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, 2006				(Figures in Lakhs)
	Quarter	Quarter	Half Year	Half Year	Financial year
	ended	ended	ended	ended	ended
	30th Sept, 2006	30th Sept, 2005	30th Sept, 2006	30th Sept, 2005	31st March, 2006
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
Net Sales	4204.52	3363.39	6671.20	5601.09	12994.56
Other Income	126.29	72.21	180.61	131.44	328.31
Total Income	4330.81	3435.60	6851.81	5732.53	13322.87
Total Expenditure
a) Decrease in stock in trade.	137.25	52.87	13.63	109.95	160.48
b) Consumption of materials.	1193.34	954.08	2007.54	1560.65	3809.65
c) Excise Duty	479.79	372.95	804.43	596.36	1543.67
d) Staff Cost	292.77	320.49	596.13	602.63	1215.99
e) Advertisement and Sales Promotion	645.62	473.22	858.39	747.62	1863.73
f) Other expenditure	668.40	640.76	1239.65	1194.36	2523.70
Interest	9.13	10.03	20.30	20.42	40.84
Depreciation	78.25	85.90	154.31	162.74	342.08
Profit before Tax	826.26	525.30	1157.43	737.80	1822.73
Provision for Taxation
-- Current Tax	270.00	169.04	375.00	234.50	531.70
-- Deferred Tax	6.43	24.96	12.63	15.50	12.03
-- Fringe Benefit Tax	12.87	10.00	19.17	15.00	30.09
Profit after Tax	536.96	321.30	750.63	472.80	1248.91
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)	88.78	53.13	124.11	78.17	206.50
Aggregate of non-promoter shareholding
(a) Number of Shares			351549	390676	327512
(b) Percentage of Shareholding			58.13%	64.60%	54.15%
Note :
1. The above results were taken on record by the Board of Directors in their meeting held on 30th October, 2006
2. 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).
3. 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 356.72 lakhs,
which are outstanding as at 30th September, 2006. The said company during the year ended 30th September, 2006 had, on its losses
exceeding the networth, as required by law referred the matter to Board for Industrial and Financial Reconstruction (BIFR)
However, as per the audited accounts of the said company, it has made profits during the year and reduced the negative networth,
which has become positive as per the unaudited accounts as at 31st July, 2006, prepared by the said company. As informed the
company is taking steps for approaching the BIFR for discharging it from the purview of the 'Sick Industrial Companies Act, 1985'.
Moreover, the said company has excellent orders and growth plans and the Board of Directors of the company have already resolved
the proposal for acquiring the shares of the said company from the existing shareholders. Consequently, when the proposal is implemented
the said company would become a subsidiary company. Considering the above, in the opinion of the Company, no provision is considered
necessary towards the diminution in the value of investments and loans and advances considered good of recovery. This is a matter of
qualification by the statutory auditors.
4. 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.
5. Previous period figures have been regrouped wherever necessary.
			For The Zandu Pharmaceutical Works Ltd.
Place : Mumbai				(Girish. G. Parikh)
Date : 30th October, 2006				Managing Director