GRANULES INDIA LIMITED
	Regd Office : 2nd Floor, 3rd Block, My Home Hub
	Madhapur, Hyderabad 500 081
	UNAUDITED FINANCIAL RESULTS - CONSOLIDATED
	FOR THE QUARTER  ENDED 31st DECEMBER, 2008
					Rs. Lakhs
	S No	Particulars	3 months ended              31st Dec, 2008	Year to Date figures for current period ended               31st Dec, 2008	Previous accounting year ended                      30th June, 2008
			Unaudited	Unaudited	Audited
	1	Net sales / Income from Operations	9,813.82	19,089.72	25,645.43
	2	Expenditure
		a) (Increase)/decrease in stocks
		and work in progress	8.60	(559.58)	(1,485.63)
		b) Consumption of Raw Materials	5,900.61	12,446.33	16,846.24
		c) Manufacturing Expenses	766.12	1,340.44	2,172.24
		d) Employee cost	572.94	1,069.09	1,736.45
		e) Administrative Expenses	394.56	695.32	1,050.47
		g) Selling & Distribution Expenses	652.95	1,194.60	1,679.32
		h) Depreciation	425.00	730.80	1,165.72
		i) Other expenditure	13.95	23.36	46.56
		Total	8,734.73	16,940.36	23,211.37
	3	Other Income	(26.91)	(46.42)	(79.11)
	4	Profit before Interest and Exceptional Items	1,106.00	2,195.78	2,513.17
	5	Interest and Finance charges	612.94	1,042.67	1,302.92
	6	Profit after Interest but before Exceptional Items	493.06	1,153.11	1,210.25
	7	Foreign Exchange Fluctuations (gain) / loss	486.26	748.84	(49.96)
	8	Profit before taxation	6.80	404.27	1,260.21
	9	Tax expense
		Current Tax Expense	4.10	44.25	145.15
		Deferred Tax Expense	(49.76)	(12.98)	202.94
		Fringe Benefit Tax	3.20	6.43	11.70
	10	Net Profit	49.26	366.57	900.42
	11	Paid-up share capital	2,005.72	2,005.72	2,005.72
		(Face Value of Rs.10/- each)
	12	Reserves excluding Revaluation Reserve	-	-	15,188.59
	13	Basic Earnings per share (Rs.)*	0.25	1.83	4.16
	15	Public Shareholding
		- No. of shares	12,633,875	12,633,875	13,547,423
		- Percentage of shareholding	62.98%	62.98%	67.54%
	* Not Annualised for quarter ending
	NOTES :
	1) The above  results were reviewed by the Audit Committee and approved by the Board at its meeting held  on
	29th January, 2009.
	2) The financial statements are prepared in accordance with the principles and procedures required for the
	preparatioon and presentation of Consolidated Financial Statements as laid down in the Accounting
	Standards on Consolidated Financial Statements.  The financial statements of the parent company, subsidiaries
	and joint venture have been combined on a line-by-line basis by adding together book values of like items of assets,
	liabilities, income and expenses after eliminating intra-group balances and transactions and resulting unrealised
	gains / losses.  Exchange differences resulting from the difference due to transactions of foreign currency assets
	and liabilities in subsidiary company is disclosed as foreign currency translation adjustment.  The consolidated
	financial statements are prepared applying uniform accounting policies for like transactions and other events in
	similar circumstances in use at the parent and subsidiary company.
	3) The Company operates only in the segment of Pharmaceuticals.
	4) Comparative data for previous years corresponding quarter / half year are not given, since not available.
	5) Figures are regrouped wherever necessary.
				for and on behalf of the board
	Place  : Hyderabad			Dr.C.Nageswara Rao
	Date   :  29.01.2009			Chairman
	UNAUDITED FINANCIAL RESULTS  - STANDALONE
	FOR THE QUARTER  ENDED 31st DECEMBER, 2008
							Rs. Lakhs
	S No	Particulars	3 months ended              31st Dec, 2008	Corresponding 3 months ended in the previous year             31st Dec, 2007	Year to Date figures for current period ended             31st Dec, 2008	Year to Date figures for the previous year ended             31st Dec, 2007	Previous accounting year ended                      30th June, 2008
			Unaudited	Unaudited	Unaudited	Unaudited	Audited
	1	Net sales / Income from Operations	8,561.44	5,294.18	16,706.04	10,297.23	21,414.65
	2	Expenditure
		a) (Increase)/decrease in stocks
		and work in progress	(10.54)	(65.84)	(527.64)	(119.96)	(869.25)
		b) Consumption of Raw Materials	5,237.15	3,134.30	10,993.48	6,066.86	13,347.33
		c) Manufacturing Expenses	547.76	469.16	1,057.97	867.58	1,756.77
		d) Employee cost	467.82	372.15	871.07	725.31	1,389.97
		e) Administrative Expenses	353.06	219.87	612.39	409.08	837.04
		f) Selling & Distribution Expenses	530.11	416.33	1,021.40	785.77	1,501.67
		g) Depreciation	344.23	235.57	604.06	468.03	972.09
		h) Other expenditure	13.95	3.41	23.36	6.82	46.56
		Total	7,483.54	4,784.95	14,656.09	9,209.49	18,982.18
	3	Other Income	(16.58)	(9.04)	(35.67)	(17.22)	(68.51)
	4	Profit before Interest and Exceptional Items	1,094.48	518.27	2,085.62	1,104.96	2,500.98
	5	Interest and Finance charges	578.91	292.18	969.98	560.66	1,197.22
	6	Profit after Interest but before exceptional items	515.57	226.09	1,115.64	544.30	1,303.76
	7	Foreign Exchange Fluctuations (gain)/loss	481.70	(90.30)	727.42	(47.47)	22.63
	8	Profit before taxation	33.87	316.39	388.22	591.77	1,281.13
	9	Tax expense
		Current Tax Expense	3.84	32.02	43.99	58.15	145.15
		Deferred Tax Expense	(49.76)	53.05	(12.98)	97.74	210.84
		Fringe Benefit Tax	3.20	2.74	6.43	5.39	11.70
	10	Net Profit	76.60	228.58	350.78	430.49	913.44
	11	Paid-up share capital	2,005.72	2,005.72	2,005.72	2,005.72	2,005.72
		(Face Value of Rs.10/- each)
	12	Reserves excluding Revaluation Reserve	-	-	-	-	15,894.21
	13	Basic Earnings per share (Rs.)*	0.38	1.14	1.75	2.15	4.56
	14	Diluted Earnings per share (Rs.)*	-	1.06	-	1.99	4.22
	15	Public Shareholding
		- No. of shares	12,633,875	13,709,123	12,633,875	13,709,123	13,547,423
		- Percentage of shareholding	62.98%	68.35%	62.98%	68.35%	67.54%
	* Not Annualised for quarter ending
	NOTES :
	1) The above  results were reviewed by the Audit Committee and approved by the Board at its meeting held  on
	29th January, 2009 and were subjected to limited review by Statutory Auditors.
	2) Foreign Exchange Fluctuations (loss) of Rs.481.70 lakhs (net) includes re-statement of foreign currency loans,
	receivables and payables.
	3) The company has received 11 complaints from investors during the quarter 1st October '08 to 31st December '08 and all
	were resolved. No complaints were pending from previous quarter.
	4) The Company operates only in the segment of Pharmaceuticals.
	5) Figures are regrouped wherever necessary.
						for and on behalf of the board
	Place  : Hyderabad					Dr.C.Nageswara Rao
	Date   :  29.01.2009					Chairman