
		Other Income	59.26	104.79	105.85	154.32	417.66
		Total Income	3113.63	3671.24	5194.28	6130.92	12762.76
		Total Expenditure
		a) Increase (-) /decrease(+) in	294.56	95.07	163.24	224.60	-91.83
		stock in trade.
		b) Consumption of materials.	621.65	979.20	1328.73	1572.98	3644.36
		c) Excise Duty	263.37	392.27	506.77	623.84	1450.54
		d) Staff Cost	278.91	290.05	548.57	578.34	1185.55
		e) Advertisement and Sales Promotion	571.81	573.67	753.56	939.99	1977.66
		f) Other expenditure	624.29	742.38	1172.92	1231.08	2757.35
		Interest	11.25	16.82	23.22	34.28	72.02
		Depreciation	72.32	80.99	145.91	156.99	315.90
		Profit before Tax	375.47	500.79	551.36	768.82	1451.21
		Provision for Taxation	127.00	155.00	180.00	225.00	453.41
		(Incl. Deferred Tax of Rs 7.92 lacs)
		Profit after Tax	248.47	345.79	371.36	543.82	997.80
		Paid-up equity share capital	604.80	403.20	604.80	403.20	403.20
		(Face value Rs.100/-)
		Reserves excluding revaluation					4537.33
		reserves (as per balance sheet)
		Basic & Diluted EPS for the period	41.08	85.76	61.40	134.88	252.11
		(Rs)
		Aggregate of non-promoter Shareholding
		(a) Number of Shares			262046	263448	262316
		(b) Percentage of Shareholding			64.99%	65.34%	65.06%
		Note :
		1.  The above results were taken  on  record  by the Board of Directors in their  Meeting held on 27th October, 2004
		subsequent to the limited review by the statutory auditors as required under clause 41 of the listing agreement.
		2.   The Share holders has approved issue of bonus shares in the Annual General meeting held on 17th September, 2004
		in the ratio of 1:2  I.e. 1 equity share for every existing shares held by them. The record date for the same was 25th October, 2004
		and allotment of bonus shares is under process. Consequently, the Paid-up Equity Share Capital has increased from 403.20 lakhs
		to 604.80 lakhs. The earning per share for the quarter and six months ended is calculated on increased Share Capital and
		previous year ended 31st March, 2004 EPS on adjustment on account of issue of bonus share would stand at Rs 168.07
		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 Taxation of Rs 180 lakhs includes Rs  7.92 lakhs towards Deferred Tax  for the period 1st April 3004
		to 30th September, 2004 in accordance with requirements of Accounting Standard - 22 "Accounting for Taxes on Income".
		5. In view of seasonality of products financial performance are not indicative of full years results
		6. There were no complaints from investors outstanding at the beginning of the quarter. The Company has  received  8
		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.
		Place  :  Mumbai			(Y. P. Trivedi)
		Date    :  27th October, 2004			Chairman