The Directors have pleasure in presenting the Twenty Eighth Annual
 Report together with the audited accounts and Cash Flow statement for
 the financial year ended 31st March 2012.
 
 Financial Results
 
 The Financial results for the year ended 31st March, 201 2 are
 summarised below:
 
                                       2011 - 2012  2010 - 2011
                                       Rs.in Lakhs  Rs.in Lakhs
 
 Revenue from operations (Gross)          37729.51     22460.28
 
 Profit before Interest, Deprecation       6945.73      3994.41
 
 Less : interest                           3376.83      2590.14
 
 Less : Depreciation                       1383.27      1274.78
 
 Profit before Tax                         2185.63       129.49
 
 Provision for Taxation including 
 deferred Tax                               605.18        71.88
 
 Profit after Taxation                     1580.45        57.61
 
 Appropriations
 
 General Reserve                            240.00           --
 
 Dividend                                   220.68       147.12
 
 Dividend Tax                                35.80        23.87
 
 
 Review of Operations
 
 
 The company has produced a quantity of 7,89,174 MT. of cement during
 the current financial year compared to the previous year production of
 6,51,278 MT. of cement registering an increase of 21 %. The quantity
 sold during the year under review stands at 7,94,528 MT. compared to
 the quantity of 6,38,449 MT. during the previous financial year showing
 an increase of 24%.
 
 The gross sales in terms of value during the year under review were at
 Rs.37645.47 Lakhs as against Rs.22379.87 Lakhs during the previous
 financial year translating into an increase of 68 %. Similarly the
 Profit Before Tax for the current financial year is Rs.21 85.42 Lakhs
 against Rs.1 29.49 Lakhs for the previous financial year. The profit
 after tax for the year under review stands at Rs.1 580.45 Lakhs compared
 to Rs.57.61 Lakhs during the previous financial year.
 
 It can be observed that there is a significant improvement in the
 performance both in the physical terms and financial terms during the
 year under review compared to the previous year.
 
 The higher production and sale as well as and the improved sale price
 have helped the company to post a better performance compared to the
 previous year. During the year 201 1-12 there was an increase in the
 cost of electricity and coal, which are major components of cost for a
 cement industry. The average increase in unit charges of power stands
 at about 1 1 % (current year average Rs.4.00 per unit and Rs.3.59 during
 the previous year) and the cost of coal per tone has gone up on an
 average by 28% (from average of Rs.3923.00 during 201 0-11 to Rs.5049.00
 during the year 2011-12). But for the increase in these costs, the
 company''s profitability would have been much better during the year 201
 1-12. Inspite of the increase in these fuel costs, the company could
 get a better financial results with the help of higher production and
 sale quantities and better realizations in sale price.
 
 The cement industry, with its fluctuating fortunes, is known for
 abnormal variations in the prices owing to several reasons including
 the changes in demand for the product, supply side changes, increase in
 installed capacities, changes in the Government spending pattern,
 emphasis on infrastructure projects, political Situation etc. The year
 under review has seen a better price realization and it is hoped that
 the situation would continue.
 
 The statistics available show that there is negative growth in AP for
 cement demand by about 2% during the year 2011-12 compared to the
 negative growth of 12 % in the year 2010-11 and positive growth of 3%
 during 2009-10. The company could over come the impact of this negative
 growth by expanding its marketing network to neighboring states by
 increasing the quantum of sale in these states.
 
 Expansion Project
 
 The company has embarked upon an expansion project, through its fully
 owned subsidiary M/s.Vennar Ceramics Limited to set up a 6500 Sq.
 metres per day of ceramic wall tiles project at its existing power
 plant site at Perikigudem. The estimated project cost for the same
 stands at Rs.55 crores. As the company has started to scout for a
 strategic partner with experience in marketing of ceramic products
 particularly wall tiles, it has been identified that M/s.Kajaria
 Ceramics Limited is interested in taking up marketing arrangement as
 well as to invest in the company as strategic partner. In view of the
 fact that they have an established brand with all India presence and in
 order that synergies'' in operation and marketing can be achieved, it
 has been thought of that the company should go in to a strategic
 association with M/s.Kajaria Ceramics Limited. They have been invited
 to take up a stake of 51%. Accordingly the total project cost of 55
 crores is being financed both by Anjani Portland Cement Limited and
 M/s.Kajaria Ceramics Limited with term loan assistance of Bank of
 Baroda. The tiles project is expected to become operational during the
 middle of June, 2012. The management is confident that with the
 assistance of M/s.Kajaria Ceramics Limited the ceramics wall tiles
 project would be an added advantage to the Anjani Portland Cement
 Limited.
 
 Dividend
 
 The Board of Directors of the company has recommended a dividend of
 Rs.1.20 per equity share of 0/- each for the year ended 31st March, 201
 2.
 
 Fixed Deposits
 
 The aggregate amount of deposits accepted by the Company stood at
 Rs.337.97 Lakhs and matured and unclaimed deposits as on 31st March, 2012
 were NIL.
 
 Directors
 
 In accordance with the provisions of the Companies Act, 1 956 and in
 terms of Articles of Association of the Company Mr. P S Ranganath and
 Mr. P Ramachandra Raju retire by rotation at the ensuing Annual General
 Meeting and being eligible, offers themselves for re-appointment.
 
 The detailed profile of the above directors are given under the head
 Corporate Governance.
 
 Directors'' Responsibility Statement
 
 As required under Section 21 7(2AA) of the Companies Act, 1 956, the
 Directors hereby confirm that:
 
 i.  In the preparation of the annual accounts, the applicable
 accounting standards have been followed and that no material departures
 are made from the same.
 
 ii.  We have selected such accounting policies and applied them
 consistently and made judgements and estimates that are reasonable and
 prudent so as to give true and fair view of the state of affairs of the
 Company at the end of the financial year and of the profits of the
 Company for the period;
 
 iii. We have taken proper and sufficient care for the maintenance of
 adequate accounting records in accordance with the provisions of the
 Companies Act, 1 956, for safeguarding the assets of the Company and
 for preventing and detecting fraud and other irregularities;
 
 iv.  We have prepared the annual accounts on a going concern basis.
 
 Subsidiary Companies
 
 Ministry of Corporate Affairs (MCA) has issued a General Circular
 No.2/2011, D t.08.02.201 1, deciding to grant a general exemption from
 attaching the Balance Sheet, Profit & Loss Account, Directors Report
 and Auditors Report of Subsidiary Companies to the Balance sheet of the
 Company.
 
 Your Company will provide a copy of the Annual Accounts of the
 subsidiary companies and other related information upon written request
 by any member of your Company or its Subsidiary Companies. These
 documents will be available for inspection by any shareholder at the
 Registered Office of the Company, on any working day during business
 hours.
 
 A statement of Anjani Portland Cement Limited (Holding Company)
 interest in Hitech Print Systems Limited and Vennar Ceramics Limited
 (Subsidiary Companies) is enclosed as required under Section 21 2 of
 the Companies Act, 1 956.
 
 The information of Subsidiary companies as required to be disclosed as
 Per the directions given by MCA while granting exemption under section
 212(8) of the Companies Act, 1 956 is enclosed and forms part of the
 Annual Report.
 
 Consolidated Financial Statements
 
 Yours Directors have pleasure in attaching the consolidated financial
 statements pursuant to the requirements of Accounting Standard - 21 and
 Clause 41 of the Listing Agreement entered into with the Stock
 Exchanges. These statements were prepared in accordance with the
 Accounting Standards prescribed by the Institute of Chartered Accounts
 of India in this regard.
 
 The Auditors'' Report does not contain any qualifications.
 
 Corporate Governance
 
 The Company places significant reliance on ethical and prudent
 governance.  Transparency in operations by means of professional
 management with empowered managers is firmly believed as the heart of a
 healthy system of corporate governance.  The various internal controls
 laid down for day-to-day operations provide the necessary checks and
 balances and these in turn go to make governance effective. The
 mechanism also results in prudent and diligent decision making at all
 levels ensuring the overall benefit of all shareholders. It also gives
 considerable comfort to lending banks, deposit holders, vendors,
 customers and others who interact with the company in their assessment
 of the company''s performance.
 
 A detailed report on matters relating to Corporate Governance as
 statutorily required under Clause 49 of the Listing Agreement with
 Stock Exchanges is annexed as part of this Annual Report together with
 the report of the Auditors on its compliance.
 
 Auditors
 
 M/s. M Anandam & Co., Chartered Accountants, Secunderabad, the
 Statutory Auditors of the company, retires at the ensuring Annual
 General Meeting and are eligible for re-appointment.
 
 The Board recommends the reappointment of M/s. M Anandam & Co.,
 Secunderabad, as Auditors of the Company to hold office till the
 conclusion of the next Annual General Meeting.
 
 Cost Auditors
 
 Pursuant to the directives from the Central Government and the
 provisions of Section 233 B of the Companies Act, 1956, M/s. Narasimha
 Murthy&Co., Cost Accountants, Hyderabad have been appointed as Cost
 Auditors of the Company for the financial year 2011-12.
 
 Particulars of Employees
 
 The details of employees under the provisions of Section 21 7 (2A) of
 the Companies Act, 1 956 read with the companies (Particulars of
 employees Rules, 1 975 as amended) are furnished as annexure to the
 report.
 
 Energy, Technology and Foreign Exchange
 
 The particulars of conservation of energy, Technology absorption,
 Foreign Exchange earnings and outgo as required to be disclosed in
 terms of Section 21 7(1)(e) of the Companies Act, 1 956 read with the
 Companies (Disclosure of particulars in the Report of Board of
 Directors) Rules, 1988 is annexed hereto in Forms A, B & C which are
 part of this report.
 
 Safety and Pollution Control
 
 The manufacturing units are fully compliant with pollution control
 measures as directed by the statutory authorities from time to time and
 have obtained necessary approvals from these bodies.
 
 Industrial Relations
 
 During the period, Industrial relations continued to be cordial. Your
 Directors take this opportunity to thank all the employees for their
 dedicated and sincere services towards a harmonious relationship and
 the progress of the company.
 
 Acknowledgement
 
 Your Directors place on record their appreciation to the various
 statutory bodies and departments of the State and Central Governments
 and Bankers, Dealers, Stockists, Customers, Suppliers and Share holders
 of the Company for their valuable support to the Company.
 
                            For and on behalf of the Board of Directors
 
                                                 P V R L Narasimha Raju
 
                                                     Executive Director