Dear Shareholders,
 
 Coming off a strong growth performance in FY 2010, the Indian economy
 is expected to continue to expand at a healthy albeit slower rate of
 8.2% during FY 11. The fiscal year gone by has marked the rapid
 recovery of the Indian Economy from the Fiscal crisis of 2008/2009.
 
 In the process of this recovery however some significant headwinds in
 the form of inflation have reared its head, however the commendable
 actions of the Reserve Bank of India in being well ahead of the curve
 in fighting inflation means that in all likelihood inflation will
 moderate in the second half of 2011, further providing stimulus to
 growth.
 
 For the DTH industry, FY2010-11 marked a watershed year where the
 growing acceptance of DTH as the means of choice for the delivery of TV
 programming resulted in all time record additions of 13.5 Million
 subscrib- ers to the DTH fold, a phenomenal growth of over 60% over the
 prior year.
 
 In a fiercely competitive six player market your Company continued to
 lead in overall market share as well as lead in market share for the
 additions on a month on month basis, holding overall market share at
 31% and maintaining its incremental share at 27%.
 
 During the year Dish TV added a record of 3.5 Million subscribers which
 is almost double of what it added in the prior fiscal, and in the
 process became the World''s fourth largest DTH platform.
 
 Along with the growth in subscribers, your Company continued to show
 excellent progress on all the key metrics. Total revenue increased from
 71153 Crores in FY 2009-10 to 71524 Crores in FY 2010-11, a growth of
 32%.
 
 EBITDA increased fromRs. 100 Crores to 7253Crores, a growth of 153%.
 EBITDA margins improved from 9% to 17%.
 
 ARPU improved from 7139 to 7142 and throughout the year your Company
 was able to further improve ARPU from 7 139/- per subscriber in Q 1 to
 7150 in Q4, 2011.
 
 Your Company continues to pioneer new initiatives in the DTH market in
 India so as to provide its customers the best viewing experience money
 can buy.
 
 In December 2010 your Company signed an agreement to enhance capacity
 through ISRO for an additional 216 Mhz on AsiaSat 5 paving the launch
 in February for India''s largest High Definition offering providing 35
 channels in High Definition for the Indian market.
 
 The HD launch is expected to be a game changer for the Company,
 providing unmatched viewing experience for the customers as well as
 higher realizations and ARPU for the Company.
 
 Your Company continues to invest in marketing and brand building. Dish
 TV was ranked 9th amongst the brands most visible during the ICC World
 Cup 2011. Taking its association with cricket further Dish TV was proud
 to be associated as a sponsor of the Kolkata Knight Riders, which is
 owned by Dish TV''s brand ambassador, Shahrukh Khan.
 
 During the year, we continued to strengthen our reach into the deepest
 interiors of the Indian market and at the same time bolstered our
 standing amongst the High profile key accounts in the major metro
 cities.
 
 Dish TV has a network of over 60,000 retail outlets where our products
 are available and has a very strong presence in Key electronics
 retailers. During the World Cup, Dish TV executed a very successful
 partnership with Samsung LCD televisions.
 
 During the year the Government has also outlined the digital policy
 with a sunset date within 3 years from now. We believe this will give
 added momentum to the DTH industry which has rapidly emerged as the
 medium of choice for the Indian consumer. Your Company continues to be
 the trendsetter in this industry as we strive to bring the latest
 innovations and the best value offerings to all our consum- ers in our
 quest to deliver the best in class returns to all our stakeholders.
 
 Subhash Chandra 
 
 Chairman