GRANULES INDIA LIMITED
Regd Office : 8-2-293/A/A/ 2 , Plot #: 227
Road No.2, Banjara Hills, Hyderabad 500 033
UNAUDITED FINANCIAL RESULTS 
FOR THE QUARTER  ENDED 31st DECEMBER, 2006
            Rs. Lakhs
S No Particulars Quarter ended             31st Dec 2006 Quarter ended             31st Dec 2005 Half-year ended             31st Dec 2006 Half-year ended             31st Dec 2005  Audited previous accounting year ended 30th June 2006 
1 Gross sales        5,323.39        4,597.46      10,112.92       8,770.12            18,159.20
  Less : Excise Duty & Sales tax           302.36          153.44          553.09          342.71                 612.03
2 Net sales/ Income from operations        5,021.03        4,444.02        9,559.83       8,427.41            17,547.17
3 Other Income             73.90            12.27            69.36            24.18                   50.97
4 Total expenditure          
  a) (Increase)/decrease in stock in trade          (336.69)          498.43         (519.88)          372.12                 437.11
  b) Material consumption        3,293.00        2,430.69        6,068.16       5,119.44            10,712.04
  c) Manufacturing expenses           393.12          257.13          769.36          503.32              1,145.00
  d) Employee cost           293.40          182.08          594.64          362.20                 761.37
  e) Other expenditure           546.87          454.39        1,043.72          875.09              1,864.37
5 EBIDTA (2-4)           831.33          621.31        1,603.83       1,195.24              2,627.28
6 Interest and finance charges           316.96          244.76          626.83          475.26              1,024.53
7 Depreciation           209.03          109.26          416.91          217.23                 521.07
8 Profit before taxation            379.24          279.55          629.45          526.93              1,132.65
9 Current tax expense              10.80            51.41            12.65            95.62                   28.64
10 Deferred tax expense             61.83              3.94          104.52             5.81                 171.60
11 Fringe Benefit  Tax                2.02              2.57              4.06             4.29                    7.81
12 Net Profit           304.59          221.63          508.22          421.21                 924.60
13 Paid up share capital        1,238.06        1,231.81        1,238.06       1,231.81              1,236.10
   (face value of Rs. 10/- each)          
14 Reserves excluding Revaluation reserve                       7,019.94
15 Basic Earnings per share (Rs.)*               2.46              1.80              4.10 3.42                    7.49
16 Diluted Earnings per share (Rs.)*               2.22              1.62              3.70             3.08                    6.75
17 No. of equity shares     12,380,572    12,318,132    12,380,572    12,318,132           12,360,952
  No. of equity shares FOR EPS     12,380,572    12,318,132    12,380,572             12,337,841
  No. of equity shares for diluted EPS     13,735,572    13,673,132    13,735,572    13,673,132           13,692,841
18 Aggregate of Public Share holding:          
   - Number of shares       7,000,132      7,730,458      7,000,132     7,730,458            6,610,612
   - Percentage of share holding 56.54% 62.76% 56.54% 62.76% 53.48%
* Not Annualised for quarter ending
NOTES :
1) The above  results have been approved at the  Board Meeting held  on 19th January, 2007
2) The company has not received any complaints from investors during the quarter 1st October '06 to 31st December'06
     and no complaints were pending from last quarter.
3) The company operates only in the segment of Pharmaceuticals.
4) Other expenses include Administrative, Selling & distribution costs.
5) Diluted EPS includes 13,55,000 share warrants which are yet to be converted.
6)  The public shareholding is as per the revised shareholding pattern  of Listing agreement i.e., without taking into
      account the shares held by custodians against the GDRs.
7)  Figures are regrouped wherever necessary.
for and on behalf of the Board
Place  : Hyderabad         Dr.C.Nageswara Rao
Date   :  19.01.2007                 Chairman