During the quarter ended 31st March 2006, the Company acquired two modern double hull double bottom Very Large Crude Carriers (VLCCs), MT Smiti (year built 2005) and MT Ashna (year built 1999)

The Consolidated Total Income was Rs. 1,021.50 crore (USD 227.71 million) for the year ended March 31, 2006, as compared to a Total Income of Rs. 1,101.95 crore (USD 250.56 million) during the corresponding period of the previous year. Net Profit stood at Rs. 388.90 crore (USD 86.89 million) for the year ended 31st March 2006 as compared to Rs. 456.27 crore (USD 103.74 million) during the corresponding period in the previous year.

Net Interest and Depreciation for the quarter ended March 31, 2006 were Rs. 9.55 crore (USD 2.13 million) and Rs. 10.85 crore (USD 2.42 million) respectively on a standalone basis. During the corresponding period of the previous year, interest and depreciation were Rs. 22.65 crore (USD 5.15 million) and Rs. 18.06 crore (USD 4.11 million) respectively on a standalone basis.

Net Interest and Depreciation on a consolidated basis for the year ended March 31, 2006 were Rs. 45.93 crore (USD 10.24 million) and Rs. 61.45 crore (USD 13.70 million) respectively. During the corresponding period of the previous year, interest and depreciation were Rs. 140.53 crore (USD 31.95 million) and Rs. 105.35 crore (USD 23.95 million) respectively on a consolidated basis.

The above results were taken on record at the meeting of the Board of Directors held on June 26, 2006.

Audited Financial Results for the year ended March 31, 2006