Rs./crore, except per share data
	Particulars	Notes		2011-2012		2010-2011
INCOME
	Revenue from operations (Gross)	17		6,282.60		5,791.27
	Less : Excise Duty			361.74		352.84
	Revenue from operations (Net)			5,920.86		5,438.43
	Other Income	18		84.00		121.06
	Total Revenue (I)			6,004.86		5,559.49
EXPENSES
	Cost of materials consumed	19		3,424.02		3,131.99
	Purchases of stock-in-trade			52.19		25.46
	Changes in inventories of finished goods, Work-in-progress and stock-in-trade	20		125.14		(164.13)
	Employee benefits expense	21		334.68		273.55
	Other expenses	22		2,082.75		1,908.82
	Total Expenses (II)			6,018.78		5,175.69
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (EBITDA) [(I)-(II)]				(13.92)		383.80
	Depreciation and amortisation expenses	10		297.59		273.09
	Less : Transfer from Revaluation of Fixed Assets			0.19		0.51
				297.40		272.58
	Finance costs	23		410.15		263.57
PROFIT/(LOSS) BEFORE EXCEPTIONAL ITEM AND TAX				(721.47)		(152.35)
	Exceptional item	24		11.22		-
PROFIT/(LOSS) BEFORE TAX				(710.25)		(152.35)
	Tax Expenses :
	Deferred tax charge/(credit)			(329.21)		57.98
	Excess provision of current tax and fringe benefit tax in respect of earlier years written back			(1.30)		(0.12)
				(330.51)		57.86
PROFIT/(LOSS) FOR THE PERIOD				(379.74)		(210.21)
	Earning per equity share	25
	[Nominal Value per share : Rs. 10 (2010-11: Rs. 10)]     a. Basic - Rs.     b. Diluted - Rs.			(83.02) (83.02)		(45.95) (45.95)
	Significant accounting policies	2

The accompanying notes are an integral part of the financial statements.

This is the Statement of Profit and Loss referred to in our report of even date.

For Price Waterhouse		B. K. Birla		Chairman
Firm Registration Number 301112E Chartered Accountants	K. C. Jain  Whole-time Director Gautam Ganguli Company Secretary	K. G. Maheshwari P. K. Choksey Amitabha Ghosh P. K. Mallik Manjushree Khaitan Vinay Sah K. P. Khandelwal		Directors
Prabal Kr. Sarkar Partner Membership No. 52340
Place : Kolkata Date : 28th April, 2012

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