in a Dynamic Environment - Domain-b

Net loss on derivative instruments of Rs. 470.72 crores recognised in Hedging Reserve as of March 31, 2009, isexpected to be reclassified to the profit and loss account by March 31, 2010.The movement in Hedging Reserve during the year ended March 31, 2009, for derivatives designated as Cash FlowHedges is as follows:Year endedYear endedMarch 31, 2009 March 31, 2008(Rs. in crores)(Rs. in crores)Balance at the beginning of the year (15.15) 73.71Gains/(losses) transferred to income statement onoccurrence of forecasted hedge transaction 21.83 (64.91)Changes in the fair value of effective portion ofoutstanding cash flow derivatives (638.81) (174.78)Net derivative (losses) / gain related to adiscontinued cash flow hedge (97.81) 150.83Balance at the end of the year (729.94) (15.15)In addition to the above cash flow hedges, the Group has outstanding foreign exchange forward contracts andcurrency option contracts aggregating Rs. 4222.69 crores (March 31, 2008: Rs. 2167.95 crores) whose fair valueshowed a gain of Rs. 7.70 crores as on March 31, 2009 (March 31, 2008: loss of Rs. 4.46 crores). Although thesecontracts are effective as hedges from an economic perspective, they do not qualify for hedge accounting andaccordingly these are accounted as derivatives instruments at fair value with changes in fair value recorded in theprofit and loss account. Exchange loss of Rs. 406.68 crores (March 31, 2008: exchange gain of Rs. 283.96 crores) onforeign exchange forward and currency option contracts for year ended March 31, 2009, have been recognised inthe profit and loss account.20) Earning per shareYear endedYear endedMarch 31, 2009 March 31,2008(Rs. in crores)(Rs. in crores)Net profit for the year 5256.42 5026.02Less: Preference share dividend (including dividend tax) 8.19 0.08Amount available for Equity shareholder 5248.23 5025.94Weighted Average No. of Shares 97,86,10,498 97,86,10,498Earning per share basic and diluted (Rs.) 53.63 51.36Face value per Equity share (Rs.) 1 121) Subsequent eventThe Board of directors have recommended the issue of bonus shares in the proportion of one new equity share for everyexisting equity share by utilization of Securities Premium Account, subject to the approval of the shareholders.22) Figures pertaining to the subsidiary companies have been reclassified wherever necessary to bring them in line with theGroup financial statements.23) Previous year's figures have been recast / restated wherever necessary.24) Previous year's figures are in italics.187