AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED
30th June, 2000

(Figures in Rs. Lacs)

Particulars

Year Ended 30th June

2000

1999

1. Net Sales/Income from Operations

112492.14

94603.76

2. Other Income

1125.74

401.83

3. Total Expenditure

(779.07)

(1652.94)

85381.36

68521.75

7995.61

7193.33

10938.56

11977.59

4. PBIDT (1 + 2 - 3 )

10081.42

8965.86

5. Voluntary Retirement Scheme

455.07

404.71

6. Interest (Net)

516.80

956.58

7. Depreciation

1268.46

1153.15

8. Profit before Tax (4-5-6-7)

7841.09

6451.42

9. Provision for Taxation

535.00

599.02

10. Net Profit After Tax (PAT) (8-9)

7306.09

5852.40

11. One Time Adjustment of Services

-

2360.85

12. Profit available for appropriation

7306.09

3491.55

13. Paid-up Equity Share Capital

3190.58

3190.58

14. Reserves excluding Revaluation Reserves

23052.20

16719.12

15. Basic EPS Rs/share (Calculated on PAT)

22.90

18.34

• "The above results have been taken on record at the Meeting of the Board of Directors of the company held on 10th August, 2000."
• "Accounting Policy for customs and excise duty has been modified during the year to comply with the pronouncements of Institute of Chartered Accountants of India. Accordingly, Rs.486.95 lacs of customs duty and excise duty on uncleared goods has been included in Inventories and Current liabilities. This treatment has no effect on profit or net assets. In the previous year customs duty and excise duty were accounted for at the time of clearance and an estimated amount of Rs.157.83 lacs was not included in inventory nor provided as a liability."
• "Provision for taxation has been computed by applying the Income Tax Act, 1961 to the profit for the financial year ended 30th June,2000, although the actual tax liability of the company has to be computed each year by reference to the taxable profit for each fiscal year ended 31st March."
• During the current year the company has invested Rs 354.42 lacs and Rs 500.50 lacs in its subsidiaries Infosystems (Bermuda) Ltd and HCL Infinet Ltd respectively.
• "Pursuant to the approval of the shareholders at the Extra-Ordinary General Meeting held on 25th February, 2000 for grant of options, to the employees of the company and its subsidiaries, not exceeding 31,90,200 options (each option conferring on the employee a right to get one equity share of Rs. 10/- each at an exercise price), the Board has approved an offer upto 30,18,000 options at an exercise price of Rs. 289/- being the market price at the grant date"
• "The Board of Directors has recommended a dividend of Rs.2.50 per fully paid up equity share of Rs. 10/- each amounting to Rs 797.55 lacs, subject to the approval of members of the company at the ensuing Annual General Meeting."
• Figures of previous year have been regrouped/recast to conform to current year's presentation.

AJAI CHOWDHRY
Chairman & Chief Executive Officer