1.

The Company is exclusively in the pharmaceutical business segment.

2.

*The paid-up equity share capital stands increased to Rs.155.46 crores (77,72,91,357 equity shares of Rs.2 each) upon allotment of 1,10,46,310 shares underlying Global Depository Receipts (GDRs) and 46,63,74,814 bonus shares during the quarter ended June 2006.

3.

**The quarterly Earning Per Share (EPS) figures are not annualized and previous years’ EPS figures are adjusted for the bonus issue.

4.

Three investor grievances were pending at the beginning of the quarter. During the quarter ended 30th September, 2006, eleven investor grievances were received. As of 30th September, 2006 and all grievances have been suitably replied to.

5.

The Company has setup a new Export Oriented Unit (EOU) at Patalganga and commercial production has commenced during August 2006.

6.

The Company has in October 2006, setup a wholly owned subsidiary 'Cipla FZE' at Jebel Ali Free Zone, Dubai, United Arab Emirates. The subsidiary has been formed to aid logistics and to explore new export opportunities.

7.

The Company had challenged the inclusion of the drugs – Salbutamol, Theophylline, Ciprofloxacin and Norfloxacin – within the ambit of price control. The petition filed by the Company had been decided in favour of the Company by the Bombay High Court, which held that the said drugs were outside the ambit of price control. However, on an appeal filed by the government, the Supreme Court has remanded the matter to the Bombay High Court for further and more detailed examination in the light of the principles laid down by the Supreme Court. The Supreme Court had also permitted the government to recover 50% of the amount that they had claimed was overcharged. The government had sent notices to the Company demanding an aggregate of Rs.180.37 crores in respect of the said drugs, which according to them was 50% of the amount allegedly overcharged by the Company till July 2003. Subsequently, in separate proceedings the Allahabad High Court had ruled that the prices fixed by the government in respect of the said drugs were illegal and void. On an appeal filed by the government against this ruling, the Supreme Court has stayed the judgment of the Allahabad High Court. Further, the Supreme Court has directed that no coercive action shall be taken against the Company till the appeal is finally decided. The Company has received legal advice that the demand notices of the government are not sustainable.

8.

The figures of the previous year have been regrouped/recast to render them comparable with the figures of the current year.

9.

The above results after being reviewed by the Audit Committee were approved and taken on record at the meeting of the Board of Directors held on 20th October, 2006.