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RAIN CALCINING LIMITED6-3-571/2, Floor 2, "Rockvista", Rockdale Estate, Somajiguda, Hyderabad 500 082.

Audited Financial Results for the Quarter Ended June 30, 2003(Rs. in lakhs)

Quarter Ended June 30 Year Ended

1. Sales/Income from Operations 7,859 7,772 33,135

2. Less: Excise Duty (548) (223) (816)

Net Sales 7,311 7,549 32,319

3. Other Income 31 32 187

Total Income 7,342 7,581 32,506

4. Total Expenditure 5,116 5,541 23,908

(a) (Increase)/Decrease in stock (777) 85 403

(b) Materials Consumed 4,944 4,428 18,779

(c) Staff Cost 92 103 459

(d) Other Expenditure 857 925 4,267

5. Interest & Finance Charges 484 634 2,297

6. Depreciation and amortization 488 502 2,010

7. Extraordinary item-Miscellaneous Expenditure written off 204 - -

[Refer Note No. 3 below]

8. Profit Before Tax 1,050 904 4,291

9. Provision for Current Taxation 31 51 97

10. Provision for Deferred Taxation 146 105 426

11. Net Profit 873 748 3,768

12. Paid up Equity Share Capital (Face value Rs.10/-) 12,949 12,949 12,949

13. Reserves 1,130 123 257

14. Basic Earnings per share (Not annualized) - Rs. 0.67 0.58 2.91

15. Aggregate of Non Promoter Shareholdings:

- Number of Shares (in lakhs) 579.13 579.13 579.13

- Percentage of Shareholding 44.72 44.72 44.72

Segment wise Revenue, Results and Capital Employed for the Quarter Ended June 30, 2003

(Rs. in lakhs)

Quarter Ended June 30 Year Ended

1. Segment Revenue:

(a) Calcined Petroleum Coke [Net of Excise Duty] 3,953 4,695 20,164

(b) Power 3,003 2,697 11,221

(c) Trading Division 440 237 1,258

Total 7,396 7,629 32,643

Less: Inter segment revenue 85 80 324

Net Sales/Income from Operations 7,311 7,549 32,319

2. Segment Results:

Profit [Before Interest, Extra-ordinary Item and Tax]

from each segment(a) Calcined Petroleum Coke 744 831 3,460

(b) Power 888 707 2,973

(c) Trading Division 101 64 247

Total 1,733 1,602 6,680

Less: Interest (net) 347 538 1,820

Less: Unallocable expenditure 132 160 569

Less: Extra-ordinary item 204 - -

Total Profit before tax 1,050 904 4,291

3. Segment Capital Employed:

[Segment Assets less Segment Liabilities]

(a) Calcined Petroleum Coke 6,101 3,568 6,379

(b) Power 8,468 7,590 7,789

(c) Trading Division 777 245 248(d) Unallocable assets less liabilities (1,267) 1,669 (1,209)

Total 14,079 13,072 13,207

2003 March 31, '2003

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2003Particulars

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Notes:

1. Figures of the corresponding previous quarter/year have been regrouped/rearranged, wherever necessary.

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By Order of the Board

Hyderabad N. JAGAN MOHAN REDDY

July 26, 2003 Managing Director

The above results were reviewed by the Audit Committee of Directors and approved by the Board of Directors in its

meeting held on July 26, 2003.

Subject to the approval of the shareholders at the Annual General Meeting of the Company to be held on September 24,

2003, the Board of Directors of the Company have approved the delisting of equity shares of the Company from the

Hyderabad Stock Exchange Limited under the Securities and Exchange Board of India (Delisting of Securities) Guidelines,

2003.

The Hon'ble High Court of Andhra Pradesh had given a judgement favorable to the Company and other power developers

by setting aside the order of the Andhra Pradesh Electricity Regulatory Commission which included the wheeling charges as

part of the annual power tariff and permitted APTransco to collect wheeling charges in excess of the charges agreed to in

the power wheeling and purchase agreement. Against the said order of the High Court, APTransco had filed a Special

Leave Petition in the Supreme Court of India, which was declined, but allowed the leave for appeal to be heard.

Accordingly, the Company will continue to pay wheeling charges to APTransco as per the extant power wheeling andpurchase agreement between the Company and APTransco.

Information on investor complaints for the quarter-(Nos.): Opening Balance: 0, New: 8, Disposals: 8, Closing Balance: 0.

There were no pending complaints from investors as on June 30, 2003 which had to be resolved.

Management has decided to charge the Miscellaneous Expenditure pertaining to preliminary and share issue expenses

amounting to Rs.204 lakhs as on April 1, 2003, keeping in view the changes in the accounting principles in India.

Accordingly, the said amount has been debited to the Profit and Loss Account during the current quarter and has been

treated as an extraordinary item.