APEEJAY TEA LIMITED

2. (a) Pursuant to a Scheme of Arrangement (hereinafter referred to as "the scheme") between the Company and Kharjan Tea Estates Private Limited (KTEPL) and their respective shareholders, which was sanctioned by the Honb'le Gauhati High Court by its order dated 15th March 2007, the business activity of tea plantation carried out by the Company at its Kharjan Tea Estate on a going concern basis together with related assets, rights, properties, present and future liabilities (Demerged Undertaking) were transferred to and vested in KTEPL with effect from 1st April 2006 (ie the Appointed Date).
The effect of the said Scheme has been given in these accounts.


APEEJAY TEA LIMITED
Registered Office :Talap 786 156, Assam
Audited Financial Results for the year ended March 31, 2007

					Rs. in lacs
	Nine Months Ended	Quarter Ended		Year Ended
	31.12.2006	31.03.2007	31.03.2006	31.03.2007	31.03.2006

1. Net Sales/Income from Operations ( including claims )	7934	1,322	2,354	9,256	9,418

2. Other Income @	765	172	243	937	729
3. Total Expenditure	7,153	2,151	3,437	9,304	10,074
a) (Increase)/Decrease in Stock	(1,778)	1,235	1,418	(543)	(304)
b) Consumption of Raw Materials (Note 3)	222	7	11	229	217
c) Staff Cost	4,700	400	1,140	5,100	5,576
d) Power and Fuel	1,379	79	193	1,458	1,548
e) Stores and Spares Consumed	725	80	163	805	920
f) Other Expenditure	1,905	350	512	2,255	2,117
4. Interest	402	81	147	483	425
5. Depreciation	284	70	69	354	338
6. Profit / (Loss) before Tax * (1+2-3-4-5)	860	(808)	(1,056)	52	(690)
7. Provision for Taxation ( Note 4 )
Current Tax	50	(71)	(28)	(21)	(8)
Deferred Tax ( net credit )	(16)	(7)	(7)	(23)	(24)
Fringe Benefit Tax	10	17	8	27	32
8. Net Profit / (Loss) (6-7)	816	(747)	(1,029)	69	(691)
9. Paid up Equity Share Capital	600	600	600	600	600
(Face value Rs.10/- per share)
10. Reserves excluding Revaluation Reserve				5,831	5,763
11. Basic and Diluted EPS (Rs.)	13.60	(12.45)	(17.15)	1.14	(11.52)
12. Aggregate of Public Shareholding
- Number of Shares	15,43,550	15,43,550	15,43,550	15,43,550	15,43,550
- Percentage of Shareholding	25.73	25.73	25.73	25.73	25.73
'@ including Profit on Redemption of Investment in Preference Shares	279			279
* after considering Exchange (Gain) / Loss - Net	27	(8)	(9)	19	23

REPORTING OF SEGMENTWISE RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT

					Rs. in lacs
		Quarter Ended		Year Ended
		31.03.2007	31.03.2006	31.03.2007	31.03.2006

1. Segment Revenue (Sales/Income from Operations)
a) Export		(5)	63	1,040	312
b) Domestic		1,327	2,291	8,216	9,106
Total		1,322	2,354	9,256	9,418
Less: Inter Segment Revenue
Net Sales / Income from operations		1,322	2,354	9,256	9,418
2. Segment Result [Profit / (Loss ) before Interest and Tax from segment]
a) Export		(93)	(7)	148	8
b) Domestic		(591)	(922)	505
Total		(684)	(929)	653	8
Less: Interest		81	147	483	425
Add: Unallocated Income net of unallocable expenditure		(43)	20	(118)	(273)
Profit / (Loss) before Tax		(808)	(1,056)	52	(690)
3. Capital Employed
a) Export		9	27	9	27
b) Domestic		129	140	129	140
Total		138	167	138	167
Add: Unallocated corporate assets (net of corporate liabilities)		16,235	17,497	16,235	17,497
Total Capital Employed		16,373	17,664	16,373	17,664

Notes:

1. The above results have been taken on record at the Board Meeting held on Friday, June 22, 2007, after due consideration of the same by the meeting of the Audit Committee held on the same date.

2. (a) Pursuant to a Scheme of Arrangement (hereinafter referred to as "the scheme") between the Company and Kharjan Tea Estates Private Limited (KTEPL) and their respective shareholders, which was sanctioned by the Honb'le Gauhati High Court by its order dated 15th March 2007, the business activity of tea plantation carried out by the Company at its Kharjan Tea Estate on a going concern basis together with related assets, rights, properties, present and future liabilities (Demerged Undertaking) were transferred to and vested in KTEPL with effect from 1st April 2006 (ie the Appointed Date). The effect of the said Scheme has been given in these accounts.
(b) In terms of the scheme, assets and liabilities of the Demerged Undertaking were transferred to KTEPL at their respective book values (excluding revaluation reserve) on the Appointed Date and in consideration 39,42,510 Equity Shares of Rs 10/- each in KTEPL credited as fully paid up, were issued and allotted by it in favour of the Company
(c)The excess of book value of assets (after elimination of related Revaluation Reserve of Rs 1,04,783 thousand) over liabilities of the Demerged Undertaking being Rs 39,425 thousand, transferred as aforesaid, is represented by the aggregate face value of the Equity Shares in KTEPL referred to in Note 2(b) above and the said entity is a subsidiary of the Company.

3. These Accounts have been prepared in accordance with the Accounting Standards issued by the Institute of Chartered Accountants of India.

4. Consumption of raw material shown above represents cost of green leaf purchased from others. The value of consumption of green leaf harvested from the Company's own estates is not ascertainable because of integrated operation of harvesting green leaf to manufacture of black tea .

5.a) Provision for tax ( other than Fringe Benefit Tax ) for the year ended March 31, 2007 is based on estimate of taxable income for the relevant period after considering depreciation on fixed assets on the basis of the Calcutta High Court in CIT vs Suman Tea & Plywoods Industries Private Limited reported in 204 ITR 719.
b) Deferred Tax Assets ( net ) pertaining to Agricultural Income Tax Losses have not been recognised in the absence of virtual certainty of availability of taxable Income in future years.

6. Status of investor grievances for the three months ended March 31, 2007

No. of complaints
Pending as at 01.01.2007	Received during the quarter		Disposed during the quarter		Lying unresolved as at 31.03.2007
Nil	12		12		Nil

7. Comparative figures have been regrouped / rearranged wherever necessary. However, in view of transfer of Kharjan Tea Estate as referred to in Note 2 above, current year's / quarter's figures are not comparable with the corresponding previous period's figures.

			By Order of the Board APEEJAY TEA LIMITED

			Jit Paul Chairperson
Kolkata: June 22nd, 2007