` Crores

Particulars	Note No.	For the year ended March 31, 2015	For the year ended March 31, 2014
I Revenue from operations	20
(a) Gross sales of products		29,068.24	27,005.26
Less: Excise duty		1,717.64	1,880.35
		27,350.60	25,124.91
(b) Sale of services and other operating revenue		234.70	150.56
Net revenue from operations		27,585.30	25,275.47
II Other income	21	492.74	446.38
III Total Revenue (I + II)		28,078.04	25,721.85
IV Expenses:
(a) Cost of materials consumed	22	19,783.88	18,221.53
(b) Changes in inventories of finished goods and work-in-progress	23	(29.97)	8.36
(c) Employee benefits expenses	24	1,172.87	930.04
(d) Finance costs	25	11.09	11.82
(e) Depreciation and amortization expenses	11	539.97	1,107.37
(f) Other expenses	26	3,116.34	2,575.48
Total Expenses		24,594.18	22,854.60
V Profit before exceptional item and tax (III - IV)		3,483.86	2,867.25
VI Exceptional item - Provision for diminution in value of non current investment (refer note no. 39)		155.04	-
VII Profit before tax after exceptional item (V -VI)		3,328.82	2,867.25
VIII Tax expenses:
(a) Current tax		898.91	828.21
(b) Minimum alternate tax relating to earlier years		-	(28.02)
(c) Minimum alternate tax credit utilised		-	196.37
Net current tax		898.91	996.56
Deferred tax		44.27	(238.39)
		943.18	758.17
IX Profit for the year (VII-VIII)		2,385.64	2,109.08
X Basic and diluted earnings per equity share (of ` 2 each):	27
(a) before exceptional items		127.23	105.61
(b) after exceptional items		119.46	105.61
Accompanying notes forming part of the financial statements	1 & 2

In terms of our report attached For DELOITTE HASKINS & SELLS Chartered Accountants	For and on behalf of the Board of Directors
	Brijmohan Lall Munjal Chairman DIN - 0004134
Jaideep Bhargava Partner	Pawan Munjal Vice Chairman, Managing Director & CEO DIN - 00004223	Pradeep Dinodia Chairman-Audit Committee DIN - 00027995
New Delhi May 7, 2015	Ravi Sud Sr. Vice President & CFO	IIam C. Kamboj Asso. V. P. Legal & Company Secretary