Dabur India

FACTSHEET 19th June 2008 Dabur India Ltd. manufactures a soaps, detergents, hair oils, tooth powders, antacids and processed foods. The Company sells its products worldwide. Special situation

Insider buying

130.00 120.00 110.00 100.00 90.00 80.00

11 1 22 33 44 2/ / / / / / / / / 5 1 62 72 52

130.00 120.00 110.00 100.00 90.00 80.00 1 1 1 2 2 3 3 4 4 5 56 6 7 7 7 8 8 9 9 1 11 1 1 1 1 1 2 2 3 3 4 45 5 6 6 2 / / / / / / / / / / / / / / / / / / / 0 01 1 2 2 / / / / / / / / / / / / / 5 1 6 2 7 2 5 2 8 25 1 3 1 3 1 2 1 2 / / / / / / 7 2 4 1 3 1 3 26 2 4 1

Historicals (amt in lakhs) Domestic sales Growth Export sales Growth Total sales Total growth Excise duty Net sales Total growth

FY 3/02 116,621.83 11,474.42 128,096.25 6,062.47 122,033.78

Cost of materials 56,296.17 Manufacturing & operating expenses 3,358.36 GROSS PROFIT 62,379.25 Total growth Margin 51.1% Other recurring income 878.18 Payments to & provisions for employees 9,389.81 Selling and administrative expenses 39,121.20 EBITDA 14,746.42 Total growth Margin 12.1% Depreciation 2,867.93 EBIT 11,878.49 Total growth Margin 9.7% Interest expenses 3,331.66 Interest paid on - Fixed period loan 1,751.96 - Others 1,015.92 Bank charges 563.78 Interest received 320.36 Dividend from subsidiary companies 17.17 Other dividend - (other than trade investments) - Trade investment - Other investment Profit on sale of current investments 303.19 Profit on sale of long term investments Interest received EBT 8,867.19 Total growth Margin 7.3% Provision for taxation 1,367.42 Net income before minority interest 7,499.77 Share of profit to Minority shareholders 508.37 Net income 6,991.40 Total growth Margin 5.7% Outstanding shares 2,855.94 Diluation in outstanding shares EPS INR 2.45 Total growth

FY 3/03 125,439.33 7.6% 11,646.42 1.5% 137,085.75 7.0% 7,350.21 129,735.54 6.3%

FY 3/04 119,460.50 -4.8% 13,495.55 15.9% 132,956.05 -3.0% 6,540.31 126,415.74 -2.6%

FY 3/05 134,423.64 12.5% 19,271.69 42.8% 153,695.33 15.6% 4,280.40 149,414.93 18.2%

57,756.71 3,778.83 68,200.00 9.3% 52.6% 680.25 10,382.58 41,882.74 16,614.93 12.7% 12.8% 2,931.03 13,683.90 15.2% 10.5% 2,612.61

58,146.81 3,469.81 64,799.12 -5.0% 51.3% 668.51 9,155.46 39,617.57 16,694.60 0.5% 13.2% 2,334.97 14,359.63 4.9% 11.4% 1,528.17

65,942.25 4,050.37 79,422.31 22.6% 53.2% 512.74 10,848.34 47,235.40 21,851.31 30.9% 14.6% 2,519.46 19,331.85 34.6% 12.9% 1,243.59

1,127.45 976.03 509.13 49.44 2.75

802.70 283.32 442.15 187.74 -

402.33 419.36 421.90 407.88 -

0.38 46.31

83.62 104.12

0.50 407.38

11,120.73 25.4% 8.6% 1,332.61 9,788.12 630.64 9,157.48 31.0% 7.1% 2,857.50 0.1% INR 3.20 30.9%

13,019.20 17.1% 10.3% 1,483.83 11,535.37 279.30 11,256.07 22.9% 8.9% 2,862.49 0.2% INR 3.93 22.7%

18,496.14 42.1% 12.4% 1,909.71 16,586.43 119.89 16,466.54 46.3% 11.0% 2,864.20 0.1% INR 5.75 46.2%

Non recurring items Other income Profit on sale of fixed assets (11.26) Selling and administrative expenses Donation 65.69 183.07 Loss on sale of investments 4.64 Loss on sale of fixed assets Provision for contigent liability Provision for diminution in the market value of long term- trade investment Miscellaneous expenditure written off 566.71 290.68 Total assets Investments Cash Deferred tax assets Goodwill Miscellaneous expenditures Operating assets Return in operating assets Cash - cash and bank Investments - cash equivalents Cash and cash equivalents Fixed assets excluding Goodwill Current assets - excl cash Current liabilities excl debt Capital invested Return in captial invested Fixed assets (net block) Freehold land Leasehold land Building, roads, and culvert Plant and machinery Vehicles furniture and office equipments Computers Patents Live stock Capital work in progress Goodwill Software Total Stock-in-trade Raw materials Packing materials, stores and spares Recoverable value from impaired fixed assets Stock in process Finished goods Total Stock in trade as % on cost of sales Sundry debtors Debt o/s for period exceeding 6 months

50.89 108.43 -

-

391.88

257.90 108.87 89.08 149.53 94,250.74 23,329.02 1,473.29 137.77 967.90 581.04 67,761.72 28.5%

90,787.96 2,674.94 3,567.06

88,464.45 10,176.02 4,229.56

618.67 83,927.29 14.2%

382.32 73,676.55 18.6%

72,682.63 12,975.24 2,020.95 57.01 1,248.45 659.90 55,721.08 25.8%

3,567.06 1,219.94 4,787.00

4,229.56 1,064.01 5,293.57

2,020.95 11,515.25 13,536.20

1,473.29 21,862.73 23,336.02

29,695.63 46,851.80 18,078.55 58,468.88 20.3%

25,702.81 47,973.72 24,118.65 49,557.88 27.6%

23,757.90 31,765.33 29,389.51 26,133.72 54.9%

28,482.30 39,279.42 39,969.62 27,792.10 69.6%

1,126.36 576.65 9,928.56 12,111.70 564.11 2,495.13 1,024.89 232.60 0.22 1,635.41

1,164.21 514.37 8,103.78 9,691.79 509.44 2,050.69 881.40 185.44 0.22 2,601.47

29,695.63

25,702.81

649.27 317.36 8,092.51 10,274.12 555.53 1,902.44 760.52 138.28 0.22 1,067.65 1,248.45 25,006.35

645.65 712.53 9,166.52 12,839.55 667.56 1,923.45 731.74 856.27 0.22 938.81 967.90 29,450.20

5,663.82 2,115.95 2,406.57 9,996.22 20,182.56 33.8%

7,343.39 2,783.99 208.71 2,880.28 9,003.43 22,219.80 36.1%

6,339.12 2,516.26 1,206.75 5,222.32 15,284.45 24.8%

8,068.03 3,646.80 746.23 7,851.86 20,312.92 29.0%

Consider good Considered doubtful

878.83 878.83 878.83 13,325.70 14,204.53 11.6%

519.56 137.97 657.53 137.97 519.56 13,109.01 13,628.57 10.5%

248.14 11.98 260.12 11.98 248.14 6,867.23 7,115.37 5.6%

253.31 25.98 279.29 25.98 253.31 7,335.97 7,589.28 5.1%

601.05 3,908.25 2,240.74 2,105.34 1,265.81 822.11 1,521.41 12,464.71

880.04 4,585.88 2,469.90 992.33 732.20 666.83 1,798.17 12,125.35

114.63 3,555.57 2,626.71 1,196.05 411.84 655.40 805.31 9,365.51

2,742.52 3,690.49 2,471.18 344.72 992.80 1,135.51 11,377.22

7,247.53 867.96 2,895.95 6,475.22 447.53 120.96 33.60

6,013.55 754.54 3,648.72 10,651.56 156.07 17.67 23.81

12,206.55 874.67 4,220.69 12,578.32 38.00 325.78 39.08 47.24

53.27 19.69 6.66 18,168.37 15.2%

81.44 13.47 6.20 21,367.03 23.2%

96.42 10.37 6.20 30,443.32 24.0%

2,571.75 327.90 217.24 236.60 2,596.79 5,950.28

4,007.49 513.46 295.09 397.78 2,808.66 8,022.48

4,296.30 602.56 328.94 536.05 3,762.45 9,526.30

Cash and cash equivalents 4,787.00 5,293.57 Debt 30,369.22 21,426.10 Secured loans 10,074.26 8,300.90 Debentures - 14.75% secured redeemable non convertible 1,000.00 debentures 500.00 Terms loans Housing development finance corp Ltd 462.18 75.78 GE capital services Hong Kong and Shanghai Bank Ltd, Egypt 43.33 22.65 Nepal SBI bank ltd 88.50 Deferred payment 289.42 209.14 PIC UP under trade tax loan scheme 1,357.09 1,412.29 Short term loans - from banks 6,833.74 6,081.04 Unsecured loans 20,294.96 13,125.20 Deposits

13,536.20 12,451.44 8,370.69 -

23,336.02 15,088.39 9,705.16 -

1,200.00 7.97 178.29 1,339.58 5,644.85 4,080.75

1,090.91 82.16 1,009.09 7,523.00 5,383.23

Less: Provision for doubtful debts Other debts

Total Debtors as % on sales Loans and advances Loans and advances to others Security deposits with various authorities Advance payment of tax Advances to suppliers Advances to employees Balance with excise authorities Other advances Total

Current liabilities Acceptance 5,468.08 Amount due to SSI units (goods) 1,154.09 Creditors for goods 2,695.47 Creditors for expenses and other liabilities 5,629.81 Dividend payable Advances from customers 658.83 Interest accrued but not due on loans 59.41 Deposits - others 68.52 Investors education and protection funds to be credited by - unpaid dividend 57.72 - unpaid matured public deposit 35.71 - interest accrued on public deposit 5.84 Total 15,833.48 Creditors as % on cost of sales 14.0% Provisions for expenses For dividend (proposed) final For corporate tax on proposed dividend - final For leave salary 222.49 For housing, bonus, gratuity & other welfare 98.33 For taxation 1,924.25 Total 2,245.07

Directors Public Companies 4,253.75 Security deposits from dealers & others 456.78 Other loans: West Bengal State Industrial Development Corp Ltd Term loan - from banks 1,064.15 Book overdraft of current account with banks 3,092.45 Commercial papers 7,500.00 External commercial borrowings 3,927.83 Deferred payment credit Shareholders' equity balance Minority interest Tangible book value (TBV) TBV/Share Total growth Debt / Equity

39,567.02 782.65 38,948.35 INR 13.64 76.8%

48.13 3,579.98 394.29

55.55 33.00 1,050.00 12.83

48.13 800.00 16.06

1,212.94 3,027.68 1,000.00 3,862.18 -

785.65 527.58 1,616.14 -

75.00 883.44 754.67 2,000.00 805.93 -

41,659.60 903.82 41,277.28 INR 14.45 5.9% 51.4%

28,608.94 1,435.79 26,700.59 INR 9.33 -35.4% 43.5%

36,393.18 1,522.04 34,844.24 INR 12.17 30.4% 41.5%

12,415.48

17,610.21

2,489.27 391.88 83.55 1,528.17 (83.62) (50.89) (104.12) 16,669.72

2,800.01 108.87 149.53 195.91 1,243.59 (0.50) (407.38) 21,700.24

CASH FLOW STATEMENT Net profit before tax and other extraord items 8,230.15 10,635.72 Adjustments for non cash items Depreciation 2,867.93 2,931.03 Loss on sale of fixed assets Fixed assets impairment loss Miscellaneous expenditure written off 566.71 290.68 Miscellaneous expenditure written off (included in directors 133.74 remuneration) 60.15 Interest 3,331.66 2,612.61 Dividend received (17.17) (3.13) Interest received Profit on sale of investments 11.26 Profit on sale of assets (303.19) (46.31) Operating profit before working capital changes (A) 14,809.83 16,492.01 Changes in working capital Inventories Debtors Trade payables Changes in working capital (B) (A) - (B) Interest paid Tax paid Income tax refund Corporate tax on dividend Cash generated from operating activities

2,315.07 (1,493.75) (2,609.36) (1,788.04) 16,597.87

1,828.53 (364.65) (2,867.11) (1,403.23) 17,895.24

(2,020.50) (4,039.20) (4,503.66) (10,563.36) 27,233.08

5,028.47 304.20 (8,983.98) (3,651.31) 25,351.55

3,342.25 989.46 (176.30) 455.49

2,551.07 884.10 (261.50) -

1,528.17 881.04 547.95

1,222.18 1,668.57 887.60

11,986.97

14,721.57

24,275.92

21,573.20

(4,514.29) 7,856.79 (20,043.86) 12,554.04 3.13

(6,443.66) 6,547.78 (80,339.17) 69,938.84 83.62

(7,852.75) 500.02 (153,206.88) 143,260.48 0.50

(4,144.19)

(10,212.59)

(17,298.63)

Purchase of fixed assets (7,442.32) Sale of fixed assets 762.06 Purchase of investment including investment in subsidiaries (355.65) Sale of investments 1.21 Dividend received 17.17 Cash from investing activities

(7,017.53)

Proceeds from share capital & premium 3.81 Repayment/proceeds of long term secured liabilities (2,081.33) Repayment/proceeds from short term secured loans1,169.33 Proceeds from deposits (1,424.57) Repayment/proceeds from other unsecured loans 2,065.03 Payment of other advances 235.40 Payment of dividend (4,313.84)

1.56 (1,020.67) (752.69) (738.26) (6,481.63) 568.51 (1,491.70)

4.99 660.98 (344.19) (2,135.03) (4,632.15) 2,285.65 (4,666.94)

1.71 (457.43) 1,878.15 (266.86) 1,589.68 (750.08) (6,817.40)

Cash from financing activities

(4,346.17)

(9,914.88)

(8,826.69)

(4,822.23)

623.27 2,943.79 3,567.06

662.50 3,567.06 4,229.56

5,236.64 2,566.30 2,020.95

(547.66) 2,020.95 1,473.29

99,398.10

109,532.10 10.2% 79.9% 18,379.50 12.8% 13.4% 7,607.30 34.6% 5.5% 1,566.90 -76.8% 1.1% 137,085.80 7.0%

119,244.00 8.9% 89.7% -100.0% 0.0% 8,497.90 11.7% 6.4% 5,214.16 232.8% 3.9% 132,956.06 -3.0%

133,264.00 11.8% 86.7% -

12,359.30 18.9% 11.3% 2,500.30 10.3% 13.6% 394.10 15.2% 5.2% 913.40 -28.3% 58.3% 6.90 16,174.00 12.8% 11.8% -

14,762.70 19.4% 12.4% -

19,539.00 32.4% 14.7% -

769.50 95.3% 9.1% 900.66 -1.4% 17.3% 16,432.86 1.6% 12.4% -

979.00 27.2% 6.9% 1,136.00 26.1% 18.3% 21,654.00 31.8% 14.1% -

10,244.60 21.9% 9.4% 2,069.80

12,871.40 25.6% 10.8% -

17,390.00 35.1% 13.0% -

Net changes in cash & cash equivalents Opening cash balance Closing cash balance SEGMENT REVENUE FMCG Growth % on total sales Pharma Growth % on total sales Foods Growth % on total sales Others Growth % on total sales Total revenue Total growth EBITDA FMCG Growth Margin Pharma Growth Margin Foods Growth Margin Others Growth Margin Eliminations Total revenue Total growth Margin EBIT FMCG Growth Margin Pharma

77.6% 16,290.10 12.7% 5,653.20 4.4% 6,754.80 5.3% 128,096.20

10,396.90 10.5% 2,265.80 13.9% 342.20 6.1% 1,274.00 18.9% 55.00 14,333.90 11.2% 8,402.40 8.5% 1,965.80

14,215.00 67.3% 9.2% 6,216.00 19.2% 4.0% 153,695.00 15.6%

Growth Margin Foods Growth Margin Others Growth Margin Unallocated overheads Total Total growth Margin

5.3% 11.3% 220.00 21.1% 2.9% 708.70 -22.6% 45.2%

506.00 130.0% 6.0% 566.14 -20.1% 10.9%

773.00 52.8% 5.4% 691.00 22.1% 11.1%

9.0%

13,243.10 15.5% 9.7%

13,943.54 5.3% 10.5%

18,854.00 35.2% 12.3%

Total

1,994.50 300.00 160.50 55.00 357.90 2,867.90

2,114.70 430.50 174.10 6.90 204.70 2,930.90

1,891.30 263.50 334.52 2,489.32

2,149.00 206.00 445.00 2,800.00

Total

5,264.00 558.20 32.40 5,854.60

3,397.80 1,095.20 21.30 4,514.30

3,812.70 1,803.10 5,615.80

7,876.00 7,876.00

Total

59,750.50 29,573.50 4,317.30 (13,579.40) 7,866.10 2,240.80 90,168.80

52,543.20 22,711.90 4,682.10 (3,375.40) 9,132.30 2,469.90 88,164.00

58,816.00 6,673.40 (4,538.33) 8,387.91 2,626.70 71,965.68

77,845.00 9,231.00 (7,152.00) 9,918.00 3,690.00 93,532.00

Liabilities FMCG Pharma Foods Eliminations Others Unallocated liabilities Total

28,810.90 9,326.80 3,017.20 (2,421.00) 9,780.10 1,924.20 50,438.20

29,070.90 4,120.50 5,051.40 (351.60) 5,495.00 2,596.80 45,983.00

29,910.70 6,056.50 (533.27) 4,338.28 2,808.70 42,580.91

41,767.00 8,390.00 (2,762.00) 5,041.00 3,762.00 56,198.00

123 41 164 45 119

126 38 163 49 114

111 29 140 68 72

93 17 110 76 34

Depreciation FMCG Pharma Foods Eliminations Others Capex FMCG Pharma Foods Eliminations Others

Assets FMCG Pharma Foods Eliminations Others Unallocated assets

Working capital cycle Inventory Turnover ratio Debtors Turnover ratio Gross working capital cycle Creditors Turnover ratio Net working capital cycle

12.1% 181.70 3.2% 916.10 13.6% 11,466.00

FY 3/06 171,140.50 27.3% 18,816.50 -2.4% 189,957.00 23.6% 3,372.14 186,584.86 24.9%

FY 3/07 FY 3/08 196,537.05 14.8% 26,834.73 42.6% 223,371.78 17.6% 3,711.03 219,660.75 17.7%

80,772.30 5,711.24 100,101.32 26.0% 53.6% 1,017.62 14,495.75 56,088.76 30,534.43 39.7% 16.4% 3,127.31 27,407.12 41.8% 14.7% 1,638.73

97,108.28 7,425.54 115,126.93 15.0% 52.4% 1,615.74 16,666.83 63,054.15 37,021.69 21.2% 16.9% 3,429.05 33,592.64 22.6% 15.3% 1,537.50

389.33 735.70 513.70 107.15 -

501.83 608.18 427.49 574.82 -

0.48 96.39

0.30 291.91 241.99 40.62 32,629.96 26.1% 14.9% 3,731.86 28,898.10 (87.10) 28,985.20 26.5% 13.2% 8,628.84 50.5% INR 3.36 -15.9%

10.28 25,875.54 39.9% 13.9% 3,002.15 22,873.39 (32.47) 22,905.86 39.1% 12.3% 5,733.03 100.2% INR 4.00 -30.5%

211.91

400.67

331.37 9.88 65.85 26.99 426.24

430.30 1.28 0.47 649.36

106,009.65 4,213.15 5,117.22 131.72 16,995.40 3,287.48 76,264.68 35.9%

112,158.70 8,069.77 6,066.81 144.50 2,146.44 1,981.92 93,749.26 35.8%

5,117.22 4,076.36 9,193.58

6,066.81 7,936.62 14,003.43

34,249.90 42,014.78 43,609.93 32,654.75 83.9%

35,769.58 57,979.68 45,175.48 48,573.78 69.2%

781.02 819.03 10,961.09 15,776.39 670.54 2,113.35 1,081.12 742.46 0.22 1,304.68 16,995.40 51,245.30

948.93 868.36 11,601.71 16,807.85 751.56 1,893.96 1,071.26 635.98 0.22 734.20 2,146.44 455.55 37,916.02

7,753.23 4,820.50 1,402.38 7,301.73 21,277.84 24.6%

7,387.24 5,183.86 3,323.95 9,815.79 25,710.84 24.6%

-

324.51 153.84 478.35 153.84 324.51 7,110.50 7,435.01 4.0%

793.03 259.31 1,052.34 259.31 793.03 13,404.06 14,197.09 6.5%

1,660.41 5,914.13 2,084.01 324.48 434.84 2,884.06 13,301.93

1,511.41 8,817.97 2,407.28 434.78 1,124.37 3,775.94 18,071.75

8,050.56 1,037.21 7,394.54 13,272.32 273.63 62.66 55.43

8,445.68 1,284.92 7,678.85 17,837.58 542.84 53.18 4.05

121.19 7.53 5.57 30,280.64 23.9%

382.45 6.04 5.45 36,241.04 24.4%

5,733.03 804.06 122.00 755.08 5,915.12 13,329.29

87.44 216.00 8,631.00 8,934.44

9,193.58 10,432.76 8,080.01 -

14,003.43 15,989.67 10,563.27 -

1,845.99 253.41 755.22 5,225.39 2,352.75

7.89 163.79 379.57 10,012.02 5,426.40

48.13 1,021.92 9.58

48.13 200.40 54.42

999.47 125.30 148.35

3,975.00 49.55 1,000.00 98.90

49,705.82 546.08 29,422.94 INR 5.13 -57.8% 21.0%

47,956.72 447.19 43,828.36 INR 5.08 -1.0% 33.3%

22,659.82

31,949.22

2,692.46 65.85 426.24 777.16 1,615.15 (0.48) (10.28) (96.39) (211.91) 27,917.62

3,429.05 0.47 10.30 649.36 404.76 1,537.50 (0.30) (40.62) (533.89) (400.65) 37,005.20

964.92 (102.11) (273.66) 589.15 27,328.47

4,433.00 6,492.87 (4,595.48) 6,330.39 30,674.81

1,604.87 2,649.11 1,205.54

1,546.99 4,092.02 2,516.87

21,868.95

22,518.93

(7,287.80) 1,171.02 (4,826.98) 6,067.63 0.48

(5,129.32) 580.78 (144,079.21) 140,756.51 0.30

(4,875.65)

(7,870.94)

2.31 672.46 (2,297.61) (1.76) (3,024.01) (88.20) (8,612.56)

24.72 (2,303.37) 4,786.63 (8.15) 3,028.80 (1,542.72) (17,684.31)

(13,349.37)

(13,698.40)

3,643.93 1,473.29 5,117.22

949.59 5,117.22 6,066.81

164,490.00 23.4% 86.6% -

192,917.00 17.3% 86.4% -

20,573.00 44.7% 10.8% 4,894.00 -21.3% 2.6% 189,957.00 23.6%

26,000.00 26.4% 11.6% 4,455.00 -9.0% 2.0% 223,372.00 17.6%

26,857.00 37.5% 16.3% -

48,527.00 80.7% 25.2% -

2,339.00 138.9% 11.4% 797.00 -29.8% 16.3% 29,993.00 38.5% 15.8% -

3,005.00 28.5% 11.6% 335.00 -58.0% 7.5% (14,950.00) 36,917.00 23.1% 16.5% -

24,732.00 42.2% 15.0% -

46,930.00 89.8% 24.3% -

1,891.00 144.6% 9.2% 678.00 -1.9% 13.9% 27,301.00 44.8% 14.4%

2,302.00 21.7% 8.9% 123.00 -81.9% 2.8% (15,868.00) 33,487.00 22.7% 15.0%

2,125.00 448.00 119.00 2,692.00

1,597.00 703.00 918.00 212.00 3,430.00

22,504.00 22,504.00

-

98,823.00 14,572.00 (19,412.00) 2,693.00 5,914.00 102,590.00

44,027.00 11,405.00

46,681.00 9,872.00 (7,970.00) 1,083.00 6,506.00 56,172.00

9,935.00 6,099.00 157.00 2,836.00 19,027.00

88 14 102 73 28

82 17 99 77 22

2,910.00 6,660.00 65,002.00

200,000.00 180,000.00 160,000.00 140,000.00 120,000.00 100,000.00 80,000.00 60,000.00 40,000.00 20,000.00 FY 3/02

FY 3/03

FY 3/02

FY 3/03

FY 3/04

FY 3/05

FY 3/06

FY

225,000.00 200,000.00 175,000.00 150,000.00 125,000.00 100,000.00 75,000.00 50,000.00 25,000.00 FY 3/04

FY 3/05

FY 3/06

Segment - Revenue 200,000.00 175,000.00 150,000.00 125,000.00 100,000.00 75,000.00

FY 3

200,000.00 175,000.00 150,000.00 125,000.00 100,000.00 75,000.00 50,000.00 25,000.00 Column B

Column C

Column D

FMCG

Column E

Foods

Column F

Others

Pharma

FY 3/07

FY 3/08

0.25 0.23 0.20 0.18 0.15 0.13 0.10 0.08 0.05 0.03 (0.03) (0.05) FY 3/02 FY 3/03 FY 3/04

FY 3/05

FY 3/06

0.55 0.50 0.45 0.40 0.35 0.30 0.25 0.20 0.15 0.10 0.05 (0.05) FY 3/02 FY 3/03 FY 3/04 FY 3/05

FY 3/06

FY 3/07

FY 3/08

Column G

0.15 0.10 0.05 (0.05) FY 3/02 FY 3/03 FY 3/04 FY 3/05

FY 3/06

FY 3/07

FY 3/08

FY 3/06

FY 3/07

FY 3/08

FY 3/06

FY 3/07

FY 3/08

0.38 0.35 0.30 0.25 0.20 0.15 0.10 0.05 FY 3/02 FY 3/03 FY 3/04 FY 3/05

0.45 0.40 0.35 0.30 0.25 0.20 0.15 0.10 0.05 FY 3/02 FY 3/03 FY 3/04 FY 3/05

0.50 0.45 0.40

0.50 0.45 0.40 0.35 0.30 0.25 0.20 0.15 0.10 0.05 FY 3/02 FY 3/03 FY 3/04 FY 3/05

FY 3/06

FY 3/07

FY 3/08

INR 6.00 INR 5.50 INR 5.00 INR 4.50 INR 4.00 INR 3.50 INR 3.00 INR 2.50 INR 2.00 INR 1.50 INR 1.00 INR 0.50 INR 0.00 FY 3/02 FY 3/03 FY 3/04

0.50 0.45 0.35 0.25 0.15 0.05 (0.05)

FY 3/05

FY 3/06

FY 3/07

FY 3/08

0.35 0.25 0.15 0.05 (0.05) (0.15) (0.25) (0.35) FY 3/02 FY 3/03 FY 3/04

FY 3/05

FY 3/06

FY 3/07

FY 3/08

9,000.00 8,000.00 7,000.00 6,000.00 5,000.00 4,000.00 3,000.00 2,000.00 1,000.00 FY 3/02 FY 3/03 FY 3/04 FY 3/05

FY 3/06

FY 3/07

FY 3/08

80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% FY 3/02 FY 3/03 FY 3/04 FY 3/05

FY 3/06

FY 3/07

FY 3/08

20.0% 10.0% 0.0% FY 3/02 FY 3/03 FY 3/04 FY 3/05

FY 3/06

FY 3/07

FY 3/08

55,000.00 50,000.00 45,000.00 40,000.00 35,000.00 30,000.00 25,000.00 20,000.00 15,000.00 10,000.00 5,000.00 FY 3/02 FY 3/03 FY 3/04 FY 3/05

FY 3/06

FY 3/07

FY 3/08

Building, roads, and culve

Le F Plant and machinery 44.33%

C Liv Pat Comp

furniture and Vehicles 1.98%

furniture and Vehicles 1.98%

120 110 100 90 80 70 60 50 40 30 20 10 FY 3/02 FY 3/03

FY 3/04

FY 3/05

FY 3/06

FY 3/07

FY 3/08

32,500.00 30,000.00 27,500.00 25,000.00 22,500.00 20,000.00 17,500.00 15,000.00 12,500.00 10,000.00 7,500.00 5,000.00 2,500.00 FY 3/02 FY 3/03 FY 3/04 FY 3/05

FY 3/06

FY 3/07

FY 3/08

2,500.00 FY 3/02 FY 3/03 FY 3/04 FY 3/05

FY 3/06

FY 3/07

FY 3/06

FY 3/07

FY 3/06

FY 3/07

FY 3/08

100.00% 90.00% 80.00% 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% FY 3/02 FY 3/03 FY 3/04 FY 3/05

70,000.00 65,000.00 60,000.00 55,000.00 50,000.00 45,000.00 40,000.00 35,000.00 30,000.00 25,000.00 20,000.00 15,000.00 10,000.00 5,000.00 FY 3/02 FY 3/03 FY 3/04 FY 3/05

45,000.00 42,500.00 40,000.00 37,500.00 35,000.00

FY 3/08

FY 3/08

45,000.00 42,500.00 40,000.00 37,500.00 35,000.00 32,500.00 30,000.00 27,500.00 25,000.00 22,500.00 20,000.00 17,500.00 15,000.00 12,500.00 10,000.00 7,500.00 5,000.00 2,500.00 FY 3/02

FY 3/03

FY 3/04

FY 3/05

FY 3/06

(500.00) (1,000.00) (1,500.00) (2,000.00) (2,500.00) (3,000.00) (3,500.00) (4,000.00) (4,500.00) (5,000.00) (5,500.00) (6,000.00) (6,500.00) (7,000.00) (7,500.00) (8,000.00) Column B

25,000.00 20,000.00 15,000.00 10,000.00 5,000.00 -

Column C

Column D

Column E

Colu

25,000.00 20,000.00 15,000.00 10,000.00 5,000.00 (5,000.00) (10,000.00) (15,000.00) (20,000.00) (25,000.00) FY 3/02 FY 3/03 FY 3/04 FY 3/05

FY 3/06

FY 3/07

FY 3/08

Row 4 Row 6

FY 3/06

FY 3/07

Row 11 Row 49 Row 87 Row 91 Row 107 Row 116

FY 3/06

nue

FY 3/07

umn F

Column G

Pharma

FY 3/08

3/08

Row 50 Row 51

Row 51

3/08

Row 88 Row 89

3/08

3/08

Row 92 Row 93

Row 117 Row 118

/08

FY 3/08

FY 3/08

FY 3/08

3/08

Row 149 Row 164

3/08

FY 3/08

lding, roads, and culvert 30.60% Leasehold land 2.29% Freehold 2.50% Softwareland 1.20% Goodwill 5.66% Capital work in progress 1.94% Live stock 0.00% Patents 1.68% Computers 2.83%

furniture and office equipments 5.00% Vehicles 1.98%

furniture and office equipments 5.00% Vehicles 1.98%

FY 3/08

FY 3/08

Row 244 Row 234

FY 3/08

Row 97 Row 96

FY 3/08

Y 3/08

Row 233 Row 258

FY 3/06

Column E

FY 3/07

Column F

FY 3/08

Column G

Row 310

Row 310 Row 300 Row 292

FY 3/08

RECENT INSIDER BUYINGS Acquirer Mr. P D Narang, Mr. Sunil Duggal, CEO

Date

No.of Shares Transacted Holding after Trans % 6/9/2008 186,599 553,619 0.06 26/05/2008 09/06/2008

188,599

1,627,003

0.18

Mr. Charanjit Mohan, Exec director

6/9/2008

117,160

585,672

0.06

Mr. Devendra Garg, exec VP

6/9/2008

82,609

351,365

0.04

Mr. Jude Magima, exec VP

6/9/2008

77,543

367,877

0.43

Ambati Sudhakar

6/9/2008

71,918

266,364

0.03

Mr. Ranjan Varma, CFO

6/9/2008

24,194

234,467

0.02

Mr. V.S.Sitaram, Exec director

6/9/2008

38,257

71,068

Mr. George Angelo, vp

6/9/2008

9,000

9,000

Mr. Vikas Mittal

6/9/2008

7,875

7,875

S. Raghunandan

6/9/2008

70,226

224,872

0.02

Date Last Price Volume 12/20/2006 94.43 744,936 12/21/2006 95.63 610,854 12/22/2006 96.07 513,488 12/26/2006 97.07 687,293 12/27/2006 97.07 287,633 12/28/2006 97.30 936,396 12/29/2006 97.93 741,222 1/2/2007 98.33 645,800 1/3/2007 102.27 2,000,675 1/4/2007 102.43 1,295,610 1/5/2007 101.17 738,458 1/8/2007 101.03 1,199,877 1/9/2007 101.10 1,053,417 1/10/2007 99.83 1,017,359 1/11/2007 101.33 813,965 1/12/2007 102.53 1,356,348 1/15/2007 102.10 5,496,242 1/16/2007 102.63 715,296 1/17/2007 103.43 5,486,033 1/18/2007 114.27 7,708,364 1/19/2007 112.83 6,016,653 1/22/2007 108.20 2,506,710 1/23/2007 107.37 4,641,551 1/24/2007 109.20 3,977,333 1/25/2007 102.70 2,279,972 1/29/2007 102.05 1,075,924 1/31/2007 98.90 1,896,830 2/1/2007 100.85 1,011,289 2/2/2007 100.15 846,517 2/5/2007 101.50 687,729 2/6/2007 105.30 2,074,046 2/7/2007 106.35 1,478,111 2/8/2007 104.70 763,352 2/9/2007 103.80 684,454 2/12/2007 101.60 677,471 2/13/2007 99.80 807,340 2/14/2007 101.05 821,906 2/15/2007 105.00 1,015,603 2/19/2007 104.65 704,755 2/20/2007 102.25 315,545 2/21/2007 105.95 1,310,284 2/22/2007 100.10 2,943,241 2/23/2007 98.45 951,373 2/26/2007 99.45 1,202,483 2/27/2007 98.65 1,024,325 2/28/2007 97.70 1,701,739 3/1/2007 95.90 1,464,714 3/2/2007 97.30 1,030,778 3/5/2007 92.25 1,557,951 3/6/2007 91.00 1,541,566 3/7/2007 91.15 866,822 3/8/2007 91.85 1,283,944 3/9/2007 89.85 552,739 3/12/2007 88.50 1,075,731

3/13/2007 3/14/2007 3/15/2007 3/16/2007 3/19/2007 3/20/2007 3/21/2007 3/22/2007 3/23/2007 3/26/2007 3/28/2007 3/29/2007 3/30/2007 4/2/2007 4/3/2007 4/4/2007 4/5/2007 4/9/2007 4/10/2007 4/11/2007 4/12/2007 4/13/2007 4/16/2007 4/17/2007 4/18/2007 4/19/2007 4/20/2007 4/23/2007 4/24/2007 4/25/2007 4/26/2007 4/27/2007 4/30/2007 5/3/2007 5/4/2007 5/7/2007 5/8/2007 5/9/2007 5/10/2007 5/11/2007 5/14/2007 5/15/2007 5/16/2007 5/17/2007 5/18/2007 5/21/2007 5/22/2007 5/23/2007 5/24/2007 5/25/2007 5/28/2007 5/29/2007 5/30/2007 5/31/2007 6/1/2007

89.85 88.10 87.60 84.50 85.05 84.15 87.30 90.70 93.40 90.90 90.85 90.65 95.00 93.10 92.95 92.65 94.10 92.50 93.00 93.30 93.85 93.20 93.80 94.05 99.05 100.15 97.10 96.85 99.05 99.15 97.80 94.80 95.20 96.40 96.20 96.50 94.70 94.25 93.70 93.10 89.90 90.40 90.00 91.75 95.00 96.30 97.00 97.00 97.95 96.10 99.10 99.70 98.20 99.90 98.05

737,844 584,302 481,691 701,571 369,712 640,874 1,370,062 1,738,570 3,637,761 1,587,458 753,054 903,284 1,816,171 867,686 561,433 1,025,652 1,992,808 842,459 1,159,424 460,941 1,829,654 513,831 489,198 1,412,145 2,180,589 1,811,456 2,518,847 525,207 769,270 635,663 1,572,093 538,430 486,736 447,295 1,043,288 409,869 1,483,382 887,955 672,357 754,305 3,143,363 1,064,079 1,794,010 995,841 3,055,010 1,909,336 1,614,267 1,528,015 1,740,402 1,441,150 1,655,456 1,432,267 1,350,026 2,683,100 495,646

6/4/2007 6/5/2007 6/6/2007 6/7/2007 6/8/2007 6/11/2007 6/12/2007 6/13/2007 6/14/2007 6/15/2007 6/18/2007 6/19/2007 6/20/2007 6/21/2007 6/22/2007 6/25/2007 6/26/2007 6/27/2007 6/28/2007 6/29/2007 7/2/2007 7/3/2007 7/4/2007 7/5/2007 7/6/2007 7/9/2007 7/10/2007 7/11/2007 7/12/2007 7/13/2007 7/16/2007 7/17/2007 7/18/2007 7/19/2007 7/20/2007 7/23/2007 7/24/2007 7/25/2007 7/26/2007 7/27/2007 7/30/2007 7/31/2007 8/1/2007 8/2/2007 8/3/2007 8/6/2007 8/7/2007 8/8/2007 8/9/2007 8/10/2007 8/13/2007 8/14/2007 8/16/2007 8/17/2007 8/20/2007

100.10 101.30 100.80 99.85 98.85 98.60 99.55 101.60 101.95 100.90 101.20 103.30 102.90 99.50 102.70 104.85 103.85 103.25 104.35 102.85 102.35 103.15 102.40 101.85 103.05 101.05 105.55 104.25 104.65 103.05 102.30 103.40 100.45 102.90 102.10 100.35 100.60 100.80 104.85 100.75 102.50 104.65 100.30 101.45 101.00 103.40 101.85 103.65 103.80 102.25 104.00 101.85 98.40 99.40 100.95

1,890,998 1,141,859 1,333,604 555,234 548,923 334,011 579,337 6,193,711 1,001,603 1,598,870 1,358,820 738,961 531,508 1,100,351 1,066,807 1,095,366 463,470 464,137 1,044,659 460,035 404,978 301,568 330,012 391,763 833,382 501,454 1,679,238 795,784 1,091,277 855,577 315,038 2,337,344 584,919 1,630,628 3,371,143 3,074,431 2,522,298 525,997 4,399,961 1,013,031 1,670,837 926,480 508,569 831,284 2,513,508 745,578 546,677 709,874 759,615 659,978 574,855 213,400 804,403 725,736 319,772

8/21/2007 8/22/2007 8/23/2007 8/24/2007 8/27/2007 8/28/2007 8/29/2007 8/30/2007 8/31/2007 9/3/2007 9/4/2007 9/5/2007 9/6/2007 9/7/2007 9/10/2007 9/11/2007 9/12/2007 9/13/2007 9/14/2007 9/17/2007 9/18/2007 9/19/2007 9/20/2007 9/21/2007 9/24/2007 9/25/2007 9/26/2007 9/27/2007 9/28/2007 10/1/2007 10/3/2007 10/4/2007 10/5/2007 10/8/2007 10/9/2007 10/10/2007 10/11/2007 10/12/2007 10/15/2007 10/16/2007 10/17/2007 10/18/2007 10/19/2007 10/22/2007 10/23/2007 10/24/2007 10/25/2007 10/26/2007 10/29/2007 10/30/2007 10/31/2007 11/1/2007 11/2/2007 11/5/2007 11/6/2007

100.50 101.00 100.90 100.10 100.75 100.40 101.35 102.40 101.00 100.70 100.75 101.90 101.15 100.70 99.90 103.80 104.55 106.25 105.80 104.40 107.90 106.90 106.90 107.40 108.40 107.85 107.80 103.60 105.85 105.15 107.65 109.40 107.45 106.80 109.55 107.35 106.00 105.85 107.10 103.55 101.05 103.35 104.00 104.40 108.05 108.35 107.55 111.45 108.30 108.10 106.65 105.55 104.00 104.55 104.35

443,777 340,372 459,649 408,859 245,939 591,483 689,391 1,304,360 956,893 356,321 381,463 567,992 366,751 559,194 997,648 2,004,501 1,356,670 1,379,743 1,036,986 285,222 1,595,295 2,186,650 1,332,462 3,013,543 1,428,515 562,789 1,277,236 2,526,626 1,494,494 1,219,473 2,841,104 15,663,088 18,722,120 2,736,746 3,432,785 1,934,361 1,439,184 811,265 590,389 2,059,427 1,439,316 1,849,699 1,183,706 429,765 1,243,531 2,229,433 2,743,910 1,415,234 903,872 611,864 523,265 514,871 426,503 400,121 700,012

11/7/2007 11/8/2007 11/9/2007 11/12/2007 11/13/2007 11/14/2007 11/15/2007 11/16/2007 11/19/2007 11/20/2007 11/21/2007 11/22/2007 11/23/2007 11/26/2007 11/27/2007 11/28/2007 11/29/2007 11/30/2007 12/3/2007 12/4/2007 12/5/2007 12/6/2007 12/7/2007 12/10/2007 12/11/2007 12/12/2007 12/13/2007 12/14/2007 12/17/2007 12/18/2007 12/19/2007 12/20/2007 12/24/2007 12/26/2007 12/27/2007 12/28/2007 12/31/2007 1/1/2008 1/2/2008 1/3/2008 1/4/2008 1/7/2008 1/8/2008 1/9/2008 1/10/2008 1/11/2008 1/14/2008 1/15/2008 1/16/2008 1/17/2008 1/18/2008 1/21/2008 1/22/2008 1/23/2008 1/24/2008

105.20 106.45 105.20 105.90 105.45 106.00 106.55 110.35 125.65 117.10 110.15 109.10 111.75 110.95 110.60 110.60 109.25 110.85 110.40 111.40 116.25 115.50 121.45 121.60 119.10 120.05 118.50 119.85 113.80 111.05 112.05 111.35 112.25 113.85 112.05 113.40 114.20 116.70 116.40 118.35 121.30 124.60 119.35 118.65 113.75 112.70 113.35 114.25 112.55 112.20 113.50 101.80 88.55 100.30 102.00

781,979 1,475,873 56,326 381,488 574,248 3,384,479 1,038,964 1,415,411 8,832,645 2,033,055 1,631,197 1,334,066 726,788 440,669 459,704 1,258,872 3,234,463 1,199,524 1,642,620 956,853 2,011,221 1,296,652 2,934,669 1,309,706 1,719,705 1,032,761 1,138,877 760,133 1,135,264 2,098,220 1,025,046 647,746 1,122,256 1,337,608 3,895,743 687,969 1,047,567 1,243,388 2,570,798 5,213,934 3,492,973 2,888,916 2,502,775 1,000,784 765,094 783,811 788,250 704,220 617,189 524,799 1,868,146 1,924,671 1,789,279 1,575,520 2,068,504

1/25/2008 1/28/2008 1/29/2008 1/30/2008 1/31/2008 2/1/2008 2/4/2008 2/5/2008 2/6/2008 2/7/2008 2/8/2008 2/11/2008 2/12/2008 2/13/2008 2/14/2008 2/15/2008 2/18/2008 2/19/2008 2/20/2008 2/21/2008 2/22/2008 2/25/2008 2/26/2008 2/27/2008 2/28/2008 2/29/2008 3/3/2008 3/4/2008 3/5/2008 3/7/2008 3/10/2008 3/11/2008 3/12/2008 3/13/2008 3/14/2008 3/17/2008 3/18/2008 3/19/2008 3/24/2008 3/25/2008 3/26/2008 3/27/2008 3/28/2008 3/31/2008 4/1/2008 4/2/2008 4/3/2008 4/4/2008 4/7/2008 4/8/2008 4/9/2008 4/10/2008 4/11/2008 4/15/2008 4/16/2008

101.60 99.65 100.75 97.95 92.30 96.35 100.15 101.10 99.35 98.90 100.25 94.05 94.25 94.15 95.85 94.95 95.00 99.20 99.10 100.10 103.00 101.05 102.50 100.15 97.35 99.80 98.40 99.15 101.15 99.25 99.10 100.10 101.50 98.05 98.35 95.35 97.15 95.10 97.20 102.25 106.55 105.10 108.20 110.80 106.65 106.05 104.15 104.95 110.15 110.45 108.45 106.55 105.85 106.75 106.85

700,439 724,534 617,705 593,024 2,818,205 638,445 597,054 550,051 343,099 662,589 1,274,662 723,860 668,163 652,457 899,920 583,418 371,696 1,507,123 725,885 553,515 1,263,829 568,408 831,087 465,140 1,730,984 1,626,644 906,061 818,431 879,736 794,345 492,701 234,232 396,724 880,552 990,074 543,634 412,822 1,304,032 1,202,421 1,899,156 1,213,442 1,196,402 525,364 1,089,238 420,868 301,762 478,093 264,300 1,294,481 1,371,045 324,573 170,255 140,790 225,476 255,448

4/17/2008 4/21/2008 4/22/2008 4/23/2008 4/24/2008 4/25/2008 4/28/2008 4/29/2008 4/30/2008 5/2/2008 5/5/2008 5/6/2008 5/7/2008 5/8/2008 5/9/2008 5/12/2008 5/13/2008 5/14/2008 5/15/2008 5/16/2008 5/20/2008 5/21/2008 5/22/2008 5/23/2008 5/26/2008 5/27/2008 5/28/2008 5/29/2008 5/30/2008 6/2/2008 6/3/2008 6/4/2008 6/5/2008 6/6/2008 6/9/2008 6/10/2008 6/11/2008 6/12/2008 6/13/2008 6/16/2008 6/17/2008 6/18/2008 6/19/2008

109.55 113.30 108.25 105.45 105.70 106.95 105.25 106.40 106.85 107.75 108.00 109.90 106.90 104.60 100.55 100.40 99.30 99.65 99.30 99.05 97.60 97.60 96.45 94.50 92.05 92.20 95.00 95.05 97.05 96.55 95.10 96.15 96.30 96.05 96.80 96.85 98.20 99.20 99.15 99.35 99.40 99.45 97.00

683,999 1,642,371 928,444 1,579,657 1,059,212 1,059,812 307,549 700,026 1,652,176 1,442,988 1,006,007 4,047,223 2,276,667 324,199 427,438 656,552 973,476 963,204 828,643 750,947 1,307,728 595,883 826,086 883,219 643,369 2,528,230 3,017,790 1,931,444 3,379,561 615,198 455,121 675,281 311,973 633,036 777,811 1,490,442 740,537 725,459 318,484 363,828 155,248 162,322 86,234