APEEJAY TEA LIMITED

4.a) Provision for tax ( other than Fringe Benefit Tax) for the three months ended June 30, 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. The ultimate tax liability would be on the basis of taxable income for the year ending March 31, 2008.


APEEJAY TEA LIMITED
Registered Office :Talap 786 156, Assam
Unaudited Financial Results for three months ended June 30, 2007

			Rs. in lacs
	Three Months Ended		Year Ended 31.03.2007 (Audited)
	30.06.2007 (Unaudited)	30.06.2006 (Unaudited)	Year Ended 31.03.2007 (Audited)

1. Net Sales/Income from Operations	1,344	1,468	9,256
2. Other Income @	203	186	937
3. Total Expenditure	1,378	1,387	9,304
a) (Increase)/Decrease in Stock	(1,102)	(1,433)	(543)
b) Consumption of Raw Materials (Note 3)	59	71	229
c) Staff Cost	1,355	1,530	5,100
d) Power and Fuel	363	422	1,458
e) Stores and Spares Consumed	274	331	805
f) Other Expenditure	429	466	2,255
4. Interest	157	148	483
5. Depreciation	86	86	354
6. Profit / (Loss) before Tax * (1+2-3-4-5)	(74)	33	52
7. Provision for Taxation ( Note 4 )
Current Tax	10	2	(21)
Deferred Tax ( net credit )	(9)	(5)	(23)
Fringe Benefit Tax	3	4	27
8. Net Profit / (Loss) (6-7)	(78)	32	69
9. Paid up Equity Share Capital	600	600	600
(Face value Rs.10/- per share)
10. Reserves excluding Revaluation Reserve			5,831
11. Basic and Diluted EPS (Rs.)	(1.30)	0.53	1.14
12. Aggregate of Public Shareholding
- Number of Shares	15,43,550	15,43,550	15,43,550
- Percentage of Shareholding	25.73	25.73	25.73
'@ including Profit on Redemption of Investment in Preference Shares			279
* after considering Exchange (Gain) / Loss - Net		23	19

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

			Rs. in lacs
	Three Months Ended		Year Ended 31.03.2007
	30.06.2007	30.06.2006	Year Ended 31.03.2007
1. Segment Revenue (Sales/Income from Operations)
a) Export		37	1,040
b) Domestic	1,344	1,431	8,216
Total	1,344	1,468	9,256
Less: Inter Segment Revenue
Net Sales / Income from Operations	1,344	1,468	9,256
2. Segment Result [Profit / (Loss ) before Interest and Tax from segment]
a) Export		4	148
b) Domestic	128	257	505
Total	128	261	653
Less: Interest	157	148	483
Add: Unallocated Income net of unallocable expenditure	(45)	(80)	(118)
Profit / (Loss) before Tax	(74)	33	52
3. Capital Employed
a) Export		37	9
b) Domestic	333	404	129
Total	333	441	138
Add: Unallocated corporate assets (net of corporate liabilities)	15,962	17,255	16,235
Total Capital Employed	16,295	17,696	16,373

Notes:

1. The above results have been taken on record at the Board Meeting held on Tuesday, July 31, 2007, after due consideration of the same by the meeting of the Audit Committee held on the same date.

2. The Accounting Standard ( AS ) - 15 ( Revised ) on 'Employee Benefits' issued by the Institute of Chartered Accountants of India has become applicable during the current quarter and the Company is in the process of ascertaining impact, if any , on certain accrued employee costs up to the three months ended June 30, 2007 in terms of the said AS. This will be accounted for on completion of aforesaid process.

3. 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.

4.a) Provision for tax ( other than Fringe Benefit Tax) for the three months ended June 30, 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. The ultimate tax liability would be on the basis of taxable income for the year ending March 31, 2008.
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.

5. Status of investor grievances for the three months ended June 30, 2007.

No. of complaints
Pending as at 01.04.2007	received during the quarter	Attended to/disposed of during the quarter	Pending as at 30.06.2007
Nil	3	3	Nil

6. Tea industry is seasonal in character and as such results for three months ended June 30, 2007 should not be construed as representative of the likely result of the Company for the financial year ending March 31, 2008.

7. During the three months ended June 30, 2007 the Company has acquired 49,990 Equity Shares of Rs.10/- each in Apeejay Typhoo Tea Private Limited.

8. Comparative figures have been regrouped / rearranged wherever necessary. However, figures for the three months ended June 30, 2006 includes figures relating to Kharjan Tea Estate which has been transferred to another company pursuant to a Scheme of Arrangement sanctioned by a High Court in March 2007 and accordingly the same are not comparable with the figures for the three months ended June 30, 2007.

	By Order of the Board APEEJAY TEA LIMITED

	Karan Paul Director
Kolkata: July 31, 2007