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UNAUDITED FINANCIAL RESULTS FOR THE QUARTER YEAR ENDED 30^TH JUNE, 2003
(Rs.Crores)
	UNAUDITED		AUDITED
	Quarter Ended 30-6-2003	Quarter Ended 30-6-2002	Year Ended 31-3-2003
1. Net Sales/Income from Operations	131.75	95.79	453.02
2. Other Income	6.44	2.11	9.04
3. Total Income	138.19	97.90	462.06
4. Total Expenditure	121.35	98.59	425.93
a) (Increase) / Decrease in stock in trade	8.02	0.45	(3.64)
b) Consumption of raw materials	26.62	23.64	115.79
c) Staff cost	31.52	28.77	116.37
d) Overseas Business Expenses	34.42	25.44	108.22
e) Other expenditure	20.77	20.29	89.19
5. Interest	-	0.40	0.89
6. Depreciation	2.76	3.55	13.40
7. Profit / (Loss) before Tax	14.08	(4.64)	21.84
8. Provision for Taxation (Net)
Current Tax	2.74	0.31	3.65
Deferred Tax	(0.80)	(0.73)	(2.88)
Tax adjustment for prior years	0.12	3.09	(9.39)
9. Net Profit / (Loss) after all Taxes	12.02	(1.13)	30.46
10.Paid-up Equity Share Capital (face value Rs. 10/- per share)	18.38	18.38	18.38
11.Reserves excluding revaluation reserves			187.15
12.Basic & Diluted EPS (not annualised for the quarters)	6.54	(0.62)	16.57
13.Aggregate of non-promoter’s shareholding
No. of shares	4620037	4644737	4620037
% of shareholding	25.14	25.27	25.14

SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED 30TH JUNE 2003 UNDER CLAUSE 41 OF THE LISTING AGREEMENT
	Unaudited Quarter ended 30-6-2003	Unaudited Quarter ended 30-6-2002	Audited Year Ended 31-3-2002
1. Segment Revenue
a. System Integration Services	105.71	81.96	403.12
b. Manufacturing Services	21.71	9.86	40.16
c. Education Services	4.61	4.44	33.96
Net Sales / Income from Operations (Net of Excise Duty)	132.03	96.26	477.24

2. Segment Results
a. System Integration Services	4.84	(4.03)	8.60
b. Manufacturing Services	6.88	3.88	17.76
c. Education Services	(0.74)	(2.80)	(5.54)
Total	10.98	(2.95)	20.82
Less: Interest	-	0.40	1.24
Less: Unallocable expenditure net of unallocable income	(3.10)	1.29	7.52
Total Profit / (Loss) before Tax	14.08	(4.64)	12.06

3. Segment Capital Employed
a. System Integration Services	101.64	127.31	134.54
b. Manufacturing Services	29.31	9.88	9.59
c. Education Services	(3.81)	(4.88)	(3.48)
Total Segment Capital Employed	127.14	132.31	140.65

Notes:

The above results have been taken on record by the Board of Directors at the meeting held on 31^th July 2003.
The Company's performance continues to improve in all its segments. For the quarter ended 30th June 2003, total income increased by 41% to Rs. 138.19 crores from Rs. 97.90 crores in the previous years first quarter. The net profit after tax increased to Rs 12.02 crores as compared to a loss of Rs. 1.13 crores in the previous years first quarter.
Other Income includes profit of Rs. 1.19 crores on sale of a fixed asset and dividend income of Rs. 3.96 crores.
Segment Revenue includes Other Income attributable to the respective segments.
As on 1st Apil 2003 there were no investor complaints outstanding. 5 investor complaints were received and resolved during the period under review. No complaints were pending as on 30th June 2003.
The Statutory Auditors of the Company have conducted a "Limited Review" of the Financial Results for the quarter ended 30th June 2003.
Figures for the previous periods have been re-grouped wherever necessary.

For and on behalf of th Board

Place: Mumbai

F.K.Kavarana

Date: 31st July, 2003

Chairman