Key Financial Information

Key Financial Highlights for FY 2009

• Revenues of Rs 5,680 crore and PBDIT of Rs 3,665 crore
• Significant volume growth in both mined and salable metals
• Stable operating costs, despite sector-wide price pressures
• Investment of Rs 3,600 crore in growth projects
• Return on capital employed (ROCE) continues to be strong at 23.53%
• Strong balance sheet with shareholders fund base of Rs 14,357 crore
• Cash and liquid investments of Rs 9,629 crore
• Earnings per share of Rs 64.55

Key Performance Indicators

Particulars	FY 2005	FY 2006	FY 2007	FY 2008	FY 2009
Revenue (Rs crore)	2,202	3,877	8,560	7,878	5,680
ROCE (%)	35.38	57.10	84.98	50.72	23.53
PBDIT (Rs crore)	1,018	2,418	6,639	6,231	3,665
EPS (Rs)	15.51	34.85	105.12	104.04	64.55

Definitions of Key Financial Terms

Revenue

Revenue on sale of products (net of volume rebates) is recognized on delivery of product and/or on passage of title to the buyer. Sales include export benefits. Export benefits are recognized on recognition of export sales.

ROCE (Return on Capital Employed)

ROCE (Return on Capital Employed) is calculated on the basis of profit before tax and interest as a ratio of capital employed in business as at the balance sheet date. The objective is to consistently earn returns to ensure that capital is invested efficiently. ROCE is a good indicator of the efficiency of our productive capital.

PBDIT (Profit Before Depreciation Interest and Taxes)

PBDIT is a factor of volumes, prices and costs of production. This is calculated by adjusting operating profits, depreciation interest and amortisation. Our objective is to take advantage of our low cost base to achieve the best possible margins across the Businesses.

EPS (Earnings Per Share)

EPS is the net profit attributable to equity shareholders. By producing a stream of profits and EPS we will be able to pay a progressive dividend to our shareholders. EPS growth also demonstrates that our capital structure is being managed efficiently.