September 2007 Quarter Results

NOTES

1. Investor's complaints at the beginning of the quarter was nil. During the quarter 9 complaints were received and disposed of. accordingly, no complaint was pending for disposal at the end of the current quarter.
   
   
2. In view of notification issued by the Ministry of Corporate Affairs dated December 07, 2006 prescribing the Companies (Accounting Standard) Rules 2006, with effect from April 1, 2007, the Company has changed the accounting policy related to recognition of foreign exchange fluctuation on fixed assets, related to transactions entered after April 01, 2004. The foreign exchange variation is now being charged / credited to the profit and loss account, which till previous year was adjusted to the carrying value of respective assets. Pursuant to this change, foreign exchange variation loss for the quarter amounting to Rs 17.50 lacs have been booked as an expense and gain for the period from April 1, 2007 to September 30, 2007 amounting to Rs 33.72 lacs has been credited to profit and loss account.
   
   
3. Clause 41 of the listing agreement has been revised w.e.f July 10, 2007. Prior to this revision, it required restatement of earlier periods to recognize change in accounting policy. Accordingly, profit before tax for the quarter ended June 30, 2006 was increased by Rs.109.18 lacs and for the year ended March 31, 2007 was increased by Rs.83.11 lacs. As per revised clause 41 of the Listing Agreement, no further recast for corresponding quarter / half year of September 2006 has been made.



4. Previous year / Current year / quarter figures have been regrouped / recast wherever necessary to make them comparable.



5. The results for the quarter ended 30th September 2007 have been subjected to limited review by the Auditors and were taken on record at the Board of Directors meeting held on 31st October 2007.

For ESTER INDUSTRIES LIMITED
GURGAON	(ARVIND SINGHANIA)
31st october 2007	CHAIRMAN & MANAGING DIRECTOR