Dear fellow shareholders,
 
 Some time back we were travelling through the rural heart land of a
 state, during which we stopped to stretch our legs and have tea at a
 small stall. While waiting I happened to watch a person seated under a
 tree interacting with a couple of villagers. A village lady walked to
 this person, pulled out a card, did her finger scan and took some money
 from that person. It was a great moment for me, because the lady was
 one of the beneficiaries of the government scheme being implemented by
 us, which also has financial inclusion services attached to it. To my
 mind this is what your company stands for- supporting transformation
 and enabling inclusion.  Innovative insights driven services that make
 our customers lives easy and empowered, drive us forward. And our
 customer spectrum spans across that lady in the village who earlier was
 not even aware of basic banking facility and now who operates her own
 bank account, to a CIO of a Fortune 100 company who trusts our team for
 business continuity and better return on IT.
 
 Glodyne is creating new markets:
 
 We have seen our company scale tremendously, by moving up the value
 chain of technology services as well as geographical expansion. But
 what excite me are the possibilities that appear before us - which are
 to envision, and which inspire our best efforts to build
 transformational services to cater to these market making
 opportunities. I am excited and hopeful that we will continue to make
 progress in our niche area of technology managed services.
 
 Glodyne has built strong skills and capabilities to provide path
 breaking array of technology infrastructure management services (IMS)
 on a managed services model across banking, education and government
 verticals in India. The successful rollouts of ambitious and
 transformational projects in India clearly demonstrate Glodyne'' domain
 expertise in implementing and managing large technology led projects in
 the country. These are market creating opportunities and we are
 determined to emerge as a very strong contender in these sectors.
 
 Highlights forthe year:
 
 For the financial year 2010-11, Glodyne has registered revenues of Rs.
 1,750 cr on a consolidated basis, 133% growth over FY 2009 - 10. The
 EBITDA grew by 85% over FY 2009-10 to Rs. 316.25 cr. Net profit for FY
 2010-11, was Rs. 174.12 cr, up 74% over FY 2009-10.  The basic EPS for
 the year is at Rs.40.32 against Rs. 24.56 which is adjusted forthe share
 split from face value Rs. 10 to face value Rs. 6.
 
 Our company''s geographical mix for the year was 58:42 (India: North
 America), the share of North America increasing because of the
 DecisionOne Corporation''s acquisition.
 
 During the year, Glodyne was proud to associate with the UIDAI in the
 launch of the first set of ''Aadhar'' numbers in the Country from the
 Tembhli village of Nandurbar district, Maharashtra. UID is a
 transformational and a historic project being implemented in the
 country and Glodyne is committed to provide all possible support to the
 program, having earlier done the proof of concept for UIDAI in the
 state of Bihar.
 
 During the year, Glodyne initiated major IMS program pilots and
 conducted many proof of concepts. The company partnered with few
 governments on a Public-Private Partnership model to implement public
 distribution system, MNREGS and labour automation programs.
 
 The company is in the process of implementing financial inclusion
 services for its various bank partners for reaching out to more than 45
 million citizens. We are on our way to become a leader in this space
 which will bring banking services to the millions of unbanked
 population of India. We are implementing the largest urban as well as
 rural financial inclusion programs across different states. Our unique
 social program supported financial inclusion services ensure that the
 accounts managed under the program remain active accounts.
 
 Geographical Expansion:
 
 In the last five years, Glodyne has acquired five companies. All the
 acquisitions have helped us to open up new opportunities in important
 markets or sectors. In the year, Glodyne completed the acquisition of
 DecisionOne Corporation, one of the largest independent technology
 infrastructure management services company in North America,
 headquartered at Philadelphia. It is a 0 mln revenue company which
 we acquired for an enterprise value of 4mn. This acquisition has
 enabled in-roads for Glodyne into the world''s largest IMS market, added
 marquee clients in North America with strong long term relationships
 and provides us with an opportunity to expand our services base.
 Glodyne DecisionOne''s management is upbeat on expanding business and
 improving efficiencies through re-aligning the cost and revenue matrix
 by adding off shoring benefits. The management is focussed on to
 leverage Glodyne DecisionOne''s high end service capabilities to address
 large IMS deals in North America which is the largest IMS market in the
 world.
 
 The way forward:
 
 We have been implementing large technology led social initiatives in
 the areas of MNREGS, financial inclusion, public distribution system
 and empowerment of the unorganized workforce. We are also expanding our
 education managed services across enterprise (universities) and retail
 (colleges and schools) segments. Moving forward with the above
 initiatives we will continue our journey forward in which our levers of
 growth have put us in a strong position and we are determined to expand
 on the strong niche that the company has built in the geographies we
 serve. Over the last few quarters our team has built a strong execution
 pipeline in the financial inclusion, e-governance and education sectors
 in India, and our focus is to ensure operational efficiencies and
 expansion in these projects. In our North America business we are
 working to re-align our cost and transform our services mix in the
 forth coming quarters.
 
 There are very few things as powerful as human passion. During the
 year, we doubled the size of our senior leadership team and are
 delighted that a new set of next in command leaders have emerged from
 within. We are counting on Glodyne to grow more leadership that will
 take us to the next level. I am confident with the aligned leadership
 and a more responsive internal structure Glodyne would continue to
 scale new heights.
 
 Continuous value creation is our focus and Glodyne is determined to
 deliver the maximum value to our clients, employees, and all the
 stakeholders. The trust that you - our investors - place in us every
 day is something we take very seriously. Thank you all for joining us
 on this amazing journey and I expect your support in the future.
 
 Annand Sarnaaik
 
 Chairman and Managing Director