Vision, Mission & Values

Vision
A major diversified, trans-national, integrated energy company, with national leadership and a strong
environment conscience, playing a national role in oil security & public distribution.

Mission

• To achieve international standards of excellence in all aspects of energy and diversified

business with focus on customer delight through value of products and services, and cost
reduction.
• To maximise creation of wealth, value and satisfaction for the stakeholders.
• To attain leadership in developing, adopting and assimilating state-of-the-art technology for
competitive advantage.
• To provide technology and services through sustained Research and Development.
• To foster a culture of participation and innovation for employee growth and contribution.
• To cultivate high standards of business ethics and Total Quality Management for a strong
corporate identity and brand equity.

• To help enrich the quality of life of the community and preserve ecological balance and
heritage through a strong environment conscience.
Values - Values we nurture
Care - stands for
• Concern Innovation - stands for
• Empathy • Creativity
• Understandin • Ability to learn
g • Flexibility
• Cooperation
• Change
• Empowerment

Trust - stands for

Passion - stands for
• Delivered
• Commitment
Promises
• Dedication
• Reliability
• Pride
• Dependability
• Inspiration
• Integrity
• Ownership
• Truthfulness

• Zeal & Zest

• Transparency

Profile

Vision
A major diversified, transnational, integrated energy company, with national leadership and a strong
environment conscience, playing a national role in oil security & public distribution.

Distinctions
Indian Oil Corporation Ltd. (IndianOil) is India's largest commercial enterprise, with a sales turnover of Rs.
2,47,479 crore (US $ 61.70 billion) and profits of Rs. 6,963 crore (US $ 1.74 billion) for the year 2007-08.
IndianOil is also the highest ranked Indian company in the prestigious Fortune 'Global 500' listing, having
moved up 19 places to the 116th position in 2008. It is also the 18th largest petroleum company in the world.

India’s Downstream Major

Beginning in 1959 as Indian Oil Company Ltd., Indian Oil Corporation
Ltd. was formed in 1964 with the merger of Indian Refineries Ltd.
(established 1958). IndianOil and its subsidiaries account for
approximately 48% petroleum products market share, 34% national
refining capacity and 71% downstream sector pipelines capacity in India.

For the year 2008-09, the IndianOil group sold 62.6 million tonnes of
petroleum products, including 1.7 million tonnes of natural gas, and
exported 3.64 million tonnes of petroleum products.

The IndianOil Group of companies owns and operates 10 of India's 20

refineries with a combined refining capacity of 60.2 million metric tonnes per annum (MMTPA, .i.e. 1.2
million barrels per day). These include two refineries of subsidiary Chennai Petroleum Corporation Ltd.
(CPCL).

The Corporation's cross-country network of crude oil and product pipelines, spanning more than 10,000 kms
and the largest in the country, meets the vital energy needs of the consumers in an efficient, economical and
environment-friendly manner.

IndianOil is investing Rs. 43,393 crore (US $10.8 billion) during the period 2007-12 in augmentation of
refining and pipeline capacities, expansion of marketing infrastructure and product quality upgradation as
well as in integration and diversification projects.

Network Beyond Compare

As the flagship national oil company in the downstream sector, IndianOil
reaches precious petroleum products to millions of people everyday
through a countrywide network of about 35,000 sales points. They are
backed for supplies by 167 bulk storage terminals and depots, 101
aviation fuel stations and 89 Indane (LPGas) bottling plants. About 7,335
bulk consumer pumps are also in operation for the convenience of large
consumers, ensuring products and inventory at their doorstep.

IndianOil operates the largest and the widest network of petrol & diesel
stations in the country, numbering over 18,278. It reaches Indane
cooking gas to the doorsteps of over 53 million households in nearly
2,700 markets through a network of about 5,000 Indane distributors.

IndianOil's ISO-9002 certified Aviation Service commands over 63% market share in aviation fuel business,
meeting the fuel needs of domestic and international flag carriers, private airlines and the Indian Defence
Services. The Corporation also enjoys a dominant share of the bulk consumer business, including that of
railways, state transport undertakings, and industrial, agricultural and marine sectors.

Technology Solutions
IndianOil's world-class R&D Centre is perhaps Asia's finest. Besides pioneering work in lubricants
formulation, refinery processes, pipeline transportation and alternative fuels, the Centre is also the nodal
agency of the Indian hydrocarbon sector for ushering in Hydrogen fuel economy in the country. It has set up
a commercial Hydrogen-CNG station at an IndianOil retail outlet in New Delhi this year. The Centre holds
214 active patents including 113 international patents.

IndianOil joined the league of global technology providers last year with the selection of its in-house
developed INDMAX technology (for maximising LPGas yield) for the 4 MMTPA Fluidised Catalytic Cracking
(FCC) unit at the Corporation's upcoming 15 MMTPA grass root refinery at Paradip in Orissa, as well as for
the FCC unit coming up at BRPL.

A wholly-owned subsidiary, IndianOil Technologies Ltd., is engaged in commercialising the innovations and
technologies developed by IndianOil's R&D Centre.

Customer First
At IndianOil, customers always get the first priority. New initiatives are launched round-the-year for the
convenience of the various customer segments.

Exclusive XTRACARE petrol & diesel stations unveiled in select urban and semi-urban markets offer a
range of value-added services to enhance customer delight and loyalty. Large format Swagat brand outlets
cater to highway motorists, with multiple facilities such as food courts, first aid, rest rooms and dormitories,
spare parts shops, etc. Specially formatted Kisan Seva Kendra outlets meet the diverse needs of the rural
populace, offering a variety of products and services such as seeds, fertilisers, pesticides, farm equipment,
medicines, spare parts for trucks and tractors, tractor engine oils and pump set oils, besides auto fuels and
kerosene. SERVOXpress has been launched recently as a one-stop shop for auto care services.

To safeguard the interest of the valuable customers, interventions like retail automation, vehicle tracking and
marker systems have been introduced to ensure quality and quantity of petroleum products.

Synergy through Subsidiaries

A wholly-owned subsidiary, IndianOil Technologies Ltd., is engaged in commercialising the innovations and
technologies developed by IndianOil's R&D Centre, across the globe. The year 2008-2009 saw the
seamless merger of the refining subsidiary Bongaigaon Refinery & Petrochemicals Ltd with the parent
company IndianOil.

Widening Horizons
To achieve the next level of growth, IndianOil is currently forging ahead
on a well laid-out road map through vertical integration— upstream into
oil exploration & production (E&P) and downstream into petrochemicals
– and diversification into natural gas marketing, besides globalisation of
its downstream operations.

In petrochemicals, IndianOil is envisaging Rs. 30,000 crore (US$ 7.4

billion) investment by the year 2011-12. Through the world’s largest
single-train Linear Alkyl Benzene (LAB) plant with an annual capacity of
1,20,000 tonnes set up at its Gujarat Refinery, the Corporation has
already captured a significant market share of LAB in India, besides
exporting the product to Indonesia, Turkey, Thailand, Vietnam, Norway and Oman. A world-scale
Paraxylene/Purified Terephthalic Acid plant (annual capacities: PX - 3,63,000 tonnes, PTA – 5,53,000
tonnes) for polyester intermediates is already in operation at Panipat, while a Naphtha Cracker with a
capacity of 800,000 tonnes of ethylene per annum, equipped with downstream polymer units is also coming
up at Panipat. A refinery-cum-petrochemicals complex at Paradip, to be completed by the year 2011-12, will
strengthen the Corporation’s presence in the sector.

In E&P, IndianOil has bagged eight oil & gas blocks and two Coal Bed Methane blocks under NELP (New
Exploration Licencing Policy) rounds in India, in consortium with other companies. It has also acquired
participating interest in two onshore blocks in Assam and Arunachal Pradesh. Overseas ventures of the
Corporation include two blocks in Sirte Basin and Areas 95/96 in Ghadames basin of Libya, Farsi
Exploration Block in Iran, onshore farm-in arrangements in Gabon, an onland block in Nigeria and two
onshore blocks in Yemen. IndianOil has incorporated Ind-OIL Overseas Ltd. – a special purpose vehicle for
acquisition of overseas E&P assets – in Port Louis, Mauritius, in consortium with Oil India Ltd. (OIL).

In natural gas business, IndianOil is targeting sale of 2 million tonnes in 2008-09. A technology innovation
has been initiated to reach LNG (Liquefied Natural Gas) directly to the doorstep of bulk consumers in
cryogenic containers for industrial as well as captive power applications. An LNG import terminal is
proposed to be set up at Ennore near Chennai. City gas distribution projects are in the pipeline in
partnership with other companies.

For over a decade now, IndianOil has been providing technical and manpower secondment services to
overseas companies. Consultancy services for reduction of Fluidised Catalytic Cracker (FCC) shutdown
time were also provided during the year 2007-08.

The Corporation’s wholly-owned subsidiary, IndianOil Technologies Ltd., is engaged in commercialising the
innovations and technologies developed by IndianOil's R&D Centre.

IndianOil has set up subsidiaries in Sri Lanka, Mauritius and the United Arab Emirates (UAE), and is
simultaneously scouting for new opportunities in the energy markets of Asia and Africa.

Lanka IOC Ltd. operates about 150 petrol & diesel stations in Sri Lanka, and has a very efficient lube
marketing network. Its oil terminal at Trincomalee is also Sri Lanka's largest petroleum storage facility.
Lanka IOC commissioned an 18,000 tonnes per annum capacity lubricants blending plant and a state-of-the-
art fuels and lubricants testing laboratory at Trincomalee during 2007-08 besides commencing bunkering
business.

IndianOil (Mauritius) Ltd. has an overall market share of nearly 20% and commands a 32% market share in
aviation fuelling business, apart from its bunkering business. It operates a modern petroleum bulk storage
terminal at Mer Rouge port, besides 13 petrol & diesel stations. In addition to the ongoing expansion of retail
network, IOML has commissioned the first ISO-9001 product-testing laboratory in Mauritius.

The Corporation's UAE subsidiary, IOC Middle East FZE, which oversees business expansion in the Middle
East, has commenced blending SERVO lubricants and marketing petroleum products and lubricants in the
Middle East, Africa and CIS countries.

Performance during financial year 2008-2009

IndianOil's Gross Turnover (inclusive of excise duty) for the year 2008-09 reached a new high of Rs.
2,85,337 crore, up by 15.3 % as compared to Rs. 2,47,457 crore in the previous year. The Profit After Tax
was Rs. 2,950 crore.

The Corporation sold 62.6 million tonnes of petroleum products during the year 2008-09, as compared to
59.30 million tonnes during the previous year. This includes sale of natural gas, which has gone up to 1.7
million tonnes in 2008-09. In addition, product exports rose to 3.64 million tones from 3.38 million tones in
the previous year.

The Corporations eight refineries surpassed 100% capacity utilisation and clocked the highest ever
throughput of 51.4 million tonnes. Its pipelines network too registered the highest ever operational
throughput of 59.5 million tonnes of crude oil and petroleum products. Among new businesses, Natural Gas
Marketing and Petrochemicals together generated revenues of over Rs 5,100 crore during the year 2008-
2009.

IndianOil. India Inspired.

As a leading public sector enterprise of India, IndianOil has successfully combined its corporate social
responsibility agenda with its business offerings, meeting the energy needs of millions of people everyday
across the length and breadth of the country, traversing a diversity of cultures, difficult terrains and harsh
climatic conditions. The Corporation takes pride in its continuous investments in innovative technologies and
solutions for sustainable energy flow and economic growth and in developing techno-economically viable
and environment-friendly products & services for the benefit of its consumers.

IndianOil Major Units

Registered Office

Registered Office IndianOil Bhavan,

G-9, Ali Yavar Jung Marg,
Bandra (East), Mumbai -400 051

Corporate Office
Refineries Division
Head Office SCOPE Complex, Core-2
7, Institutional Area, Lodhi Road
New Delhi -110003
Barauni Refinery P.O. Barauni Oil Refinery,
Dist. Begusarai -861 114 (Bihar)
Gujarat Refinery P.O. Jawahar Nagar,
Dist. Vadodara -391 320(Gujarat)
Guwahati Refinery P.O. Noonmati,
Guwahati-781020 (Assam)
Haldia Refinery P.O. Haldia Refinery
Dist. Midnapur-721 606
(West Bengal)
Mathura Refinery P.O. Mathura Refinery,
Mathura -281 005
(Uttar Pradesh)
Panipat Refinery P.O. Panipat Refinery,
Panipat-132140(Haryana)
Bongaigaon Refinery P.O. Dhaligaon,
Dist. Chirang, Assam - 783 385

Marketing Division
Head Office G-9, Ali Yavar Jung Marg,
Bandra (East), Mumbai -400 051
Northern Region IndianOil Bhavan,
1, Aurobindo Marg, Yusuf Sarai
New Delhi -110016
Eastern Region IndianOil Bhavan,
 2, Gariahat Road, South (Dhakuria)
Kolkata -700 068
Western Region 254-C, Dr. Annie Besant Road,
Worli Colony, Mumbai -400 025
Southern Region IndianOil Bhavan
139, Nungambakkam High Road

R&D Centre
R&D Centre Sector 13 Faridabad -121 007
(Haryana)

Pipelines Division
Head Office A-1 Udyog Marg,
Sector-1, Noida-201301
Northern Region P.O. Panipat Refinery
Panipat -132 140 (Haryana)
Western Region P.O. Box 1007,Bedipara,
Morvi Road,Gauridad,
Rajkot-360 003
Southern Region 139, Nungambakkam High Road
Chennai - 600034

Assam Oil Division

Assam Oil Division P.O. Digboi -768 171
(Assam)

IBP Division
IBP Division 34-A, Nirmal Chandra Street,
Kolkata - 700 013

Business Group(Cryogenics) Sewri Terminal II,

Sewri (East),
Mumbai - 400 015

Business Group(Cryogenics),
A-4, MIDC, Ambad,
Nashik - 422 010

Group Companies
Chennai Petroleum Corporation Ltd. 536, Anna Salai,
Teynampet, Chennai - 600 018
IndianOil Technologies Ltd SCOPE Complex, Core-2
7, Institutional Area,
Lodhi Road,
New Delhi-110003
IndianOil (Mauritius) Ltd. Mer Rouge
Port Louis
Maruritius
IOC Middle East FZE LOB 14209, Jebel Ali Free Zone,
P.O.Box: 261338
Lanka IOC PLC Lanka IOC Head Office
Level 20, West Tower,
World Trade Center,
Echelon Square, Colombo - 01,
Sri Lanka.

IndianOil Major Projects

IndianOil continues to lay emphasis on infrastructure

development. Towards this end, a number of schemes
have been initiated with increasing emphasis on project
execution in compressed schedules as per world
benchmarking standards. Schemes for improvement and
increased profitability through debottlenecking /
modifications / introduction of value added products are
being taken up in addition to grassroots facilities. Project
systems have been streamlined in line with ISO standards.

GRASSROOTS REFINERY PROJECT AT PARADIP (ORISSA)

Project Cost: Rs. 29,777.00 crore
Expected Commissioning: March, 2012
Benefit: The project will help in partly meeting deficit of distillates viz. LPG, Naphtha, MS,
Jet/Kero, Diesel and other products, in the eastern part of the country. The complex will
generate intermediate petrochemicals feedstock.
Brief Description: A 15 MMTPA grassroots refinery is being constructed at Paradip in the State
of Orissa. The refinery will have, apart from a Crude and Vacuum Distillation Unit, a
Hydrocracking Unit, a Delayed Coker Unit and other secondary processing facilities. This will be
the most modern refinery in India with nil residue production and the products would meet
stringent specifications. 3344 acre of land has been taken over by IndianOil and necessary
infrastructure development jobs prior to setting up of the main refinery are progressing.

RESIDUE UPGRADATION AND MS/HSD QUALITY IMPROVEMENT PROJECT AT GUJARAT

REFINERY
Project Cost: Rs. 5,882.00 crore
Expected Commissioning: January, 2010
Benefit: The objectives of the project are multifold. It shall ensure meeting product quality
requirement of MS/HSD to EURO-III/IV levels, processing increased quantity of high sulphur
crude and improvement in distillate yield.
Brief Description: The project envisages setting up of a number of units like VGO-HDT, ATF-
Merox, FCC-Merox, LPG-Merox, ISOM, Coker, DHDT, HGU (PDS) and SRU.

IMPROVEMENT IN DIESEL QUALITY AND CAPACITY EXPANSION AT HALDIA REFINERY

(WEST BENGAL)
Project Cost: Rs. 2,869.00 crore
Expected Commissioning: December, 2009
Benefit: Improvement in quality of HSD conforming to Euro-II/Euro-IV equivalent norms. In
addition, it will improve the distillate yield and crude processing capacity of the refinery.
Brief Description: The project comprises installation of facilities for improvement in Diesel
quality and Distillate yield (Hydrocracker) at Haldia and the capacity expansion of the Refinery
from 6 MMTPA to 7.5 MMTPA. This involves Once through Hydrocracking Unit (OHCU),
Hydrogen Unit, Sulphur Recovery Units, revamp of Crude Distillation Units and related utilities &
offsite facilities.

NAPHTHA CRACKER AND POLYMER COMPLEX AT PANIPAT (HARYANA)

Project Cost: Rs. 14,439.00 crore
Expected Commissioning: November 2009
Benefit: This project is a cornerstone for IndianOil's entry into petrochemicals and a new
business line for growth. For the State of Haryana, this project shall lay the foundation for
creation of a world-class petrochemicals hub, which will engender significant industrial activity in
the coming years.
Brief Description: The project envisages setting up of a Naphtha Cracker based on captive
utilisation of naphtha from Panipat, Mathura and Koyali refineries of IndianOil. With a capacity of
800,000 MT/year of ethylene production, the Cracker complex will have associated units viz.
hydrogenation, butadiene extraction, benzene extraction etc. besides downstream polymer units
like swing unit (LLDPE/HDPE), a dedicated HDPE unit, Polypropylene unit and MEG unit.

MS QUALITY UPGRADATION PROJECT AT PANIPAT REFINERY (HARYANA)

Project Cost: Rs. 1,131.00 crore
Expected Commissioning: December, 2009
Benefit: The implementation of this project will improve the quality of MS to conform to Euro-
II/Euro-IV equivalent norms.
Brief Description: The major process units under this project are PENEX (Isomerisation),
Naphtha HTU, Reformate Splitter and FCC Gasoline Desulpurisation Unit.

FCC GASOLINE DESULPHURISATION UNIT AT MATHURA REFINERY (UTTAR PRADESH)

Project Cost: Rs. 348.00 crore
Expected Commissioning: December, 2009
Benefit: The implementation of this project will improve the quality of MS to conform to Euro-IV
equivalent norms.
Brief Description: In this project a FCC Gasoline Desulpurisation Unit would be installed.

MS QUALITY UPGRADATION PROJECT BARAUNI REFINERY (BIHAR)

Project Cost: Rs. 1,492.00 crore
Expected Commissioning: June, 2010
Benefit: The implementation of this project will improve the quality of MS to conform to Euro-III
equivalent norms.
Brief Description: The major process units under this project are Isomerisation, Naphtha
Hydrotreater, Reformate Splitter, FCC Gasoline Desulpurisation Unit and Hydrogen Generation
Unit.

MS QUALITY UPGRADATION PROJECT AT GUWAHATI REFINERY (ASSAM)

Project Cost: Rs. 372.00 crore
Expected Commissioning: June, 2010
Benefit: The implementation of this project will improve the quality of MS to conform to Euro-III
equivalent norms.
Brief Description: The major process units under this project are Isomerisation, Light Naphtha
Splitter, Naphtha Hydrotreater and Indmax Gasoline Splitter.

MS QUALITY UPGRADATION PROJECT AT DIGBOI REFINERY (ASSAM)

Project Cost: Rs. 356.00 crore
Expected Commissioning: June, 2010
Benefit: The implementation of this project will improve the quality of MS to conform to Euro-III
equivalent norms.
Brief Description: The major process units under this project are Isomerisation, Naphtha
Splitter, Naphtha Hydrotreater and Reformate Splitter.

DADRI-PANIPAT R-LNG SPUR PIPELINE

Project Cost: Rs. 298.00 crore
Expected Commissioning: May, 2009
Benefit: The 132 km long 30 inch diameter spurline carrying regassified LNG (R-LNG) will
stretch from GAIL India’s Dadri terminal in UP to Panipat.
Brief Description: The proposed R-LNG pipeline would provide for an economical means of
feeding natural gas to Panipat refinery.

AUGMENTATION OF MUNDRA – PANIPAT CRUDE OIL PIPELINE

Project Cost: Rs. 165.00 crore
Expected Commissioning: February, 2009
Benefit: This is a low cost expansion scheme of Mundra-Panipat crude oil pipeline system for
meeting the additional crude oil requirement of Panipat refinery to the tune of 3 MMTPA.
Brief Description: Project consists of laying a 22 inch diameter 20 KM long loopline in Kot-
Beawar section and conversion of Radhanpur scraper station to pumping station while adding
pumping units at Mundra, Kot, Sanganer and Rewari.

PANIPAT REFINERY EXPANSION FROM 12 MMTPA TO 15 MMTPA

Project Cost: Rs. 1,007.83 crore
Expected Commissioning: December, 2009
Benefit: To meet the growing deficit of petroleum products in the high demand Northwest region
of India.
Brief Description: The project consists of capacity revamp of Crude and Vacuum Distillation
Units (CDU / VDU), Once through Hydrocracking Unit (OHCU), Delayed Coking Unit, and
installation of second stage reactors in Diesel Hydrotreating Unit (DHDT).

CHENNAI - BANGALORE PRODUCT PIPELINE

Project Cost: Rs. 273.00 crore
Expected Commissioning: December, 2009
Benefit: The pipeline will facilitate effective evacuation of products from CPCL refinery in
Chennai and ensure uninterrupted, regular and economical transportation of petroleum products
to Bangalore-fed areas in a cost-effective manner.
Brief Description: Project consists of laying 14/12-inch diameter 290 km long product pipeline
from CPCL refinery, Chennai to existing TOP at Devanagonthi (Bangalore).

Recognitions
IndianOil has been recognised as a leading player in the country’s energy sector with its well known brands.
Log into this section to know more about the awards bestowed upon the company for sustained deliverance
of quality. This recognition speaks volumes about the focussed executive management at IndianOil that
directs and motivates the firm and its employees towards larger goals.

Products

IndianOil is not only the largest commercial enterprise in the country it is the flagship corporate of the
Indian Nation. Besides having a dominant market share, IndianOil is widely recognized as India’s
dominant energy brand and customers perceive IndianOil as a reliable symbol for high quality products
and services.

Benchmarking Quality, Quantity and Service to world-class standards is a philosophy that IndianOil
adheres to so as to ensure that customers get a truly global experience in India. Our continued
emphasis is on providing fuel management solutions to customers who can then benefit from our
expertise in efficient sourcing and least cost supplies keeping in mind their usage patterns and
inventory management.

IndianOil is a heritage and iconic brand at one level and a contemporary, global brand at another level.
While quality, reliability and service remains the core benefits to our customers, our stringent checks
are built into operating systems, at every level ensuring the trust of over a billion Indians over the last
four decades.

Our Retail Brand template of XtraCare(Urban), Swagat(Highway) and Kisan Seva Kendras(Rural) are
widely recognized as pioneering brands in the petroleum retail segment. IndianOil’s leadership extends
to its energy brands - Indane LPG, SERVO Lubricants, Autogas LPG, XtraPremium Branded Petrol,
XtraMile Branded Diesel, XtraPower Fleet Card, IndianOil Aviation and XtraRewards cash customer
loyalty programme.

FINANCIAL STATEMENTS FOR INDIAN OIL CORP. LTD. (IOC)

Although debt as a percent of total capital increased at Indian Oil Corp. Ltd. over the last fiscal year to
45.87%, it is still in-line with the Oil, Gas and Consumable Fuels industry's norm. Additionally, even though
there are not enough liquid assets to satisfy current obligations, Operating Profits are more than adequate to
service the debt. Accounts Receivable are among the industry's worst with 9.20 days worth of sales
outstanding. This implies that revenues are not being collected in an efficient manner. Last, Indian Oil Corp.
Ltd. is among the most efficient in its industry at managing inventories, with only 59.72 days of its Cost of
Goods Sold tied up in inventory.
BALANCE SHEET
Currency in As of: Apr 02 Apr 02 Apr 02 Apr 02 4-Year
Millions of Indian Rupees 2005 2006 2007 2008 Trend
Restated Restated Restated

Assets

Cash and Equivalents 13,737.1 10,528.5 10,767.3 10,602.2

Short-Term Investments -- 70,602.5 144,585.8 159,132.4

TOTAL CASH AND SHORT TERM INVESTMENTS 13,737.1 81,131.0 155,353.1 169,734.6

Accounts Receivable 44,474.1 50,309.2 51,699.7 52,564.8

Notes Receivable 1.7 -- -- --

Other Receivables 38,842.0 12,718.3 21,188.0 94,664.5

TOTAL RECEIVABLES 83,317.8 63,027.5 72,887.7 147,229.3

Inventory 232,378.3 286,397.3 289,897.2 372,210.7

Other Current Assets 26,801.2 38,931.3 49,466.8 52,639.9

TOTAL CURRENT ASSETS 356,234.4 469,487.1 567,604.8 741,814.5

Gross Property Plant and Equipment 564,807.2 570,289.5 646,697.3 690,842.2

Accumulated Depreciation -188,591.9 -212,993.5 -240,006.9 -268,580.6

NET PROPERTY PLANT AND EQUIPMENT 376,215.3 357,296.0 406,690.4 422,261.6

Goodwill 17,480.6 16,696.8 622.9 473.4

Long-Term Investments 27,302.8 52,320.1 48,534.5 48,492.7

Accounts Receivable, Long Term 1,030.0 758.7 487.3 310.1

Deferred Tax Assets, Long Term 17.5 5.7 -- --

Deferred Charges, Long Term 387.8 613.7 1,583.8 1,250.8

Other Long-Term Assets 1,674.8 41,081.6 11,560.5 41,242.7

TOTAL ASSETS 781,772.6 942,729.0 1,041,551.3 1,261,678.8

LIABILITIES & EQUITY

Accounts Payable 125,939.7 143,529.8 150,645.4 209,739.1

Accrued Expenses 3,538.9 5,370.2 5,662.6 5,915.2

Short-Term Borrowings 117,080.6 149,388.9 146,336.8 233,650.2

Current Portion of Long-Term Debt/Capital Lease -- 8,924.5 -- 14,750.6

 Current Income Taxes Payable 5,763.1 2,325.1 12,936.1 3,126.6

Other Current Liabilities, Total 98,044.2 114,764.6 134,478.8 135,356.9

TOTAL CURRENT LIABILITIES 350,366.5 424,303.1 450,059.7 602,538.6

Long-Term Debt 89,284.6 142,322.6 148,474.5 139,809.5

Minority Interest 17,066.5 17,425.9 16,978.3 22,001.7

Deferred Tax Liability Non-Current 50,555.3 52,268.0 60,596.1 61,133.8

TOTAL LIABILITIES 507,272.9 636,319.6 676,108.6 825,483.6

Common Stock 11,680.1 11,680.1 11,680.1 11,923.7

Additional Paid in Capital 2,623.5 2,623.2 3,509.7 3,509.7

Retained Earnings 251,153.5 277,506.6 337,252.5 405,786.2

Comprehensive Income and Other 9,042.6 14,599.5 13,000.4 14,975.6

TOTAL COMMON EQUITY 274,499.7 306,409.4 365,442.7 436,195.2

TOTAL EQUITY 274,499.7 306,409.4 365,442.7 436,195.2

TOTAL LIABILITIES AND EQUITY 781,772.6 942,729.0 1,041,551.3 1,261,678.8

INCOME STATEMENT

Currency in As of: Apr 02 Apr 02 Apr 02 Apr 02 4-Year

Millions of Indian Rupees 2005 2006 2007 2008 Trend
Restated Restated Restated

Revenues1,319,677.5 1,522,978.1 1,844,607.0 2,074,045.1

Other Revenues 14,944.7 85,078.3 155,437.8 206,296.1

TOTAL REVENUES1,334,622.2 1,608,056.4 2,000,044.8 2,280,341.2

Cost of Goods Sold1,214,395.6 1,473,249.8 1,772,420.2 2,028,909.1

GROSS PROFIT 120,226.6 134,806.6 227,624.6 251,432.1

Selling General & Admin Expenses, Total 13,867.8 22,526.1 91,872.5 104,194.7

Depreciation & Amortization, Total 24,192.6 25,520.9 29,156.0 30,417.1

Other Operating Expenses 7,636.9 19,518.5 17,814.4 18,984.2

OTHER OPERATING EXPENSES, TOTAL 45,697.3 67,565.5 138,842.9 153,596.0

OPERATING INCOME 74,529.3 67,241.1 88,781.7 97,836.1

Interest Expense -7,679.2 -12,514.4 -17,430.1 -18,039.0

Interest and Investment Income 6,089.7 9,314.0 14,129.6 17,675.1

NET INTEREST EXPENSE -1,589.5 -3,200.4 -3,300.5 -363.9

Currency Exchange Gains (Loss) 1,652.7 -2,285.3 5,175.5 15,246.3

Other Non-Operating Income (Expenses) -321.9 226.2 -11,515.4 2,920.9

EBT, EXCLUDING UNUSUAL ITEMS 74,270.6 61,981.6 79,141.3 115,639.4

Merger & Restructuring Charges -662.1 -186.9 -388.6 -224.0

Gain (Loss) on Sale of Investments -410.0 5,332.7 35,749.1 6,747.8

Gain (Loss) on Sale of Assets -173.9 -49.6 1,081.7 782.0

Other Unusual Items, Total 2,333.7 5,853.8 533.7 1,941.6

Other Unusual Items 2,333.7 5,853.8 1,080.5 1,941.6

EBT, INCLUDING UNUSUAL ITEMS 75,358.3 72,931.6 116,117.2 124,886.8

Income Tax Expense 16,348.4 21,772.9 34,323.7 39,381.2

Minority Interest in Earnings -4,317.6 -1,834.5 -3,119.0 -6,378.2

Earnings from Continuing Operations 54,692.3 49,324.2 78,674.5 79,127.4

NET INCOME 54,692.3 49,324.2 78,674.5 79,127.4

NET INCOME TO COMMON INCLUDING EXTRA
54,692.3 49,324.2 78,674.5 79,127.4
ITEMS

NET INCOME TO COMMON EXCLUDING EXTRA

54,692.3 49,324.2 78,674.5 79,127.4
ITEMS