APEEJAY TEA LIMITED

4.a) Provision for tax (other than Fringe Benefit Tax )for the half year ended September 30, 2007 is based on estimate of taxable income of 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 the quarter / half-year ended September 30, 2007

					Rs. in lacs
	Quarter Ended		Half Year Ended		Year Ended
	30.09.2007 (Unaudited)	30.09.2006 (Unaudited)	30.09.2007 (Unaudited)	30.09.2006 (Unaudited)	31.03.2007 (Audited)

1. Net Sales/Income from Operations	3,192	3,883	4,536	5,351	9,256
2. Other Income	207	147	410	333	658
3. Total Income (1+2)	3,399	4,030	4,946	5,684	9,914
4. Expenditure
a) (Increase)/Decrease in Stock in trade	(479)	(460)	(1,581)	(1,893)	(543)
b) Consumption of Raw Materials (Note 3)	132	97	191	168	229
c) Purchase of Traded Goods
d) Employees Cost	1,715	1,833	3,070	3,363	5,100
e) Power and Fuel	486	576	849	998	1,458
f) Stores and Spares Consumed	238	247	512	578	805
g) Depreciation	105	95	191	181	354
h) Other Expenditure	698	859	1,127	1,325	2,255
i) Total	2,895	3,247	4,359	4,720	9,658
5. Interest	197	126	354	274	483
6. Exceptional Items @		(279)		(279)	(279)
7. Profit from Ordinary Activities
before tax* [ 3 - (4+5+6) ]	307	936	233	969	52
8. Tax Expense ( Note 4 )
Current Tax charge / ( credit )	(10)	54		56	(21)
Deferred Tax ( net credit )	(36)	(5)	(45)	(10)	(23)
Fringe Benefit Tax	5	6	8	10	27
9. Net Profit from Ordinary Activities after tax (7-8)	348	881	270	913	69
10. Extra Ordinary Items
11. Net Profit for the period ( 9-10 )	348	881	270	913	69
12. Paid up Equity Share Capital	600	600	600	600	600
(Face value Rs.10/- per share)
13. Reserves excluding Revaluation Reserve as per
Balance Sheet of previous accounting year					5,831
14. Earning Per Share before and after Extra ordinary items
Basic and Diluted ( Rs.)	5.80	14.68	4.50	15.22	1.14
15. 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
@ Represents Profit on Redemption of Investment in Preference Shares

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

					Rs. in lacs
	Quarter Ended		Half Year Ended		Year Ended
	30.09.2007 (Unaudited)	30.09.2006 (Unaudited)	30.09.2007 (Unaudited)	30.09.2006 (Unaudited)	31.03.2007 (Audited)

1. Segment Revenue (Sales/Income from Operations)
a) Export	198	608	198	645	1,040
b) Domestic	2,994	3,275	4,338	4,706	8,216
Total	3,192	3,883	4,536	5,351	9,256
Less: Inter Segment Revenue
Net Sales / Income from Operations	3,192	3,883	4,536	5,351	9,256
2. Segment Result (Profit before Interest and Tax from segment)
a) Export	15	158	15	162	148
b) Domestic	503	692	631	868	505
Total	518	850	646	1,030	653
Less: Interest	197	126	354	274	483
Less: Unallocable expenditure net of unallocable ( income )	14	(212)	59	(213)	118
Profit before Tax	307	936	233	969	52
3. Capital Employed (Segment Assets - Segment Liabilities) (Note 7)
a) Export	60	477	60	477	9
b) Domestic	744	606	744	606	129
Total	804	1,083	804	1,083	138

Notes:

1. The above results have been approved by the Board of Directors of the Company at their meeting held on Wednesday, October 31, 2007, after due consideration of the same by the meeting of the Audit Committee held on the same date ; and these have been subjected to a Limited Review by the Statutory Auditors of the Company.

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 period and the Company is in the process of ascertaining impact, if any , on certain accrued employee costs up to the half year ended 30th September, 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 readily ascertainable at this stage 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 half year ended September 30, 2007 is based on estimate of taxable income of 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 quarter ended September 30, 2007.

Pending as at 01.07.2007	No. of complaints received during the quarter		Attended to/disposed of during the quarter		Pending as at 30.09.2007
Nil	3		2		1

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

7. Segment Capital Employed represents Debtors minus Brokerage Liability. In keeping with the consistent practice followed by the Company other assets and liabilities which relate to the enterprise as a whole and are not considered allocable to any of the segments on a reasonable basis.

8. Comparative figures have been regrouped / rearranged wherever necessary. However, figures for the quarter / half year ended September 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 quarter / half year ended September 30, 2007.

9. The observation made by the Statutory Auditors in their Limited Review Report on the aforesaid financial results has been dealt with in Note 2 above which is self explanatory.

	By Order of the Board APEEJAY TEA LIMITED

	Jit Paul Director
Kolkata: October 31, 2007