Sales for the quarter are placed at Rs. 3551 Crores against Rs. 3555 crores in Q4. The sales are significantly higher from Q1 2006 sales of Rs. 2867 crores up 24%. No way a small performance.

Net profit is at Rs. 1028 crores down 8.5% from Q4 Rs. 1124 crores but significantly up 30% from Q1 2006 figures of Rs. 800 Crores.

But there is a significant growth of other income by Rs. 125 crores.

This reduces the YoY growth to around 12.5%

b. Details of Other Income
- Interest on deposits with banks and others Rs 1750.00 million
- Miscellaneous Income Rs 60.00 million
- Exchange differences Rs 740.00 million 

The same were as follows in Q4

- Interest on deposits with banks and others Rs 820.00 million
- Dividends on Investment in liquid mutual funds Rs 330.00 million
- Miscellaneous Income Rs 80.00 million
- Exchange differences Rs (30.00) million

The stock is currently trading at Rs. 1950 discounting the TTM EPS of Rs. 70 by 28 times.

Long term investors can hold. A price of Rs. 1750 will make this stock very attractive.