Dear Shareowners,
 
 Financial Year 2011 represents our third full year as a publicly listed
 company, and I am happy to say that this third year has been another
 great year for us. We increased our US Dollar revenues by just under
 40%, substantially faster than last year, and profitability by 67%.
 Over the past three years, we have maintained a compounded annual
 growth rate of 42% in revenue and 40% in net profit. Interestingly,
 over the past 13 quarters that we have been public, we have experienced
 sequential quarter on quarter revenue growth in each quarter bar one -
 the one in which one of our important clients filed for bankruptcy.
 This you would agree is an incredibly consistent performance, and even
 more so in the context of the trials and tribulations that our clients''
 economies have endured in that period.
 
 Our client markets have continued to evolve. In our Financial Services
 business, clients are gearing up their businesses to address the slew
 of new regulatory initiatives being rolled out across the world, and
 this is leading to increased business and IT investments. Companies
 such as ours that are able to demonstrate problem solving ability
 combined with deep business understanding are benefiting from this
 increased spend. Our Sales and Marketing Services clients are
 substantially increasing spend on migrating and scaling their on-line
 presence, and in using new online tools like social media to enhance
 their brand and to improve customer perception. Our specialization and
 proven expertise in these areas is providing numerous opportunities for
 growth. These industry trends are broadly very supportive for us.
 
 In the past year, we have further strengthened our client markets team
 and increased our investment in marketing.  These investments have
 helped us expand our service offerings and offer our expertise and
 capabilities to a much broader prospect audience. . As a result, we are
 deepening our footprint with existing clients, and finding increased
 traction with new clients as well.
 
 Our business is complex and a positive referral from an existing client
 continues to be the best way to close a business opportunity with a new
 client, so I am especially pleased to say that our customers continue
 to think and speak very highly of our quality of service and our
 commitment to them - all direct results of our investment in people. We
 ended the year with 3658 people on payroll, and we continue our
 investment in training and career development by expanding the coverage
 of our curriculum for imparting critical industry, product and process
 training.  Our people and our training programs continue to be the envy
 of our clients and competitors, and the key ingredient of our success.
 
 Our focus on technology as a key strategic differentiator in how we
 deliver our services continues. Automation and process reengineering
 has helped eliminate redundant steps from our business processes, and
 maximized the efficiency of our services. This has helped us present
 our clients with cost savings which exceed those from simple offshore
 wage arbitrage, whilst also helping us reduce the need for costly, high
 skilled resources and giving us the ability to scale solutions quickly.
 Our clients like the way we run their business and our constant focus
 on efficiency and productivity.
 
 Our commitment to our business also manifests in the number of
 successful assessments as an organization we today have - ISO 27001 for
 information Security, CMM iii for software services, PCMM 3 for Human
 Resources practices.  These help certify and communicate the soundness
 of our business to all stakeholders.
 
 All of this has meant another year of great accolades, recognitions and
 awards. This year, we ranked in the Top 50 overall - and Top 10 of IT /
 ITeS - of INC 500''s Mid-Cap Companies. We were ranked top Financial
 services KPO and top 20 Outsourcer in the Black Book of Outsourcing, we
 were runners up in the Best Outsourcing Practice, National Association
 of Outsourcing, and Global Services selected us in their Fastest
 Growing 100 Companies list. Our people practices were recognized by the
 Asia-Pacific HRD Congress and the Most Admired Knowledge Enterprise,
 and our technology adoption by the Asia Retail Congress in for Use of
 Technology in Operational Excellence. Finally, you will be happy to
 learn, we are now a part of the Bombay Stock Exchange Mid-Cap Index.
 
 And now, something I am particularly proud of. Some of you may already
 know that as a firm, we have made charitable contributions from net
 income in each year of our existence.  Last year we formalized this
 initiative by setting up eClerx Cares, our philanthropy organization,
 run by a group of senior managers. As a people business, we recognize
 the importance of education and upbringing, and eClerx Cares has a
 mandate to partner with charities aimed at improving the livelihood and
 education of children. Last year, we partnered with a number of
 charitable organizations such as Child Rights and You, Aseema, Nanhi
 Kali, SSRVM, MPSM, Goonj and sponsored numerous events aimed at
 bringing support, comfort and joy to the lives of underprivileged
 children. For instance, with the CRY-PREM project reaching out to 30
 villages in the Melghat region, eClerx contribution helped enable
 changes to ensure 100% child-labour free villages and 100% enrollment
 of children in formal schools. I am happy to say that the eClerx Cares
 initiative has been a great success, with many of our employees
 volunteering time at events and programs to give back to the society
 that has helped their success.
 
 We thank you once again for your support and encouragement, and look
 forward to continuing our growth and performance.  Sincerely
 
 V. K. Mundhra, 
 
 Chairman