December 2005 Quarter Results

NOTES

1. Investor's complaints received and disposed of during the quarter under report: (N0s.)
   
   Complaints pending at the beginning of the quarter:         0
   Complaints received during the quarter:                         19
   Complaints disposed of during the quarter:                     19
   Complaints lying unresolved at the end of the quarter:      0
   
   
2. Previous year / nine month's / quarter figures have been regrouped / recast wherever necessary to make them comparable.
   
   
3. The results for the quarter / nine month's ended 31st December 2005 have been subjected to limited review by the Auditors and were taken on record at the Board of Directors meeting held on 31st January 2006.
   
   
4. The results for the quarter were adversely affected because of unfavourable market conditions.

For ESTER INDUSTRIES LIMITED
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NEW DELHI	(ARVIND SINGHANIA)
31st January 2006	CHAIRMAN AND MANAGING DIRECTOR