To the Members,
 
 The Directors take pleasure in presenting the Twenty Sixth Annual
 Report of the Company together with the Consolidated audited accounts
 for the year ended March 31, 2011.
 
 Financial Results
 
 Particulars                    For the year ended   For the year ended
                                    March 31, 2011       March 31, 2010
                                       (Rs.inlacs)          (Rs.inlacs)
 
 Sales and other income                   45296.02             36299.14
 
 Profit before depreciation               24344.45             30698.72
 
 Depreciation                              1346.62              1068.37
 
 Profit after depreciation                22997.83             29630.35
 
 Provision for taxation                    6214.19              5805.44
 
 Profit after tax                         16783.65             23824.91
 
 Appropriations
 
 Proposed dividend                         1770.58              1770.58
 
 Dividend Tax                               287.23               294.07
 
 Transfer to General Reserves              1674.69              2371.67
 
 Balance carried over to Reserves 
 and Surplus Account                      93721.50             80850.68
 
 Earning per Share [equity 
 share of Rs.2]
 
 -Basic earning per share (in Rs.)            5.70                 8.07
 
 -Diluted earning per share(in Rs.)           5.70                 7.89
 
 Dividend per share (in Rs.)                  0.60                 0.60
 
 Operations
 
 As you are aware your Company had consolidated its various group
 companies carrying similar business activities by way of a series of
 mergers and acquisitions.  After the said mergers your Company''s main
 focus is on the development of IT Parks, hospitality and housing
 projects, shopping mall & commercial complexes.
 
 Your Company is diligently deploying its resources and has executed
 certain Hospitality, IT Projects, Commercials and IT SEZ Projects. The
 Rents from these projects have increased significantly during the year
 under review.
 
 Your Company during the year under review, has posted Consolidated Net
 Profit After tax of Rs. 16783.65 Lacs as compared to Rs. 23824.91 Lacs
 during the previous year.
 
 Your Company during the year under review, has posted Standalone Net
 Profit After tax of Rs. 16746.93 Lacs as compared to Rs. 23716.70 Lacs
 during the previous year.
 
 Tile Division
 
 With the restructuring of the Group since 2005, your Company’s main
 focus is on Infrastructure and Development such as IT Parks,
 Hospitality, Housing Projects & Commercials Complexes, etc. Tile
 manufacturing business has become insignificant. Your managment is
 exploring various possiblities for this business including
 re-establishing, re-location of tile manufacturing facility.
 
 Rental Income
 
 Rental Income of your Company has been increased from Rs. 49 Crores to
 Rs. 76 Crores this year
 
 Land Acqusition
 
 Your Company, during the year has purchased approximately 218 Acres of
 land in Gurgaon, Manesar, Sonepat in Haryana, Delhi, and Neemrana,
 Rajasthan with developable area 10.70 Mn. Sq. Feet and 2.80 lac Sq.
 Yards for plotted Development. Total acquisition cost of the land is
 around Rs. 837 Crores.
 
 The new land acquisition has created strong pipeline for additional
 residential development for next 4 years.
 
 Projects launched during the year
 
 Residential
 
 During the year under review your Company has launched the following
 residential projects :
 
 Name of         Location     No. of    Expected       Land Area
 Project                      Flats     realization    in Acres
                                        (Rs in 
                                        Crores)
 
 DEL-37         Kapashera     112         175           2.95
 
 Madelia        Manesar       670         360          12.45
 
 Maceo          Gurgaon       770         400          15.50
 
 Projects DEL-37 & Madelia have been fully sold out during the year.
 Projects completed during the year
 
 Retail
 
 Your Company through its Subsidiary, M/s Anant Raj Projects Limited,
 has constructed and developed a commercial mall “Moments” at Kirti
 Nagar in West Delhi having leasable area 6 lac Sq.Ft. The project has
 been fully completed and operational and will generate rental incomes
 from the current financial year. Project is adjacent to Metro Station,
 Kirti Nagar, New Delhi.
 
 Hospitality
 
 Your Company''s hospitality projects named Park Land Exotica, Park
 Land Retreat , “Hotel Mapple” is already operational and generating
 revenues.
 
 Your Company''s hospitality project Hotel Tricolor is fully completed
 and leased out to Orchid Hotels Limited and will be generating revenues
 from current year.
 
 Projects under development
 
 Commercial
 
 Your Company is developing IT SEZ with developable area 2.1 Mn.Sq.Feet
 at Rai, Sonepat which is expected to be completed by March, 2012
 
 IT Park with developable area 0.6 Mn.Sq.Feet at Panchkula, Haryana
 expected to be completed by March 2013. The project is being developed
 through subsidiary of your Company, M/s Rolling Construction Pvt Ltd in
 joint venture with Monsoon Capital, USA.
 
 Projects in pipeline 
 
 a) Residential-
 
 Location          No. of Flats         Project to be
                   Saleable Area        launched
 
 Neemrana          2840                 July, 2011
 
 Rai, Sonepat      500                  January, 2012
 
 Gurgaon
 Plotted Dev.      2,80,320 Sq. Yds     October, 2011
 
 Group Housing     3.93 Mn. Sq. Feet    April, 2012
 
 Manesar 
 Industrial Park   0.57 Mn. Sq. Feet    April, 2013
 
 
 Location          Project To be        Land Area
                   completed            in Acres
 
 Neemrana          September, 2013          18
 
 Rai, Sonepat      March, 2014              10
 
 Gurgaon
 Plotted Dev.      March, 2014             106
 
 Group Housing     March, 2015              43
 
 Manesar 
 Industrial Park   March, 2015            7.40
 
 b) Commercial -
 
 Location               Land / Area     Saleable Area
 
 Resorts at Dhumaspur   10.00 Acres     0.65 Mn. Sq. Feet
 
 Commercial at          11.35 Acres     1.00 Mn. Sq. Feet 
 Gurgaon
 
 Industrial Park 
 Manesar                (75 Acres)
 
 Industrial Plots       33.50 Acres     135608 Sq. Yds.
 
 Commercial                 3 Acres     0.23 Mn. Sq. Feet
 
 Location               Project To be completed
 
 Resorts at Dhumaspur   March, 2015 
 
 Commercial at          March, 2015
 Gurgaon
 
 Industrial Park 
 Manesar                
 
 Industrial Plots       March, 2015
 
 Commercial             March, 2015
 
 Dividend
 
 The Board of Directors, subject to approval of shareholders at the
 ensuing Annual General Meeting, has recommended a dividend @ 30% (Rs.
 0.60 per equity share of Rs. 2/- each) for the year ended March 31,
 2011.  The cash outflow on account of dividend will be Rs. 1770.58 lacs
 and Corporate dividend tax would be Rs. 287.23 lacs.
 
 Issue of Securities
 
 The Company, during the year under review, issued and allotted 1750
 (One Thousand Seven Hundred Fifty) Secured Listed Redeemable
 Non-Convertible Debentures (NCDs) of Rs. 10,00,000/- each agreegating
 to Rs. 175 Crores on private placement basis.
 
 Forfeiture of Warrants
 
 The holder of 2,00,00,000 (Two Crores) Fully Convertible Warrants
 issued by the Company during the year ended March 31, 2010 had not
 exercised their option to convert the same into equity till last date
 of exercise of option i.e.  January 9, 2011 and hence the amount
 received as application money on account of share warrants amounting to
 Rs. 43,50,00,000/- was forfeited in terms of SEBI (ICDR) Regulations.
 
 Transfer to Reserves
 
 In accordance, with the statutory provisions, your Company has
 transferred a sum of Rs. 1674.69 lacs to the General Revenue.
 
 Credit Rating
 
 Your Company has been granted “CARE A - (SINGLE A MINUS)” rating to the
 aforesaid issue of non-convertible Debentures by CARE (Credit Analysis
 Research Limited)
 
 Share Capital
 
 The paid-up share capital as on March 31, 2011 was Rs. 59,01,92,670
 divided into 29,50,96,335 equity shares of Rs. 2/- each. There has been
 no increase in the paid-up share capital of the Company during the
 year.
 
 Listing of Shares
 
 The Company’s equity shares are listed at Bombay Stock Exchange &
 National Stock Exchange and GDRs are listed at Luxembourg Stock
 Exchange. The listing fee for the year under review has been paid to
 the Stock Exchanges.
 
 Fixed Deposits
 
 The Company has not invited or accepted any fixed deposits from the
 public in terms of provisions of Section 58A of the Companies Act, 1956
 read with the Companies (Acceptance of Deposits) Rules, 1975.
 
 Insurance
 
 The Company''s properties including Building, Plant and Machinery,
 Stocks, Stores, etc., have been adequately insured against major risks.
 
 Organisation Structure
 
 During the financial year ended 31st March 2011, there has not been any
 major change in the organization structure of the Company. Your Company
 continues to be governed by its Board of Directors under the day to day
 control and management being exercised by the Managing Director and the
 Chief Executive Officer of the Company.
 
 Statement Pursuant to Section 217(1)e and Section 217(2A) of the
 Companies Act, 1956 A statement pursuant to Section 217(e) and Section
 217(2A) of The Companies Act, 1956, read with
 
 Companies (Disclosure of Particulars in report of Board of Directors)
 annexed hereto and forms part of the Director’s Report.
 
 Management Discussion & Analysis Report Management Discussion &
 Analysis Report is given in Annexure forming part of this report.
 
 Corporate Governance Report As per the requirements of Clause-49 of the
 Listing Agreement a separate report on Corporate Governance is given in
 Annexure, which forms part of this report. The Auditors certificate on
 compliance under Corporate Governance is also annexed.
 
 Directors Responsibility Statement The Board of Directors hereby
 confirms and accepts the responsibility for the following in respect of
 the audited annual accounts for the financial year ended March 31,
 2011:
 
 (i) that in the preparation of the annual accounts, the applicable
 accounting standards had been followed along with proper explanation
 relating to material departures;
 
 (ii) that the directors have selected such accounting policies and
 applied them consistently and made judgments and estimates that are
 reasonable and prudent so as to give a true and fair view of the state
 of affairs of the Company at the end of the financial year and of the
 profit of the Company for the year ended on that date;
 
 (iii) that the directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of this Act for safeguarding the assets of the Company and
 for preventing and detecting fraud and other irregularities;
 
 (iv) that the directors have prepared the annual accounts on a going
 concern basis
 
 Subsidiaries and Group Companies The Ministry of Corporate Affairs vide
 its General circular No.  2/2011, dated February 08, 2011 has granted a
 general exemption under Section 212(8) of the Act to all the Companies
 from annexing the annual accounts and other statements of subsidiary
 companies with the annual report of the holding company.
 
 A statement setting out important financials of the subsidiary
 companies is attached and forms a part of this Annual Report.
 
 The Annual accounts of the subsidiaries are also available for
 inspection for any member/investor, during the business hours, at the
 Registered Office of the Company and the same can be accessed from the
 website of the Company i.e.  www.anantraj.com.
 
 Directors
 
 Pursuant to Section 256 of the Companies Act, 1956 read with the Clause
 86 of Articles of Association of the Company, Shri Amit Sarin and Shri
 Brajindar Mohan Singh, retire by rotation at the ensuing Annual General
 Meeting and being eligible have offered themselves for reappointment.
 
 Brief resume of the Directors seeking appointment/ reappointment
 together with the nature of their expertise in specific functional
 areas and names of companies in which they hold directorships and
 membership of Board/ Committees and number of shares held as stipulated
 under Clause 49 of the Listing Agreement are stated in the notice
 forming part of this Annual Report.
 
 Auditors
 
 B. Bhushan & Co., Chartered Accountants, Auditors of the Company,
 retire at the conclusion of the ensuing Annual General Meeting and
 being eligible have offered themselves for re-appointment.
 
 Acknowledgements
 
 The Directors place on record their appreciation for the assistance,
 help and guidance provided to the Company by the Bankers and
 authorities of State Government from time to time. The Directors also
 place on record their gratitude to employees and shareholders of the
 Company for their continued support and confidence in the management of
 the Company.
 
                                    By order of the Board of Directors
 
                                                           Ashok Sarin 
                                                              Chairman
 
 New Delhi 
 July 11, 2011