The last fiscal year has been a difficult one for everyone. The global
economic environment deteriorated with concerns over fiscal
sustainability in Europe, and increased risk aversion around the world.
Global economic conditions became fragile, and there was great
uncertainty as to how markets will evolve over the medium term.
India''s economic growth slowed to below 7 percent and the stock markets
mirrored the weakening economic conditions. The rupee depreciated by 20
percent between August and December and inflation continues to plague
Against this backdrop, your company has delivered a 9.7 percent
year-on-year growth. Number of initiatives have been taken during the
year to drive growth: your company has entered new markets and forged
an innovative joint venture in Sri Lanka.
The reorganization of the business structure carried out in the second
half of the year has seen businesses mapped to a geography delivery
model. This has delivered savings and optimization of resources. We
had a management change with Rajesh Subramaniam replacing Matthew
Valance as MD & CEO, effective May 2012. I would like to thank Matthew
for his guidance and leadership. I am confident that the company will
continue to move on the path of progress under Rajesh''s astute
I am happy to report that your company continues to deepen and widen
its partnership with clients, which has been demonstrated in the
extension of client contracts. Your company has also won some big
logos in the year and continues to gain prominence in the outsourcing
space. Deep domain knowledge and specialized skills continue to make
your company an attractive partner to global clients.
Employees remain the company''s asset and I want to thank each and every
one of them for their dedication and support. It is gratifying to see
such commitment in times of strife and I am more than convinced about
the talent this company possesses. I am grateful for the outstanding
individuals who serve with me on the Board of the company and the
Management team. To our shareholders, I do wish to put on record my
appreciation for your support.
Together we look forward to a progressive FY 13.
Dr. Shailesh J. Mehta