Dear Shareholders,
 
 Warm Greetings to all of you!
 
 We reported record profits and earnings per share, showed outstanding
 growth momentum across all our businesses and reiterated our commitment
 to investments in emerging technology & related innovation. We continue
 to believe that Gemini is poised for taking advantage of market
 transitions in unique ways. Our record results are due in part to our
 successful implementation of our strategy, given our vision of how the
 communications and IT industry would evolve.
 
 For the year, consolidated revenue reached Rs. 5506.6 million and
 profits touched a record of Rs. 637.7 million, an increase of 98%
 percent compared with the previous fiscal year. Earnings per share
 jumped 86% percent to Rs. 6.22. These outstanding results reflect the
 strong mix of product & services and a clear growth momentum across the
 entire company, and we achieved double-digit growth in every business
 segment. Our orders on hand stands at Rs. 375 Crs as on 31st March
 2011.
 
 Trip down Memory Lane
 
 Looking at all that has been achieved in the last 16 years of business
 operations, it is hard to imagine the humble beginnings of Gemini. When
 we celebrated our 10 years of business operations in 2005, Gemini''s
 annual revenues were Rs. 709.6 million, which is 13 percent of our
 annual revenues today. Today, we are a global company with a strong and
 diverse business portfolio and consolidated annual revenues of Rs. 5.5
 billion. We are proud of our leadership position in almost every
 technology segment in which we compete. We employ approximately 2,700
 of the best and brightest talent in the world. We continue to grow our
 technological capabilities to meet new challenges and state-of-the-art
 applications.
 
 Looking back at FY 2011
 
 As I look back on FY 2011, there are three critical areas that lay the
 foundation for long-term growth and sustained future success:
 
 1.  Convergence – IT, Computing and Wireless
 
 2.  A product & services portfolio in Broadband Wireless Access that is
 stronger & proven than ever
 
 3.  Our foray in providing Energy solutions services
 
 At Gemini, we firmly believe the impact of Convergence will be as big
 as the previous waves of technology change. The opportunities
 Convergence will create for our customers, our partners and our company
 will be immense.
 
 FY 2011 was one of the strongest years in company history for the range
 and quality of the product advances that we delivered; we today have a
 complete certified range of products in Wimax, LTE and 4G. Our Telecom
 services portfolio has wide acceptance from a lot of leading telecom
 operators and equipment manufacturers and we are today India''s leading
 Telecom Services company.
 
 Our decision to adopt Renewable forms of Energy and Solar Energy, in
 particular, as a platform for diversification into grid and off-grid
 connected projects will pay us rich dividends in the coming year by
 bringing in consistency and predictability in our revenues and help
 increase our profitability.
 
 From the last fiscal, we have added a green element to everything we
 do. Pollution, environment, green house gases, global warming and
 energy wastage, these are issues that we
 
 Poised to grow
 
 Along the way to meeting our targets for 2011, the profitability
 measures we implemented in 2011 will begin showing positive effects in
 FY 2012. On the growth side, we''re confident that our subsidiary
 companies are strategically well-positioned for the future. We are in
 businesses that provide us the opportunity to be at the forefront of
 technological changes & revolution; cutting -edge innovation & thought
 leadership will allow us to keep one step ahead of our competitors; and
 an increasing ability to integrate our cross-Group offerings to meet
 our customers'' needs
 
 keep hearing about often. We have achieved distinction in a lot of
 areas, but we have grossly failed to secure our future or even plan for
 it by ignoring the signs Mother Nature has been throwing at us. We know
 how to build, use electricity, run huge machines and even go to space,
 but we fail to adopt small measures like turning off the lights when
 not in use or even throwing paper in the bins and have failed to
 respect nature.
 
 Going green is no longer just an option for us, it''s a necessity.  We
 realise and understand that it is extremely important to address energy
 conservation, recycling, renewable resources and waste-reduction. We
 have initiated efforts towards these and are building a green team that
 will ensure building and implementation of a green policy across the
 company. Besides, we fully know that Going Green could be one of the
 largest economic opportunities of our lifetime and there is a clear
 focus on green businesses, including Green IT, Renewable forms of
 Energy and Energy Management.  for advanced and comprehensive
 solutions. We''re thrilled and humbled to be a part of this process and
 we look forward to seeing the positive transformation in our company.
 
 I am happy to communicate that your company is well-balanced in its
 business portfolio, will continue its growth momentum and we look
 forward to a successful, rewarding & exciting future.
 
                                                     Sincerely Yours
 
                                                         R. Ramkumar
                                                            Chairman