AMBUJA CEMENT RAJASTHAN LIMITED
	Regd. Office: Village Rabriyawas,Tehsil Jaitaran,Distt. Pali,Rajasthan.
	Unaudited Quarterly Financial Results
					Quarter ended		Nine months ended		Previous
									Year ended
					31.03.2004	31.03.2003	31.03.2004	31.03.2003	30.06.2003
									(Audited)
	Production - Quantity in Lac Tonnes
	Clinker				3.67	3.60	11.98	10.88	13.53
	Cement				3.90	4.13	11.53	10.87	14.51
	Sales-Quantity in Lac Tonnes
	Clinker				0.66	0.47	1.49	1.49	1.70
	Cement				3.94	4.18	11.55	10.89	14.58
									(Rs. in lacs)
	Net Sales/Income from Operations
		Gross Sales			27,346	8,429	27,346	23,430	31,091
		Less : Excise duty paid			4,983	1,623	4,983	4,188	5,696
		Net Sales			22,363	6,806	22,363	19,242	25,395
	Other Income				264	8	264	52	377
	Total Expenditure
		a)	(Increase)/Decrease in Stock		(622)	471	(622)	46	665
		b)	Consumption of Raw Materials		2,636	812	2,636	2,338	3,014
		c)	Staff Cost		1,032	254	1,032	788	1,079
		d)	Power and Fuel		6,617	2,118	6,617	6,249	7,904
		e)	Freight and Forwarding		3,215	833	3,215	2,551	3,418						3.4E+07
		f)	Other Expenditure (Refer Note 1)		3,833	1,385	3,833	3,718	5,672
					16,711	5,873	16,711	15,690	21,752
	Operating Profit				5,916	941	5,916	3,604	4,020
	Interest (Net)				2,844	936	2,844	3,054	4,016
	Cash Profit/(Loss)				3,072	5	3,072	550	4
	Depreciation				1,952	622	1,952	1,894	2,550
	Net Profit /(Loss) before Taxation				1,120	(617)	1,120	(1,344)	(2,546)
	Provision for taxation (Refer Note No 2)
	- Current				-	-	-	-	-
	- Deferred tax liability/(assets)				-	-	-	-	-
					-	-	-	-	-
	Provision for Taxation (Refer Note 2)				-	-	-	-	-
	Net Profit/(Loss) after taxation				1,120	(617)	1,120	(1,344)	(2,546)
	Prior period items : Depreciation				-	-	521	-	-
	Net Profit/ (Loss)				1,120	(617)	599	(1,344)	(2,546)
	Paid up equity share capital				26,129	26,129	26,129	26,129	26,129
	(Face value of Rs. 10 per share)
	Reserves excluding revaluation reserves.								(32,987)
	Earnings per share (EPS-in Rs.)
	- Basic & Diluted
	(EPS for quarters/nine month not annualised)				0.43	(0.24)	0.23	(0.51)	(0.97)
	Aggregate of Non-Promoter Shareholding
	- Number of Shares (in lacs)						1,331.21	1,331.21	1,331.21
	- Percentage of Share holding						50.95%	50.95%	50.95%
	Notes:-
	1 (a)			No provision for current taxation has been made in the accounts in view of the carried forward business loss/unabsorbed depreciation in respect of past years.
	(b)			As the Company has substantial unabsorbed depreciation and carried forward business losses under the Income Tax Act,1961 and is unlikely to have taxable income in the foreseeable future,the deferred tax assets/liabilities have not been recognised.This is in accordance with Accounting Standard (AS) 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India.
	2			The Company has only one business segment i.e. Cement.
	3.			Consequent upon erosion of the entire net worth as on 30th June, 2001, the Company has been declared as a Sick Industrial Company by The Board for Industrial and Financial Reconstruction (BIFR).The Company has submitted Draft Rehabilitation Scheme for the approval of BIFR.The Scheme envisages amalgamation of the Company with Gujarat Ambuja Cements Limited.
	4.			The Board of Directors have proposed amalgamation of the Company with Gujarat Ambuja Cements Ltd. (GACL) in the Draft Rehabilitation Scheme submitted to BIFR for its approval. As per the proposal, Shareholders of the Company will receive one fully paid up equity share of GACL in exchange for every 50 fully paid up equity shares held in the Company.
	4.			There were no pending Investor complaints at the beginning of the quarter ended 31st March,2004.During the said quarter, the Compnay has received 53 complaints , all of which have been redressed and no complaints remain unresolved as on 31st March, 2004
	5.			During the quarter, the Company has rectified the rate of depreciation on certain block of fixed assets,on noticing that certain plants were inadvertently considered as a part of continuous cement plant .Accordingly, short depreciation provided in respect of earlier years amounting to Rs.521 lacs has now been considered as prior year adjustment .
				Consequently depreciation charge for the quarter and half year ended 31st December, 2003 is higher by Rs.45 lacs.
	5.			The previous quarter's/nine month's figures have been regrouped wherever necessary.
	6.			The above results have been approved and taken on record by the Board of Directors of the Company at the meeting held on April,2004
	7.			Limited review of quarterly results for the period ended 31st March,2004 has been carried out by the Auditors.
				Mumbai, April 2004
		Notes:-
		1	Other expenditure for the quarter and nine months ended on 31st March 2004 includes Rs. 114 lacs being the amount written off on fixed assets discarded.
		2	a)	No provision for current taxation has been made in the accounts in view of the carried forward business losses/unabsorbed depreciation in respect of past years.
			b)	As the Company has substantial unabsorbed depreciation and carried forward business losses under the Income Tax Act,1961 and is unlikely to have taxable income in the foreseeable future,the deferred tax assets/liabilities have not been recognised.This is in accordance with Accounting Standard (AS) 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India.
		3	The Company has only one business segment i.e. Cement.
		4.	Hon'ble Board for Industrial and Financial Reconstruction (BIFR) has sanctioned the Rehabilitation Scheme envisaging amalgamation of the Company with Gujarat Ambuja Cements Ltd. It was observed from the sanctioned scheme that some of the provisions of the Draft Rehabilitation Scheme have not been fully considered. The Company has, therefore, sought some modifications from BIFR as well as Appellate Authority for Industrial & Financial Reconstruction (AAIFR). The scheme will be implemented after approval is received .
		5.	There were no pending Investor complaints at the beginning of the quarter ended 31st March,2004.During the said quarter, the Company has received 40 complaints , all of which have been redressed and no complaints remain unresolved as on 31st March, 2004
		6.	The previous quarter's/nine months' figures have been regrouped wherever necessary.
		7.	The above results have been approved and taken on record by the Board of Directors of the Company at the meeting held on 14th April,2004
		8.	Limited review of quarterly results for the period ended 31st March,2004 has been carried out by the Auditors.
							By the Order of the Board
							(N.P.Ghuwalewala)
			Mumbai, 14th April, 2004				Managing Director