core sector communique

5% DIVIDEND BY IFGL REFRACTORIES

The Board of Directors of IFGL Refractories Ltd (the Company ) in their meeting held on Wednesday, 25^th May, 2011 have approved audited financial results, both on stand-alone and consolidated basis, for the year ended on 31^st March, 2011.

Key financial figures are given below: (Rs in millions)

	For nine months ended on 31.12.2010	For three months ended on 31.03.2011	For twelve months ended on 31.03.2011	For twelve months ended on 31.03.2010
Consolidated
Total Income	3313	1414	4727	4181
PBT	175	152	327	497
PAT	127	116	243	343
Stand-alone
Total Income	1487	595	2082	1753
PBT	61	49	110	224
PAT	41	33	74	147

Earning per share on consolidated basis is Rs 6.63 compared to Rs 9.91 for previous year ended on 31^st March, 2010.

Profit before Tax and Profit after Tax are lower than those of previous year because of affect of extra-ordinary macro economic factors faced by the Company, which have largely tapered in fourth quarter ended on 31^st March, 2011 and thus substantially improved performance for said quarter. In view thereof and that said trend is likely to continue, the Board recommended payment of Dividend at the rate of 5% i.e. Rs. 0.50 per Equity Share of Rs. 10/- for financial year 2010 - 2011 following Company’s Dividend Distribution Policy.

The Board of Directors have also appointed Mr Debal Banerji, a Senior Advocate practising in the Hon’ble Supreme Court of India, as an Additional Director with immediate effect.

About IFGL Refractories:

IFGL Refractories is a leading manufacturer of specialized Refractories having manufacturing facilities in Brazil, China, Czech Republic, Germany, India, UK and USA. Krosaki Harima Corporation (a subsidiary of Nippon Steel Corporation, Japan) is the technology provider. Equity Shares are listed both on Mumbai and National Stock Exchanges of India.