THE ZANDU PHARMACEUTICAL WORKS LTD.
		Regd. Office : 70, Gokhale Road South, Dadar, Mumbai - 400 025.
		UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER
		ENDED  30th SEPTEMBER, 2005					(Figures in Lakhs)
			Quarter	Quarter	Half Year	Half Year	Financial year
			ended	ended	ended	ended	ended
			30th Sept, 2005	30th Sept, 2004	30th Sept, 2005	30th Sept, 2004	31st March, 2005
			(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
		Net Sales	3363.39	3054.37	5601.09	5088.43	11342.19
		Other Income	72.21	59.26	131.44	105.85	318.59
		Total Income	3435.60	3113.63	5732.53	5194.28	11660.78
		Total Expenditure
		a) (Increase) /decrease in stock in trade.	52.87	294.56	109.95	163.24	53.97
		b) Consumption of materials.	954.08	621.65	1560.65	1328.73	3349.07
		c) Excise Duty	372.95	263.37	596.36	506.77	1293.13
		d) Staff Cost	320.49	278.91	602.63	548.57	1144.33
		e) Advertisement and Sales Promotion	473.22	571.81	747.62	753.56	1650.83
		f) Other expenditure	640.76	624.29	1194.36	1172.92	2530.17
		Interest	10.03	11.25	20.42	23.22	52.68
		Depreciation	85.90	72.32	162.74	145.91	301.71
		Profit before Tax	525.30	375.47	737.80	551.36	1284.89
		Provision for Taxation
		-- Current Tax	169.04	122.10	234.50	172.08	411.00
		-- Deferred Tax	24.96	4.90	15.50	7.92	0.65
		-- Fringe Benefit Tax	10.00	-	15.00	-	-
		Profit after Tax	321.30	248.47	472.80	371.36	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)	53.13	41.08	78.17	61.40	150.54
		Aggregate of non-promoter Shareholding
		(a) Number of Shares			390676	262046	391836
		(b) Percentage of Shareholding			64.60%	64.99%	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  26th October, 2005
		2.  The Company operates solely in the pharmaceutical segment
		3.  There were no complaints from investors outstanding at the beginning of the quarter. The Company
		has received  2 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.
		4.   Previous period  figures have been regrouped wherever necessary.
					For The Zandu Pharmaceutical Works Ltd.
		Place  :  Mumbai				(Y. P. Trivedi)
		Date    :  26th October, 2005				Chairman