LETTER TO SHAREHOLDERS
 
 Volatility has become a way of life. While the economy shows signs of
 recovery, the operational costs and geopolitical risks have been
 rising. In due course, the classic economic cycles will be shorter and
 more segmented. Long-term growth will be interrupted by short-term
 volatility.
 
 While the developed world is dealing with fiscal constraints and
 sluggish, growth the developing markets are growing rapidly. In this
 environment, we committed to a sizeable investment plan in technology,
 brand creation and marketing. In 2011, we focused on the fundamentals
 of cost control, launch of new products, cash optimisation and return
 on capital. These measures have resulted in excellent organic profit
 growth and a healthier balance sheet.
 
 Over the past year, we have had wide ranging developments with regard
 to products, partnerships, subsidiaries, new customers and milestones,
 all of which we would like to share with you.
 
 Our revenues grossed Rs. 8879 million in FY 2011, an increase of 37%
 over Rs. 6500 million for fiscal 2010.  Our net earnings grossed Rs.
 2737 million in FY 2011, an increase of 22% over Rs. 2237 million for
 fiscal 2010.
 
 Our business model allows us to invest in growth and generate free cash
 flow, keeping the company safe through volatile times. We have been a
 dividend paying company since 2004 and are committed to a dividend
 yield that is attractive as compared to our peers.
 
 The promising growth in our revenues and earnings is likely to continue
 in fiscal 2012. As we remain committed to a more focused Geodesic, we
 look for significant growth in earnings over the next few years.
 
 Given the speed of technological change and its effects on competition,
 we are focused on two things - Agility and Innovation. We have been at
 the forefront to quickly adapt or even anticipate lead change while we
 have been developing deep differentiating capabilities that allow us to
 create products or new versions of products and services. These
 features, products and services truly separate our business from the
 competition and enable the company to endure despite strategic mistakes
 or other unforeseen changes in competition and markets.
 
 Communication, Collaboration and Content continue to be at the heart of
 Geodesic. Millions of people communicate while they discover and
 consume content using several of our products on their cell phones,
 tablets and desktops. Communication, discovery and consumption of
 content is extremely critical to people and that is why we work really
 hard to provide the best in class solutions across several mobile
 platforms including Android, Symbian, iOS, Blackberry, Web OS, Windows
 Phone, etc., and desktops including Windows and MacOS.
 
 We use our robust Communication, Collaboration, CRM and Content
 Management platforms to address both the enterprise and retail
 segments. However, features are modifie d to suit individual segment
 needs.
 
 Our Enterprise products have primarily been designed with tracking,
 auditing and security as key features and work across both the desktop
 and mobile platforms.  They include:
 
 Continuum - A powerful Internet based Unified Communication,
 Collaboration and Contact Management System that helps enterprises to
 strongly manage their business continuity process and enhance their
 productivity while reducing communication costs and sales cycles.
 
 Spyder - A Customer Alignment and Relationship Management solution that
 provides the enterprise with a three dimensional customer / prospect
 view and ensures their products and services align with the growing
 needs of their prospects and customers.
 
 .fn -A financial suite of products that provides seamless
 and analytical interfaces between financial service providers and their
 ever-demanding customer base. Our powerful analytics framework allows
 financial services companies to create and provide bespoke offerings
 that are both, value-rich and competitive.
 
 We reach out to our customers through a direct sales team in
 conjunction with value added resellers and system integrators. We enjoy
 an enviable customer base that includes major Financial Institutions,
 Banks, Public Sector Undertakings, Multinational Corporations, Broking
 Houses, Mutual Funds and Insurance Providers.
 
 Our retail products are largely on the mobile platform that is perhaps
 the first screen to millions of people worldwide. We classify our retail
 product offering in two categories – Communication and Content
 Management & Delivery.
 
 COMMUNICATION PRODUCTS
 
 Mundu Instant Messenger (Mundu IM) – A messenger that unifes different
 messaging services (AIM, Facebook, Gtalk, ICQ, Jabber, MSN and Yahoo)
 in an easy-to-use single interface on almost all mobile platforms.
 
 Mundu SMS – A global service that allows mobile users to send text
 messages using the Internet on their mobile phones, to connect with
 their contacts at a fraction of the cost incurred by mobile users on
 their GSM / CDMA networks. Mundu SMS retains the regular SMS usability
 and user perception.
 
 Spokn – A worldwide telecom service that enables people to make phone
 calls or send short Voice Messages (VMS) easily and cost-effectively
 using their computers, internet-enabled smart phones or even regular
 phones.
 
 Spokn subscribers can make calls around the world at extremely low
 rates and can call other Spokn subscribers across the globe for free.
 Subscribers can also subscribe to a phone number in the US, UK, Canada
 and more countries and be a local call away for callers from that
 country.
 
 CONTENT MANAGEMENT AND DELIVERY PRODUCTS
 
 Mundu Radio - An internet radio solution that offers high quality
 digital audio on mobile handsets and desktops. The solution allows
 mobile and desktop users to choose music genres of their choice from
 thousands of genre-based internet radio stations.
 
 Mundu TV - A Live-Internet TV service that offers its subscribers the
 opportunity to view 20  Live television channels and archived content
 using wireless and broadband internet on mobile phones and desktops. We
 are in the process of constantly adding international and relevant
 content to ensure users around the world have access to their favourite
 genre on the move and across the globe.
 
 We reach out to end customers directly through various application
 stores, Geodesic websites, Handset Manufacturers and Telcos.
 
 We are in a unique position and our products, at this time reach out to
 consumers in more than 100 countries across several Handset
 Manufacturers and Telcos.
 
 We''ve made significant progress in improving our mobile products
 distribution to provide universal accessibility as part of our retail
 business segment. We have forged relationships with some of the most
 prominent telecom carriers and equipment manufacturers in the world
 besides prominent application stores and product aggregation sites.
 
 Mundu products have been pre-bundled with several equipment
 manufacturers and telecom carriers besides partnering with prominent
 application stores and product aggregation websites to distribute our
 products to the worldwide audience. Vodafone, Nokia, Bharti Airtel,
 Qualcomm, America Movil, Claro, OpenPeak and Micromax are some of our
 partners, and we look forward to growing these relationships in the
 coming years.
 
 We design and build our products / solutions to help our customers
 around the world to reduce their communication costs and sales cycles,
 and improve efficiency to grow their businesses. Our revenue is
 generated from a combination of license fees, subscriptions, usage fees
 and service revenues.
 
 In the past year, we have enhanced our platform support, expanded our
 reach across several geographies, leveraging continued infrastructure
 improvements to our communication, collaboration and content system.
 The improved infrastructure will help us to leverage our content and
 communication platform to cater to a wide range of market segments.
 
 We have successfully launched financial products and solutions (.fn) for
 the ever growing and technology dependent financial services segment. We
 leveraged our existing content & collaboration platform and mobile
 solutions to ensure we stay ahead of the technology curve. Our products
 and solutions have found their way into the top online websites of
 India including www.moneycontrol.com, www.smartinvestor.in,
 www.hdfcsecurities.com, www.edelweiss.in, www.sharekhan.com etc.,
 besides large banks, media houses and investment / broking houses.  We
 expect the .fn business to generate substantial revenues globally as we
 go into a new fiscal.
 
 In the past two years, we have expanded our Electronic Computing
 devices business to include variants of GeoAmida. These variants are
 being used across several E-governance and Financial applications
 including Mahatma Gandhi Rural Employment Guarantee Act, Public
 Distribution Systems, Law Enforcement, Financial Inclusion, UID and
 Point of Sales terminals across Indian states and other developing
 nations. GeoAmida, as a last mile connectivity and data processing
 solution, has been included as part of E-governance and Financial
 solutions by several companies including TCS, HCL, Bartronics and
 Glodyne, besides several Banks and State Governments.  GeoAmida
 currently reaches out to over 8% of India''s rural population.
 
 We are pleased to inform you that Geodesic has been empanelled as a
 Tier 1 software solution provider by Unique ID Authority of India.
 
 We introduced ENLYTE (Education ''N'' Learning You Take Everywhere) as a
 product concept last year. And we are elated to share with you that the
 product concept has moved into the beta stage of the launch. ENLYTE has
 evolved in many ways as part of the feedback we received from users
 across a cross section of the target audience including Students,
 Universities, Publishers etc.  We now have the optimum ENLYTE form
 factor besides the feature set, and we are confident that ENLYTE with
 create a new segment in the space of Education. We expect to launch the
 newly designed ENLYTE during the course of fiscal 2012.
 
 In our bid to exploit the GeoAmida platform, we formed Geodesic
 Gridpoint Pvt. Ltd. – a subsidiary to design and build products /
 solutions around the Energy and Power sectors in conjunction with
 industry experts.  Our unique Automated Cluster Meter Reading (ACMR)
 around open protocols and mesh networks has found resonance with
 leading State and Private Power Corporations. ACMR pilot projects are
 in advanced stages of implementation and we are confident of our
 solution gaining ground and adding considerable value during the next
 two fiscal years.
 
 Our Content Management platform powers Republique Media – a company
 engaged in providing Online Anti- Piracy solutions to the media and
 entertainment industry.  Our technology has been used in more than 30
 films during the last fiscal and has managed to reduce online piracy to
 the extent of 95% resulting in more footfalls at the theaters and
 extended sale of their DVDs / VCDs.
 
 While our Content Management platform powers anti- piracy solutions, we
 also power Filmorbit (www.filmorbit.  com), a broad based portal for the
 Indian Entertainment industry. The website streams more than 2000
 movies for free, offers content discovery in more ways than one,
 content consumption and commerce. Social media connections are
 integrated as part of this website. www.  filmorbit.com is live in its
 beta stage and is expected to have a full launch during the third
 quarter of fiscal 2012.
 
 We have worked to expand our offerings that enable users to manage
 their information – to create content, collaborate on it as a group,
 and then share it with the world. We are confident of effectively
 utilizing our flexible Content, Communication, Collaboration and CRM
 platforms to explore possibilities of addressing more market segments
 in the coming fiscal years to broad base our revenue streams. Our
 technical expertise, people, and a compelling work environment have
 massive advantages in globalization. We treat ''growth'' as a process by
 focusing on agility, innovation, customer needs, services and
 best-practice integration. Nearly 80% of our revenues are from exports.
 We have always believed in partnerships to expand our business and this
 principle has helped us in expanding our operations in the lucrative
 South American, Middle East and African markets. During the fiscal year
 we signed:
 
 - A Memorandum of Understanding with HRH Prince Abdullah Bin Mosaad Bin
 Abdulaziz Al Saud to establish a Joint Venture (JV) to pursue
 E-governance and Energy solution opportunities in Saudi Arabia and
 other Gulf countries.
 
 - A partnership agreement with AudioBras, Portal Radios and RadiosBR.
 This partnership will enable us to bring Portuguese and Brazilian
 content, including music, news and sports, to all Mundu Radio users.
 
 - An agreement with International Business Promoters LLC, Muscat, to
 diversify its financial products and GeoAmida in the Sultanate of Oman.
 
 Under our expansion plan, our strategic alliance with Zee Entertainment
 Enterprises Limited – ZEEL was done to incorporate ITM Digital Private
 Limited. This company was to address the hugely growing market for
 multimedia content convergence across Internet, Television and Mobile
 phones. The ZEEL-Geodesic agreement was mutually terminated owing to
 change of views and long term impact.
 
 CULTURE AND TEAM
 
 We''re building a culture rooted in transparency innovation and scale,
 because we aspire to innovate as much on the people side as we do on
 the product side.  We have improved our benefits programs and launched a
 range of development programs that help our people grow into better
 leaders. We work hard to infuse a great and transparent culture into
 every office around the world, empowering our employees to make
 contributions that help drive Geodesic''s overall success.
 
 These initiatives help us scale by attracting amazingly talented
 people, and then nurturing them as we preserve what''s special about our
 culture. Our commitment to our employees is matched by a broader sense
 of responsibility to our customers and user communities worldwide.
 Specifically, we recognize that Content, Communication and Collaboration
 are powerful tools to help identify and solve problems. We are
 committed to harnessing our resources to help address pressing global
 needs.
 
 During the fiscal year 2011, we have added more than 70 people on board
 and strengthened our senior management, product management, marketing,
 support, and the software engineering teams to ensure we create a
 global brand out of India.
 
 During the year, we have won several awards for our products including
 the NASSCOM Social Honors award for GeoAmida. Mundu TV scaled up charts
 on several app stores and was rated the #1 Entertainment App on the
 Apple App Store and the Nokia Ovi Store.
 
 This is the sixth consecutive year of being included in the Deloitte
 Fast 50 in India and Fast 500 in Asia.
 
 This is the beginning of a new decade. As we go forward, we are
 optimistic we will make significant progress in tackling global
 challenges.
 
 THANK YOU
 
 We had a remarkable 2011. None of our achievements would have been
 possible without our passionate users, strong partnerships and talented
 employees. Lastly the trust you have placed in us is something we value
 greatly and we look forward to your continued trust, support and
 guidance.
 
 Pankaj Kumar            Kiran Kulkarni           Prashant Mulekar
 
 Chairman                Managing Director        Executive Director