RAIN CALCINING LIMITED

6-3-571/2, Floor 2, "Rockvista", Rockdale Estate, Somajiguda, Hyderabad 500 082.

Audited Financial Results for the Quarter Ended June 30, 2003
(Rs. in lakhs) S# 1. 2. 3. 4. Particulars Sales/Income from Operations Less: Excise Duty Net Sales Other Income Total Income Total Expenditure (a) (Increase)/Decrease in stock (b) Materials Consumed (c) Staff Cost (d) Other Expenditure Interest & Finance Charges Depreciation and amortization Extraordinary item-Miscellaneous Expenditure written off [Refer Note No. 3 below] Profit Before Tax Provision for Current Taxation Provision for Deferred Taxation Net Profit Paid up Equity Share Capital (Face value Rs.10/-) Reserves Basic Earnings per share (Not annualized) - Rs. Aggregate of Non Promoter Shareholdings: - Number of Shares (in lakhs) - Percentage of Shareholding Quarter Ended June 30 2003 2002 7,859 (548) 7,311 31 7,342 5,116 (777) 4,944 92 857 484 488 204 1,050 31 146 873 12,949 1,130 0.67 579.13 44.72 7,772 (223) 7,549 32 7,581 5,541 85 4,428 103 925 634 502 904 51 105 748 12,949 123 0.58 579.13 44.72 Year Ended March 31, '2003 33,135 (816) 32,319 187 32,506 23,908 403 18,779 459 4,267 2,297 2,010 4,291 97 426 3,768 12,949 257 2.91 579.13 44.72

5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15.

Segment wise Revenue, Results and Capital Employed for the Quarter Ended June 30, 2003
Quarter Ended June 30 2003 2002 3,953 3,003 440 7,396 85 7,311 4,695 2,697 237 7,629 80 7,549 (Rs. in lakhs) Year Ended March 31, '2003 20,164 11,221 1,258 32,643 324 32,319

S# 1.

Particulars Segment Revenue: (a) Calcined Petroleum Coke [Net of Excise Duty] (b) Power (c) Trading Division Total Less: Inter segment revenue Net Sales/Income from Operations Segment Results: Profit [Before Interest, Extra-ordinary Item and Tax] from each segment (a) Calcined Petroleum Coke (b) Power (c) Trading Division Total Less: Interest (net) Less: Unallocable expenditure Less: Extra-ordinary item Total Profit before tax Segment Capital Employed: [Segment Assets less Segment Liabilities] (a) Calcined Petroleum Coke (b) Power (c) Trading Division (d) Unallocable assets less liabilities Total

2.

744 888 101 1,733 347 132 204 1,050

831 707 64 1,602 538 160 904

3,460 2,973 247 6,680 1,820 569 4,291

3.

6,101 8,468 777 (1,267) 14,079

3,568 7,590 245 1,669 13,072

6,379 7,789 248 (1,209) 13,207

Notes: 1. Figures of the corresponding previous quarter/year have been regrouped/rearranged, wherever necessary. 2. 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 and purchase agreement between the Company and APTransco. 3. 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. 4. 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. 5. 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. 6. 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. By Order of the Board

Hyderabad July 26, 2003

N. JAGAN MOHAN REDDY Managing Director