December 2004 Quarter Results

NOTES

1. The implementation of SAP R/3 system has resulted in change in the method of valuation of Stores & Spares inventory, Chemicals inventory and Packing Material inventory from monthly moving weighted average to moving weighted average. It is not feasible to quantify the impact of such change in the method of valuation and accordingly, the results for the quarter and nine months ended December 31, 2003 and year ended March 31,2004 have not been restated as per the new method.
2. Investor's complaints received and disposed of during the quarter under report: (N0s.)
   
   Complaints pending at the beginning of the quarter:         NIL
   Complaints received during the quarter:                          16
   Complaints disposed of during the quarter:                       12
   Complaints lying unresolved at the end of the quarter:       4
   
   
3. Previous year / half year / quarter figures have been regrouped / recasted wherever necessary to make them comparable.
   
   
4. The results for the quarter / nine month ended 31st December 2004 have been subjected to limited review by the Auditors and were taken on record at the Board of Directors meeting held on 31st January 2005.
   
   

For ESTER INDUSTRIES LIMITED