Chairman’s Message
 
 Dear Shareowners,
 
 It  gives me  great  pleasure  to  share with  you  the  highlights  of  our Company’s  performance  for 
the financial year ended March 31, 2012. We have changed our accounting year from calendar to fiscal and this
Annual Report will discuss the audited financials for fifteen months ended March 31, 2012.
 
 Our vision has been to become a global billion dollar enterprise by FY14 and I am happy to share with you 
that we are well on  track  to achieve  this. We have continued  to  focus on our strategy of being a leading
player in the global logistics space, evolving into an integrated logistics service provider.
 
 Avashya Group
 The past year has seen significant changes for our company. We introduced a new logo changing our name  from
Allcargo  Global  Logistics  to Allcargo  Logistics. We  also  launched  a  branding  initiative, forming a
mother brand called the Avashya Group. We felt with our growing scale of operations across the world, it was
now necessary to build a monolithic brand across all the markets that we operate in.Avashya Group will
consolidate all our group companies: Allcargo, ECU Line, Hindustan Cargo Limited, Allcargo Shipping, MHTC and
Conserve Infratech Pvt Ltd. under one umbrella brand.
 
 Every  logo  has  a  story  to  tell  and  can  be  used  to  express  an  organization’s  ambition.  With 
our businesses  undergoing  a  transformation  in  size,  scale  and  stature we  have  chosen  to  express 
the ‘Unchanging Truth’  about  our  corporation  - Our Thinking.  In  future,  as we  expand  and  diversify 
our interests, Avashya will be committed to delivering ‘Transformations that Delight’ for every new activity  
  it  embarks  upon.  The  symbol  chosen  for  Avashya  Group  is  a  prism,  an  enduring  symbol  of
transformations that delight - an object that takes white light and transforms it magically into a delightful

 rainbow of colors.
 
 The creation of  the new Allcargo  logo  is our endeavor  to express  the philosophy of  inventiveness and
imagination which we have brought into the field of logistics. Our tag line - ‘Ingenuity in Motion’ reflects
our ambition and quest to be the ‘game changer of logistics’. The infinity sign integrated into the Allcargo
logo represents the infinite possibilities of ingenious thinking.
 
 We have always prided ourselves on being ‘hands-on’ in each one of our business segments. Allcargo's new
brand promise  tells our existing and  future customers  that we will continue  to offer versatile and
superior quality services backed by a strong commitment to create value for all our stakeholders. We want
them to know that we are moving forward with both these commitments at the forefront and are poised to
reliably serve our customers' every need today and into the future, because they will always come first!2 3
2Our company has succeeded in building a financially healthy business with an attractive growth curve while
always enhancing value to its shareholders. Our focused efforts coupled with uniquely positioned business 
 strategy, has helped to deliver the desired results. The re-branding exercise signifies not only our focus
on profitable growth but also the expansion of its businesses across sectors.
 
 Business Performance
 
 The consolidated financial performance for the 15 months ended March 31, 2012, is as follows:
 
 *  Total revenues at Rs. 4,325 crore - an annualized increase of 20%
 
 *  Earnings Before Interest, Depreciation and Tax (EBIDTA) stood at Rs. 574 crore - an annualized increase
of 54%
 
 *  EBIDTA margins improved by 294 basis points to 13%
 
 *  Profit After Tax (PAT) at Rs. 285 crore - an annualized increase of 37%
 
 *  Earnings Per Share (EPS) of Rs. 21.8 - an annualized increase of 36%
 
 Our company has emerged as a leading and formidable player in all the businesses that it operates in. The
thrust is on profitable growth across all lines of our businesses.
 
 The past year saw global trade flows slow down across many regions and the slowdown is expected to continue
in the short term. Despite this, our global MTO business showed annualized growth of 13% in volumes, due to
our resilient business model as an LCL consolidator and scale of operations across 62 countries and over
4,000 port pairs.
 
 Our CFS  volumes  increased  by  7%  annualized.  In  fact, we  are  starting  a  new CFS  at  JNPT,  adding
additional capacity of 1,00,000 TEUs per annum, which will be operational by the end of August 2012.  
 
 India’s infrastructure development has been recognized as a critical driver for progress and economic
development. The government has started to take steps to address the issue of poor infrastructure in the
country, and has estimated a spend of one trillion dollars in the 12th five-year plan. This has culminated in
a strong and robust order book in our project and engineering solutions business. We have emerged as  the 
‘logistics  partner  of  choice’  for  projects  of  large  conglomerates. Our  company  has  invested
significantly in this business over the past two years, building a large fleet size of over 900 equipment, to
support this growing demand. 
 
 Awards and Recognitions
 
 I am very pleased to inform you that in the past year, our company has won many awards:
 
 *  'CEO of the Year with HR Orientation' - Asia’s Best Employer Brand Awards
 
 *  'Freight Forwarder of the Year' - 2nd MALA Awards
 
 *  'Outstanding Logistics Professional' - 2nd MALA Awards 
 
 *  'LCL Consolidator of the Year'  -  3rd South East CEO Conclave & Awards
 
 *  'Indian Freight Forwarder of the Year' - 1st Northern India Multimodal Logistics Awards
 
 *  'Most Well Diversified Business Enterprise' - Citi Commercial Bank & Economic Times
 
 Future Plans
 
 We continue to scale up our existing businesses with focus on profitable growth. We will explore new
opportunities  that would help us add value  to our existing businesses or create synergies. 2012 has brought
significant changes across the world. The uncertainty arising due to the European debt crisis, crude  oil 
fluctuations,  social  and  political  unrest  in  Eygpt,  Libya,  Bahrain;  US  credit  downgraded; currency
 depreciation and rising inflation and interest rates in India, has created a ‘gloom and doom’ scenario.
However, we see opportunity in every adversity. We believe this is the time to consolidate our focus  and 
drive  our  ambition  to  become  a  global  and  preferred  integrated  logistics  partner  for  our
customers, creating value for all our stakeholders.
 
 Through our focused efforts and with the continued support from you, I am confident that in the coming year
we will add new dimensions to the Group’s success, and that over the next twelve months, we will be able  to 
further consolidate our  leadership  role  in  the global  logistics  industry.  I  firmly believe  that
having talent at all levels - which is naturally linked to innovation, corporate governance, business ethics,
commitment and continuous learning - will enable us to outperform our industry and meet our obligations as an
organization to our stakeholders.
 
 I  thank  you  all  for  your  immense  support  and  continued  trust  in  the Management  of  our Company.
 I sincerely thank all our stakeholders - customers, partners, employees, shareholders, business associates
for their faith in us. As we plan and work towards making our business bigger and better, I look forward to
your continuous support and encouragement  to take our company to greater and newer heights.  
 
 Thank You,
 
 Shashi Kiran Shetty
 
 Chairman and Managing Director