PUBLICATION SEGMENT:

• As expected, both the states (Maharashtra & Gujarat) have witnessed syllabus change of major standards over last few years resulting into growth in Publication business. Since there is no major syllabus change scheduled for the current year, the company managed to maintain its revenue in the segment. The company expects a moderate growth in this segment's revenue for next year.
  
  
• The company has managed to maintain its operating margin and expects the same next year as well.

STATIONERY SEGMENT:

• The company is witnessing a remarkable growth (36% to Rs.15889-lac) in domestic stationery segment mainly due to aggressive marketing efforts for its paper and non-paper stationery business. The company expects this vertical to grow by 25% in next year.
  
  
• International business received encouraging orders due to reduced competition from neighbouring countries. The turnover for the year increased by 367% to Rs.7086-lac as compared to corresponding period. The company expects 25% growth in International business in next year.
  
  
• The Operating margin for the year has improved due to 69% increase in segment revenue for the quarter. The company expects to maintain the operating margin at this level in next year. Also, the margins were down last year on account of major write off of Rs.257-lac as bad debts.
  

OTHERS SEGMENT:

• The windmills that are operative since September 2007 have generated Rs.388-lac worth of power for the year ended 31st March, 2009. However the ECB revaluation loss of Rs.410-lac has resulted in segment loss of Rs.491-lac after considering depreciation of Rs.315-lac.
  

OTHER INCOME / (EXPENSES):

• ECB revaluation loss of Rs.410-lac has resulted in expense of Rs.236-lac under other income group as against income of Rs.386-lac for the corresponding period.
  

TAX:

• The effective tax liability has gone up as the company benefited due to higher depreciation on windmills last year.