The Consolidated Financial Results represent those of the Company, its subsidiaries - Bilt Treetech Ltd. and The Paperbase Company Ltd. The results also include share of profits of Associate Company - APR Packaging Ltd. The Consolidated Financial Results have been made in accordance with Accounting Standard 21 "Consolidated Financial Statements" issued by the Institute of Chartered Accountants of India.

In line with clarifications issued by the Institute of Chartered Accountants of India on 2nd April 2005, Inter-divisional transfers which hitherto were considered as part of Turnover have now been excluded. All corrosponding figures have been regrouped / rearranged wherever necessary.

The provision for Deferred Tax liability for the year is lower on account of certain favourable Appellate Decisions.

Disclosure of chemicals revenue as a segment is discontinued as it represents less than 10% of company turnover, assets and profits. All corrosponding figures have been regrouped / rearranged wherever necessary.

The Board has recommended Dividend @ 25% (2003-04 25%) with a total payout of Rs 46.11 Cr as against Rs 45.91 Cr for the previous year, inclusive of dividend tax. The recommended dividend for the current year is inclusive of an interim dividend @ 12.5% with a payout of Rs 22.96 Cr.

Investor Complaints outstanding at the beginning of the quarter were NIL . No. of Complaint received and resolved during the quarter ended 31st March, 2005 was 1. No. of Complaints outstanding at the end of the quarter were NIL.

The company raised US$ 60 million in July 2005 through an issue of Foreign Currency Convertible Bonds (FCCBs).

These results were reviewed by the Audit Committee and approved by the Board of Directors in its meeting held on 30th August, 2005.