Notes :
1. TThe above unaudited consolidated results were reviewed by the Audit Committee, considered and approved by the Board of Directors at their meeting held on 27th October 2005.

2. Accounts are consolidated by applying Accounting Standard 21- 'Consolidation of Accounts' issued by ICAI.

3. The above Consolidated accounts include the financial results of Docpharma N.V, a subsidiary from July 8,2005 and Explora Laboratories SA, an Associate. Reporting of comparative figures is not applicable.

4. The company through its 100% Belgian subsidiary Matrix Laboratories NV acquired controling interest of 22% in Docpharma N.V on July 8th, 2005. Subsequent public take over bid which closed on September 28, 2005 increased the holding to 95.51%.A squeeze out bid for all remaining outstanding shares is in progress.

5. The company has acquired 43% stake in Explora Laboratories SA, based in Mendrisio, Switzerland, which is engaged in Research and Development of Active Pharmaceutical Ingredients and Intermediates.

6. The Board has approved the proposal to divest 50% stake in the Joint Ventures - Medikon Galenicals Limited and CEM Pharma Life Sciences Limited to its other Joint Venture partner and hence is not consolidated above.

7. Provision for tax includes Current tax, Deferred tax and Fringe benefit tax.

Notes :
1. The above unaudited results were reviewed by the Audit Committee, considered and approved by the Board of Directors at their meeting held on 27th October 2005.

2. The results for the corresponding quater / half year in the previous period is / are not comparable as they do not include the figures of the Amalgamated Companies. The previous quater figures have been regrouped to confirm to those of the current quater.

3. The activities of the Company relate to only one segment i.e. Pharmaceuticals.

4. The company through its 100% Belgian subsidiary Matrix Laboratories NV acquired controling interest of 22% in Docpharma NV on July 8th, 2005. Subsequent public take over bid which closed on September 28, 2005 increased the holding to 95.51%. A squeeze out bid for all remaining outstanding shares is in progress.

5. The company executed definitive Joint venture agreements on September 23,2005 with Aspen for a long term business relationship in line with the strategic understanding reached earlier.

6. The company also entered into a definitive agreement on September 25,2005 for acquiring 60% controlling stake in Mchem Group, China.

7. The company has acquired 43% stake in Explora Laboratories SA, based in Mendrisio, Switzerland, which is engaged in Research and Development of Active Pharmaceutical Ingredients and Intermediates.

8. The Board has approved the proposal to divest 50% stake in the Joint Ventures - Medikon Galenicals Limited and CEM Pharma Life Sciences limited to its other Joint Venture partner.

9. The company granted a further 1 088 000 Employee Stock Options to the eligible employees under ESOP 2004.

10. Provision for tax includes Current tax, Deferred tax and Fringe benefit tax. Provision for tax is based on the estimate of the weighted average annual income tax rate for the full financial year.

11. Summary of Investor Complaints