Notes :

1. Earnings per share for the three months and six months ended 30th September, 2001 and 30th September, 2000 are for the respective periods (not annualised).
2. Extraordinary Items (Net) for the quarter ended 30th September, 2001 comprise amortisation of VRS expenses - Rs.717 lakhs (quarter ended 30th September, 2000 : Rs.541 lakhs), Provision for diminution in value of investments - Rs.606 lakhs (quarter ended 30th September, 2000 : Rs. 1278 lakhs), Loss on sale of investment net of provision made in the past - Rs. 300 lakhs (quarter ended 30th September, 2000 : Profit of Rs. 1820 lakhs), Profit on sale of property/undertaking - Rs. 1943 lakhs (quarter ended 30th September, 2000 : Nil), Reversal of warranty provision - Nil (quarter ended 30th September, 2000 : Rs. 309 lakhs), Provision against advances to subsidiaries - Rs.717 lakhs (quarter ended 30th September, 2000 : Nil)
3. Accounting standard 22 relating to 'Accounting for Taxes on Income' is mandatory effective 1st April, 2001. In accordance with the requirements of this standard, Tax effect of timing difference arising during the current quarter of Rs.73 lakhs has been accounted. Net deferred tax asset pertaining to the period prior to 1st April, 2001 amounting to Rs.1156 lakhs (as revised from Rs.3329 lakhs reported in the quarter ended 30th June, 2001) has been added to the Reserves as at 1st April, 2001 and the reserves as on 1st April, 2001 have increased to Rs. 13358 lakhs.
4. As per Bombay High Court's order received on 20th September, 2001 Voltas International Ltd. (VIL), a wholly owned subsidiary of Voltas Limited has been merged with the Company effective 1st April, 2001. The results for the current quarter includes results of Voltas International Ltd. for the six months ended 30th September, 2001 as given below :
   
   

   	Rs. In lakhs
   Net Sales / Income from Operations	5755
   Total Expenditure	4636
   Profit before tax and Extraordinary Income / (Expenses	1280
   Provision for taxation	172
   Profit after tax	1108

5. Provision for taxation - Current, consists of foreign income tax of Rs.172 lakhs and wealth tax of Rs. 3 lakhs.
6. The Company has sold 74% of it's shareholding in Voltas Switchgear Ltd. during the current quarter and accordingly, Voltas Switchgear Ltd. ceased to be a subsidiary of the Company.
7. Figures in the corresponding period last year have been regrouped for making them comparable.
8. The above results have been taken on record by the Board of Directors at its Meeting held on 25th October, 2001.