Unaudited Financial Resuts For The Quarter Ended 30th June, 2008 
Under Clause 41 Of The Listing Agreement

(Rs.in lacs)

Sl.No

Particulars

Standalone

Consolidated

Unaudited

Audited

Unaudited

Audited

Quarter ended

Year ended

Quarter ended

Year ended

30.06.08

30.06.07

31.03.08

30.06.08

30.06.07

31.03.08

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

1.

Gross Sales/Income from operations

17184

14410

65678

28270

15821

88707

Add :Income from Works Contract

130

88

382

130

88

382

Less: Excise duty recovered

1613

1702

7377

1682

1774

7667

Net Sales/Income from operations

15701

12796

58683

26718

14135

81422

2.

Other Income

579

403

8465

391

191

8242

Proportionate share of Income from Joint ventures

2545

2325

9512

3

Total Income (1+2)

16280

13199

67148

29654

16651

99176

4

Expenditure

a) (Increase)/decrease in stock in trade & Work in progress

(274)

(520)

(630)

(107)

(389)

(973)

b) Consumption of raw materials

6229

5017

22652

8464

4751

28765

c) Employees cost

1854

1488

6930

2890

1880

10640

d) Power & Fuel

1726

1438

6101

4224

1490

5661

e) Depreciation

704

549

2521

831

619

3003

f) Other expenditure

3861

3225

14165

7315

3641

24827

g) Proportionate share of expenditure of Joint Ventures

2172

1866

7960

h) Total

14100

11197

51739

25789

13858

79883

5

Interest (Net)

478

310

1691

567

326

1890

6

Profit from ordinary activities before tax

1702

1692

13718

3298

2467

17403

7

Tax expense

- Current Tax

440

392

3095

1050

620

4447

- Deferred Tax

124

130

765

143

132

817

- Fringe benefit Tax

23

28

141

27

34

161

8

Net Profit from ordinary activities after tax

1115

1142

9717

2078

1681

11978

Add: Share of Profit from Associate

215

27

545

Less: Minority Interest

306

165

635

9

Net Profit after tax

1115

1142

9717

1987

1543

11888

10

Paid up Capital ( Face value-Rs 2 per share)

1867

1867

1867

1867

1867

1867

11

Reserves excluding revaluation reserve

33036

42319

12

Basic & Diluted Earnings per share (Rs.)

1.19

1.22

10.41

2.13

1.65

12.73

13

Aggregate of public shareholding

- Number of Shares

53149694

53455811

53149694

- Percentage of shareholding

57%

57%

57%

The above statement of results was reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings, held on 24th July 2008. The above results, except for figures in column (g), have been subjected to a limited review by the Statutory Auditors.

In July 2008, the Company has entered into an agreement to acquire 51% stake in Foskor Zirconia (Pty) Ltd, South Africa (FZL). FZL is engaged in the manufacture of Zirconia and Fumed Silica and is the third largest producer of Zirconia in the world.

Prodorite Anticorrosives Limited, an erstwhile wholly owned subsidiary, was amalgamated with the Company effective April 1, 2007 as per the Order of the Hon'ble High Court of Madras, which was given effect to, in March 2008.. The figures for the quarter ended 30th June 2007 has been restated pursuant to the amalgamation.

During the quarter ended 30th June 2008, the Company had received 2 investor complaints, which were resolved. No complaint was pending at the beginning of the quarter or lying unresolved at the end of the quarter.

Figures for the previous periods have been regrouped and reclassified, wherever considered necessary. The consolidated results for the current quarter include the figures of Volzhsky Abrasive Works, Russia, which was acquired in September 2007.