Dear Valued Stakeholders,
 
 This year marks your Company''s 75th anniversary as a public
 corporation. This is a feat achieved by very few companies both in
 India and around the world. One of the reasons for this is delivering
 consistent consumer satisfaction.Last year was a testimony to this in
 that your Company delivered top line and bottom line growth inspite of
 inflationary pressures and stiff competition.
 
 The substantial growth seen in 2011-12 was a result of investments made
 in brand and distribution process the prior year.  Some of the areas of
 improvement are as follows:
 
 - Focus on secondary sales (sales of our distributors to the market)
 which brought in consistency in revenue month on month and growth in
 direct coverage
 
 - Relaunch of Brand Amrutanjan
 
 - Growth in new products
 
 - Growth in markets beyond South and East: Market share gain in West
 Zone which is the largest market for rubs and balms (Nielsen report)
 
 Another area of focus for the Company is Cost Management. I strongly
 and passionately believe in one thing and I espouse this at every
 interaction I get with my team: Costs should be managed in house before
 passing on to the consumer. I think companies have a moral obligation
 to do this. While inflation in our Country is being driven up due to
 structural and macro-economic factors, collectively companies are
 choosing the easy way out of passing the costs on down the value chain
 and perpetuating this vicious cycle.
 
 The recent foray into beverages also started off well with top line
 growth of 30% in the very first year of acquisition and the brand
 Fruitnik achieving the number 3 spot in terms of market share in Tamil
 Nadu.
 
 Our pilot foray into pain services business under the banner Amrutanjan
 Care, resulted in treatment of 2500 patients in the very first year of
 operation. The vision is to be present across the spectrum from
 products to services and to be a true Specialist in Pain Management. As
 we interacted with these patients we have truly seen the trust and
 credibility your brand carries. The pain center is operational in
 Chennai at this moment and plans are underway to take this model to
 other metros.
 
 In spite of heavy competition from multinationals and larger domestic
 companies, your company is thriving and growing and will continue to do
 so due to a strong focus on process and customer.
 
 S. Sambhu Prasad
 
 Chairman and Managing Director 
 
 Amrutanjan Health Care Limited