I have great pleasure in extending a warm welcome to you all to this
 17th Annual General Meeting.
 
 The year 2010-11 was a challenging year for the Indian Economy. We
 witnessed continued increase in inflation and frequent intermediation
 by the Reserve Bank of India to counter the same by increasing the repo
 and reverse repo rates several times. This resulted in an increase in
 the interest rates and slowing down the rate of GDP growth.  The Fll
 investments in Indian equities were almost at the same level in a year
 ago while mutual funds continued to be net sellers. The money raised by
 mutual funds from new equity schemes launched during the year also was
 substantially lower. However, there was a marginal increase in the
 number of Initial Public Offerings during the year as well as the money
 raised than a year ago. We also witnessed the largest ever
 disinvestment, Coal India, in the public sector this year.
 
 The Stock Market recorded one of the lowest retail participation in the
 last few years. The cash market volumes declined sharply month after
 month towards the end-of the year while the derivative business
 recorded huge increase in volumes. At the end of the year, the
 percentage of cash market volume to the total exchange volume was only
 around 10%. Reflecting this, our revenues from operations, which
 heavily depend upon the retail equity brokerage income, registered a
 decline of 8% during the year.
 
 Your Company recorded consolidated total income of Rs281.29 crore and a
 Profit After Tax of Rs29.02 crore for the year. The total income is
 lower by 8% and the Profit After Tax is lower by 37% compared to the
 previous year.  The performance of the Company was affected due to low
 cash equity volumes, which recorded a 17% decrease in the average daily
 volume. There was a reduction in the brokerage yield also due to stiff
 competition in the market.
 
 The consolidated diluted earnings per share is Rs1.28, lower than Rs2.04
 recorded in the previous year.
 
 The encouraging feature of last year was the substantial increase in
 the activities of the portfolio management and financing division of
 the Company whose combined income went up by 189%. Also, Barjeel Geojit
 Securities LLC, the Joint Venture Company in Dubai reported excellent
 performance. However, the two new Joint Venture companies, namely BNP
 Paribas Securities India Pvt.  Limited and Al-Oula Geojit Securities
 LLC, Saudi Arabia continued to report losses.
 
 In spite of the lower profit, the Board of Directors of the Company
 proposed to maintain the dividend of 75 paise per equity share, same
 rate as last year, to reward our shareholders. We added 60000 clients,
 53000 depository accounts, 42 offices and 278 employees during the
 year.  We remain strongly focused on our core business and will
 continue to expand our activities.
 
 We continuously try to remain competitive in the market through
 technological innovation and value added services to our clients. We
 were one of the first few broking houses which introduced mobile
 trading in the country, which was launched in September 2010. The
 Mobile Trading Application developed with the support of the subsidiary
 company, Geojit Technologies, was recognised with Technology
 Achievement Award in the Trade Tech India Conference organised by
 Worldwide Business Research, New York. The portfolio management
 business of the Company improved significantly in terms of number of
 clients and funds under management. The Financial Advisory Services
 division continues to do an excellent job in training our employees
 across branches to provide valuable advisory services to the clients.
 
 We have entered the 25th year of operations. With our continued
 emphasis on technology upgradation and training, we are well-equipped
 and organisationally well- positioned to handle the challenges of the
 emerging difficult and competitive market scenario. We look forward to
 receive from our large family of shareholders, employees, associates
 and well-wishers their continued support and encouragement.
 
 Thanking you and wish you all the very best,
 
 A. P. Kurian