Notes:

1. The Company's branded tea portfolio performed strongly during the quarter ended June 30, 2005 displaying a growth of 16% in sales volumes compared to the corresponding quarter of the previous year. Consequently, despite the exit from a major part of South India Plantations as referred to in Note 4 below, the Company's Income from Operations for the quarter ended June 30, 2005 improved by 8% to Rs 223.22 crores The Profit before Tax from Operations at Rs 36.73 crores was 31% higher than the profit earned during the corresponding quarter of the preceding year.
   
   
2. Overall expenditure at 180.79 crores is higher by 6% mainly due to increase in purchase of teas pursuant to higher brand sales, higher crop in North India and increased promotional spends during the quarter. Reduction in Staff Costs is due to restructuring of South India operations.
   
   
3. Exceptional item during the current quarter represents profit on transfer as a going concern of a portion of the Company's undertaking comprising of certain estates in South India and is also net off amortization of amounts expended on Employee Separation Scheme.
   
   
4. The Company has, with effect from April 1, 2005, transferred as a going concern a portion of its undertaking comprising of 16 estates in South India, to Kanan Devan Hills Plantations Company Pvt Ltd (principally owned by the employees of the company) on the basis of an independent valuation which has resulted in a profit of Rs 10.72 crores . The Company proposes to hold 19% of the equity capital of the new company.
   
   
5. In view of the seasonality of the cropping pattern in the North India Plantation operations and in accordance with the accounting practice consistently followed in the past for quarterly and half yearly results, stock of teas in the North India plantation operations as on June 30, 2005 has been valued at the lower of estimated cost of production (full year production and expenditure) and net realizable value.
   
   
6. The Company's plantation operations in the Dooars which accounts for a minor portion of the Company's total plantation production, remains closed from July 11, 2005, till date along with other plantation companies in the Dooars region of West Bengal. A tripartite negotiation for settlement involving the workers, the Government and tea garden owners continues.
   
   
7. The Company is in the process of merging its wholly owned subsidiary Tata Tetley Ltd, effective April 1, 2005. Tata Tetley registered a turnover of Rs 64.55 crores and a PBT of Rs 3.08 crores for the previous financial year ended March 31, 2005 and a turnover of Rs 14.65 crores and a PBT of Rs 0.66 crores for the quarter ended June 30, 2005. These accounts do not include the performance of Tata Tetley Ltd as the merger is pending receipt of requisite approvals.
   
   
8. Particulars of complaints received from investors during the quarter, complaints resolved and those pending are as follows:-
   .
   
   

   Particulars of complaints	Numbers
   Outstanding as on April 1, 2005	Nil
   Received during the quarter	5
   Resolved during the quarter	4
   Outstanding as on June 30, 2005*	1

   
   

9. Previous period's figures have been regrouped, to the extent necessary, to conform to current period's figures.
   
   
10. The aforementioned results were reviewed by the Audit Committee of the Board on July 21, 2005 and subsequently taken on record by the Board of Directors at its meeting held on July 25, 2005. Limited Review of these results, as required under Clause 41 of the Listing Agreement, has been completed by the Auditors

Mumbai: July 25, 2005

Ratan N Tata (Chairman)

Unaudited Consolidated Financial Results (Provisional) for three months ended June 30, 2005   Rs in Crores   Three months ended December 31 PreviousYear ended March 31, 2005   2005 2004 Income from Operations 716.69 707.00 3059.13 Income from Investments(Net) 2.60 0.59 17.40 Total Income 719.29 707.59 3076.53 Total Expenditure 578.47 574.59 2519.39 Profit before Interest and Depreciation 140.82 133.00 557.14 Interest (Net) 26.03 31.18 122.76 Gross Profit after Interest but before Depreciation and Taxation 114.79 101.82 434.38 Depreciation 17.76 18.89 77.85 Profit before Tax and Exceptional Items 97.03 82.93 356.53 Exceptional Income / (Expenditure)(Net) 23.88 (0.32) (42.81) Profit before Tax 120.91 82.61 313.72 Provision for Taxation 32.58 26.58 93.85 Profit after Tax 88.33 56.03 219.87 Share of Profit/(Loss) from Associates - - 9.79 Minority Interest in Consolidated Profit 1.95 1.11 16.02 Reversal of share of loss of earlier years in respect of an Associate Company divested during the year - - 1.83 Group Consolidated Profit 86.38 54.92 215.47 Paid up Equity Share Capital (face value of Rs 10 each) 56.22 56.22 56.22 EPS before Extraordinary Items (not annualised) - Rs Basic Earning Per Share - Rs 15.36 9.77 38.33 Diluted Earning Per Share - Rs 14.20 9.10 36.74   Notes:       1. The consolidated Income from Operations for the quarter at Rs 716.69 crores was 1% higher than the corresponding quarter of the previous year. The Group Consolidated Net Profit at Rs 86.38 crores was 57% higher than the same period of the previous year.   2. The share of profit/(loss) in associated undertakings has not been considered for the current quarter as the same were not yet available.   3. Exceptional item during the current quarter represents profit on transfer as a going concern, a portion of the Holding Company's undertaking comprising of certain estates in South India and is also net off amortization of amounts expended on Employee Separation Scheme in the Holding Company and an Indian subsidiary. It also includes a curtailment gain of Rs 15.24 crores (£1.9 m), consequent to closure of The Tetley GB defined benefit scheme.   4. The Holding Company has, with effect from April 1, 2005, transferred as a going concern a portion of its undertaking comprising of 16 estates in South India, to Kanan Devan Hills Plantations Company Pvt Ltd (principally owned by the employees of the company) on the basis of an independent valuation which has resulted in a profit of Rs 10.72 crores . The Holding Company proposes to hold 19% of the equity capital of the new company.         5 Under Indian GAAP, The Tetley Group's (the Company's 98.58% UK subsidiary) turnover was Rs 461 crores for the first quarter of its Financial Year 2005/06 as against Rs 450 crores for the corresponding period of the preceding year. The Profit before Tax at Rs 64 crores and the Profit after Tax at Rs 43 crores was higher by 46% and 53% , respectively, over the corresponding quarter of the preceding year partly due to exceptional items.         6. During the quarter, The Tetley Group (the Company's 98.58% UK subsidiary) has changed its accounting policy for pension costs to comply with the requirements of FRS 17 which has become mandatory. Consequent to this change an amount of Rs 100.54 crores (£12.9 m), representing an estimate of the scheme deficit under FRS 17, has been charged against reserves.         7. Previous period's figures have been regrouped, to the extent necessary, to conform to current period's figures.         8. The aforementioned results were reviewed by the Audit Committee of the Board on July 21, 2005 and subsequently taken on record by the Board of Directors at its meeting held on July 25, 2005. Mumbai: July 25, 2005 Ratan N Tata (Chairman)

Segment wise Revenue, Results and Capital Employed, under Clause 41, of the Listing Agreement for three months ended June 30, 2005

Rs/Crore
	Three months ended June 30, 2005	Three months ended June 30, 2004	Year ended March 31, 2005
1. Segment Revenue	-	-	-
---a) Tea	222.21	200.38	884.29
---b) Others	0.63	4.45	12.55
-------Total	222.84	204.83	896.84
---Less : Inter Segment Revenue	-	-	-
---Net Revenue from Operations	222.84	204.83	896.84
2. Segment Results	-	-	-
---a) Tea	49.03	38.22	151.34
---b) Others	(0.77)	(0.48)	(0.87)
-------Total	48.26	37.74	150.47
---Less : Interest (net)	1.68	2.20	8.47
---Add : Unallocable income net of unallocable ---------expenditure	5.01	(5.26)	20.15
Total Profit before Tax	51.59	30.28	162.15
3. Segment Capital Employed	-	-	-
---a) Tea	310.90	344.68	398.67
---b) Others	1.40	5.52	2.46

Notes:

1. The definitions of the internal business segmentation and the activitities encompassed therein are as follows:
   
   Tea :: Cultivation & manufacture of black tea and instant tea,tea buying / blending and sale of tea in bulk or value added form.
   
   Others :: Cultivation & production of coffee, other minor crops, trading in commodities etc.
   
   
2. The segment wise revenue, results and capital employed figures relate to the respective amounts directly identifiable to each of the segments. Unallocable expenditure includes expenses incurred on common services at the corporate level and relate to the Company as a whole. Unallocable income includes income from investments and exceptional items.
   
   

Mumbai: July 25, 2005

Ratan N Tata (Chairman)