The Directors have pleasure in presenting the 17th annual report
 together with the audited balance sheet and profit and loss account of
 your Company for the year ended March 31, 2011.
 
 Consolidated Financial results
 
 Being a holding company of different vertical business operations, your
 Company does not have independent operating revenues other than O&M
 fee, incentives and dividends, if any, from its subsidiaries, interest
 and other treasury income earned on surplus funds. Following is the
 summary of consolidated results of the company, its subsidiaries and
 associates.
 
                                                            (Rs. Lakhs)
 
 Particulars                                2010-11           2009-10
 
 Financial Performance
 
 Operational Income                         1,914,66         1,786,64
 
 EBIDTA                                       513,99           468,30
 
 Other Income                                  28,53            29,18
 
 Interest & Financial Charges                 263,14           217,10
 
 Depreciation                                 183,64           137,12
 
 Provision for taxes                           21,32            20,01
 
 Profit before tax and share of profits 
 for associate and minority interest           74,42           123,25
 
 Add: Share of income from Associates         110,93            51,68
 
 Add: Profit on the sale of subsidiary             -               -
 
 Less: Minority Interest                       30,44            19,06
 
 Total Profit for the year                     154,91          155,87
 
 Add: Balance brought forward from 
 previous years                                435,61          279,74
 
 Balance available for appropriation           590,52          435,61 
 
 Appropriations
 
 Transfer to General Reserve                       -                - 
 
 EPS (Rupees)
 
 Weighted Average no. of Equity Shares  1,579,210,400   1,532,189,062
 
 Basic and Diluted                               0.98            1.02 
 
 Financial Position
 
 Fixed Assets ( Net of Depreciation)         3,671,88        3,948,32
 
 Cash and Cash Equivalent                      126,88           38,09
 
 Net Current Assets                            397,20          242,00
 
 Total Assets                               10,316,39        8,119,15
 
 Equity                                        157,92          157,92
 
 Reserves                                    3,228,86        2,998,00
 
 Net worth                                   3,386,78        3,155,92
 
 Our total income increased by 7% to Rs.1,943.19 Crores from Rs.1,815.82
 Crores in the previous year. The Power assets contributed an income of
 Rs.1,712.93 Crores (88.15% of total income) compared to Rs.1,603.28
 Crores in the previous year. This increase is mainly attributable to
 full year operation of Jegurupadu Phase II and Gautami Power Plants in
 the current year. The Transportation asset contributed an income of
 Rs.189.16 Crores (9.73% of total income) compared to Rs.170.75 Crores
 in the previous year. The other segment contributed Rs.41.10 Crores
 (2.12% of total income) compared to Rs.41.79 Crores in the previous
 year. The Airport assets (Mumbai and Bangalore Airports) as the
 associates of the company have contributed to net profit of Rs.110.93
 Crores as compared to Rs.51.68 Crores in the previous year. The
 consolidated net profit after tax was Rs.154.91 Crores as against
 Rs.155.87 Crores in the previous year.
 
 Dividend
 
 Apart from implementing the existing or new projects and / their
 expansions under different vertical businesses, through its
 subsidiaries and associate companies, your company is also exploring
 various business opportunities. In this endeavour, it is necessary to
 conserve the funds to meet the investment opportunities, which your
 board believes would enhance the shareholders value in the long term.
 Therefore, your Board has not recommended any dividend for the
 financial year 2010-2011.
 
 Subsidiaries
 
 Subsidiaries of your Company are predominantly spread across 3 main
 vertical business operations i.e., Energy, Airport and Transportation
 verticals. In addition, your Company has other subsidiaries, which are
 engaged in Oil & Gas and Industrial Park among others. Having completed
 the creation of separate business verticals, your Company as on March
 31, 2011 has 8 direct subsidiaries, 12 step down subsidiaries and 3
 associate companies. A list of these companies is provided separately
 as Annexure A to this report.
 
 In terms of section 212 of the Companies Act, 1956, your Company is
 required to attach the directors report, balance sheets, profit and
 loss account of its subsidiary companies to its Annual Report. However,
 the Ministry of Corporate Affairs (MCA), Government of India, New Delhi
 vide its Circular No.2/2011, dated: 08-02-2011 has granted a general
 exemption to all the Companies for not attaching the above documents of
 subsidiaries with the Annual Report of the Holding Company, subject to
 compliance of the conditions specified therein. As required under the
 said general circular, the Board of directors of your Company at its
 meeting held on May 7, 2011 gave its specific consent for not attaching
 the balance sheets of its subsidiaries, as they would be made available
 to its members at the companys website.
 
 In terms of the said notification of the MCA, a summary of the
 financial information of each of the subsidiaries of your Company is
 provided as Annexure B to this report. Any member intends to have a
 certified copy of the Balance Sheet and other financial statements of
 these subsidiaries may write to the Company Secretary. Accordingly,
 this annual report does not contain the reports and other statements of
 the subsidiary companies. These documents will also be available for
 inspection during the business hours at the registered office of the
 company and also at the registered offices of the respective subsidiary
 companies.
 
 Performance of the existing assets
 
 i) Energy
 
 Currently we operate 900 MW gas based power plants through step down
 subsidiaries i.e. GVK Industries Limited Jegurupadu Phase-I (216 MW),
 Phase-II (220 MW) and GVK Gautami Power Limited (464 MW). Following is
 the gist of performance of these assets.
 
 GVK Industries Limited
 
 Phase-I
 
 During the year Jegurupadu Phase I was operated at a Plant Availability
 Factor (PAF) and Plant Load Factor (PLF) of 95.94% and 76.62%
 respectively (PY 98.58 % and 89.56%) and reported a loss of Rs.29.03
 Crores (PY Rs.0.15 Crores). The decline in PAF, PLF and profits are
 mainly attributable to non availability of natural gas. The energy
 generated during the year was 1455.32 Million kWh (PY 1685.82 Million
 kWh) out of which 1422.74 Million kWh was exported and 32.58 MUs were
 for Auxiliary Consumption. The Station Heat Rate during the year was
 2007 kcal/kWh as against 1968 kcal/kWh in the previous year.
 
 Phase-II
 
 During the year Jegurupadu Phase II was operated at a PAF and PLF of
 89.17% and 81.75% respectively (PY 95.29% and 90.35%) and reported a
 profit after tax of Rs.20.74 Crores (PY Rs.25.26 Crores). The decline
 in PAF, PLF and profits are mainly attributable to non availability of
 natural gas. The energy generated during the year was 1638.85 Million
 kWh (PY 1742.47 Million kWh) out of which 1606.96 Million kWh was
 exported and 31.89 MUs were for Auxiliary Consumption. The Station Heat
 Rate during the year was 1824 kcal/kWh as against 1808 kcal/kWh in the
 previous year.
 
 GVK Gautami Power Limited
 
 Phase-I
 
 During the year Gautami Phase I was operated at a PAF and PLF of 88.64%
 and 83.39% respectively (PY 91.47% and 88.20%) and reported a profit
 after tax of Rs.76.58 Crores (PY Rs.28.14 Crores) showing a growth of
 272.14%. The energy generated during the year was 3422.90 Million kWh
 (PY 2937.98 Million kWh) out of which 3346.76 Million kWh was exported
 and 76.14 MUs were for Auxiliary Consumption. The Station Heat Rate
 during the year was 1825.60 kcal/kWh as against 1798.98 kcal/ kWh in
 the previous year.
 
 ii) Airport
 
 Under Airport asset, currently we operate Chhatrapati Shivaji
 International Airport (CSIA), Mumbai (a brown field project) and
 Bengaluru International Airport, Bengaluru (a green field project).
 Following is the gist of performance of these assets.
 
 Mumbai International Airport Pvt. Ltd (MIAL)
 
 During the year MIAL handled 29.07 Mio (PY 25.61 Mio) passenger
 traffic, handled 242,659 ATMs (PY 229,799 ATMs) and 340,260 MT (PY
 250,237 MT) of Cargo reflecting a growth of 14%, 5.6% and 36%
 respectively. MIAL reported a profit after tax of Rs.197.04 Crores for
 the financial year 2010-2011 (PY Rs.132.80 Crores) showing a growth of
 48%. MIAL had completed 31 of the 32 mandatory projects under OMDA as
 of December 2010. The only mandatory project remaining to be completed
 is the S.09 International Terminal Expansion - South West Pier which is
 pending due to the delay in handing over of Chhatrapati Shivaji Maharaj
 statue area. During the year Terminal 1C was inaugurated with a lot of
 retail offerings. CSIA has become the first Indian airport website, to
 offer mobile airport portal.
 
 Bangalore International Airport Ltd. (BIAL)
 
 During the year BIAL handled 11.63 Mio (PY 9.92 Mio) passenger traffic,
 handled 111,787 ATMs (PY 104,653 ATMs) and 222,783 MT (PY 174,648 MT)
 of Cargo reflecting a growth of 17%, 7% and 28% respectively. BIAL
 reported a profit after tax of Rs.132.10 Crores for the financial year
 2010-2011 (PY Rs.77.70 Crores) showing a growth of 70%. A new and
 spacious VIP lounge at the Airport has been opened in January 2011. The
 expansion of the existing terminal 1 has been designed to enhance the
 operational performance in order to handle, inter-alia, the increase of
 passenger traffic from the current 11.2 million passengers to
 approximately 17.2 million passengers annually up to the year 2015. The
 Project is scheduled to be completed within a period of 18 months from
 the commencement of its construction.
 
 During the year 2010-2011, Mumbai and Bengaluru airports together have
 handled passenger traffic of 40.7 million. With these two busy airports
 under our management, GVK would be Indias biggest airport operator in
 the private sector.
 
 iii) Transportation
 
 A 90.4 Km Jaipur - Kishangarh Expressway on NH-8 connecting Mumbai and
 New Delhi is a BOT project and is a part the prestigious Golden
 Quadrilateral Project undertaken by the Central Government of India
 through National Highways Authority of India (NHAI) connecting all four
 major metro cities i.e. New Delhi, Mumbai, Chennai and Kolkata.
 Following is the gist of performance of this asset.
 
 GVK Jaipur Expressway Pvt Ltd.
 
 Toll collected by the Company during the year was Rs.189.16 Crores (PY
 Rs.170.75 Crores) registering a growth of 11%. The profit after tax is
 at Rs.80.02 Crores for the year (PY Rs.58.96 Crores) showing a growth
 of 35.73%. Multi Axis vehicles alone have contributed 73% of the toll
 revenue collections during the year. This is the first road project in
 India to have shared certain agreed percentage of excess toll revenue
 over the projected toll fee with NHAI.
 
 Assets under construction
 
 i) Energy
 
 Alaknanda Hydro Power Company Limited
 
 The 330MW Alaknanda Hydro Electrc Power Project on the river Alaknanda,
 Srinagar, Uttarakhand is being implemented with an estimated project
 cost of Rs.3,675 Crores. The Excavation in the Power House, the Forebay
 work, penstock work are fully completed and the 335000 M3 (i.e. 61%) of
 concrete for dam is complete. All other major works at project are
 being completed as scheduled and the project is expected to be
 commissioned by 2012.
 
 GVK Power (Goindwal Sahib) Limited
 
 The 540MW the thermal (coal based) power project in Tarn Taran
 district, Punjab is being set up at an estimated cost of Rs.3,200
 Crores. The Power House building piling work and bunker bay concrete
 piling and raw water reservoir excavation work completed to the extent
 of 85% and BTG works are in full swing and the project is expected to
 be commissioned by 2013.
 
 ii) Transportation
 
 GVK Deoli Kota Expressway Private Limited
 
 The Company was incorporated as a SPV during April 2010, to implement
 and augment the existing Deoli-Kota Section of National Highway (NH)
 No. 12 from Km 165 to Junction of NH - 76 on Kota Bypass (approximately
 83.04 Km) in the State of Rajasthan by four laning on design, build,
 finance, operate and transfer (DBFOT) basis and has signed the
 financing documents on January 5, 2011 with a consortium of lenders for
 an estimated project cost of Rs.823.45 Crores with debt equity of
 80:20. The project would become operational within 30 months as per the
 Concession Agreement.
 
 GVK Bagodara Vasad Expressway Private Limited
 
 The Company was incorporated as a SPV during February 2011, to
 implement the Six Laning of existing three lanes of Bagodara - Wataman
 - Tarapur - Vasad Road Project (State Highway No.8, Km 0/0 to Km 101/9)
 in the State of Gujarat on BOT Basis. Requisite Concession Agreement
 has been executed with the Gujarat State Road Development Corporation.
 Cost of the project is estimated at Rs.1200 Crores. The project would
 become operational within 30 months as per the Concession Agreement.
 
 Other Developments
 
 i) Energy
 
 During the year your Company has transferred its entire shareholding in
 the power assets viz GVK Industries Limited, GVK Gautami Power Limited,
 GVK Power (Goindwal Sahib) Limited, Alaknanda Hydro Power Company
 Limited, GVK Coal (Tokisud) Company Private Limited, to GVK Energy
 Limited, a wholly owned subsidiary of the Company for a consideration
 of Rs.1333.17 Crores. With this, the creation of energy vertical has
 been completed in all respects.
 
 During November 2010, your Company through its subsidiary GVK Energy
 Limited has entered into an Investment Agreement with M/s. 3i India
 Infrastructure Fund, Actis Infrastructure India PCC Limited and an
 affiliate of the Government of Singapore Investment Corporation (GIC)
 for a total Private Equity investment of Rs.1498 Crores for an ultimate
 equity dilution of 24.97% in GVK Energy Limited.
 
 ii) Airport
 
 During the year your Company has signed an agreement to acquire 13.5%
 additional equity stake in Mumbai International Airport Limited (MIAL),
 from Bid Services Division (Mauritius) Limited, through a step down
 subsidiary, subject to regulatory approvals. On completion of this
 acquisition, equity shareholding of the GVK Group stands at 50.5% from
 the existing 37% of the total paid-up share capital in MIAL.
 
 iii) Transportation
 
 During the year, your Company has formed two SPVs as subsidiaries of
 GVK Transportation Private Limited, a wholly owned subsidiary of the
 Company. Further, your Company on April 6, 2011, as a concluding
 transaction, has transferred its entire shareholding held in the GVK
 Jaipur Expressway Private Limited to GVK Transportation Private
 Limited, a wholly owned subsidiary of the Company for a consideration
 of Rs.274.01 Crores. With this, the creation of transportation vertical
 has been completed in all respects.
 
 New Opportunities
 
 i) Energy
 
 During June 2010, your Company through a step down subsidiary, GVK
 Ratle Hydro Electric Project Private Limited (SPV), has signed the
 Power Purchase Agreement, with Power Development Department, Govt. of
 Jammu & Kashmir for implementing the 810MW Ratle Hydro Electric Project
 on the river Chenab, Kishtwar District, in the State of Jammu &
 Kashmir. The cost of the project is estimated at Rs.5368 Crores and
 expected to be operational by March 2017.
 
 During February 2011 your Company has executed a Memorandum of
 Understanding (MOU) with the Punjab State Power Corporation Limited for
 implementation of 1320 MW Power Project (Phase-II), in the State of
 Punjab. For this purpose GVK Power (Khadur Sahib) Private Limited, a
 SPV has been incorporated as a step down subsidiary through GVK Energy
 Limited to implement the Coal based thermal power project with super
 critical technology, proposed to be developed in the additional land at
 the existing Goindwal Sahib site in Tarn Taran District, Punjab.
 
 ii) Airport
 
 Your Companys capabilities, expertise and strong track record in the
 airports sector helped getting two international airports to its
 portfolio. Your Company has signed two MoUs with Indonesian Government
 during its Presidents State visit to India in January 2011 to develop
 green field international airports in North Bali and Yogyakarta (Java),
 Indonesia. Bali and Java are the prime destinations for tourist traffic
 from both Europe and Asia. The signing of these MoUs marks a very
 significant milestone for GVK and your Company is confident that these
 agreements will yield significant synergies.
 
 Financial Statements
 
 The audited stand alone and consolidated financial statements of the
 company along with its subsidiary companies are attached herewith and
 form part of this annual report. These have been prepared in accordance
 with the provisions of the Companies Act, 1956, the Listing Agreement,
 the Accounting Standard (AS-21) on Consolidated Financial Statements
 and the Accounting Standard (AS-23) on Accounting for Investments in
 Associates.
 
 Awards and recognitions
 
 Following are some of the awards and recognitions that the promoters
 and the associate companies received during the current year.  Dr. G V
 Krishna Reddy, Chairman & Managing Director of your company has been
 conferred with the prestigious Padma Bhushan Award for the Year 2011.
 The award was presented by Smt. Prathibha Devi Singh Patil, Honble
 President of India at a glittering function held on March 25, 2011. Our
 beloved Chairman has received this award towards his contribution to
 the society in the category of Trade and Industry.
 
 Mr. G V Sanjay Reddy, Vice Chairman of your Company has been awarded as
 Emerging Business Leader of the Year by AIMA Managing India Awards
 2011.
 
 Chhatrapati Shivaji International Airport (CSIA) emerged as one of the
 top performing airports in the annual ACI Airport Service Quality
 Awards for 2010. It was rated the second best airport worldwide for
 airports in the 15-25 million passengers per annum (mppa) category as
 announced by ACI.
 
 Bangalore International Airport Limited has bagged the prestigious
 Best Airport India award at the Skytrax World Airport Awards in
 Copenhagen, Denmark.
 
 Liquidity
 
 Your companys ability to raise finance for various projects of the
 Company has been its strength and is able to tie up the required
 financial assistance from the lending institutions even in the adverse
 market conditions. Surplus funds are deposited with banks, highly rated
 financial institutions and liquid mutual funds. These funds can be
 liquidated at a very short notice to meet the requirements of the
 company as and when needed.
 
 Corporate Governance
 
 Your Company continues to practice the best of the Corporate Governance
 policies. Your Company is in compliance with the recommendations of the
 Narayana Murthy Committee on Corporate Governance constituted by the
 Securities and Exchange Board of India (SEBI). A certificate, from a
 Company Secretary in whole time practice, on compliance with the
 mandatory recommendations of the committee is provided in the annexure
 to the Directors Report. As required under Clause 49 of the Listing
 Agreement with the Stock Exchanges, a separate section on Corporate
 Governance is attached to this report.
 
 Corporate Social Responsibility (CSR)
 
 Corporate Social Responsibility initiatives are implemented through GVK
 Foundation, the CSR arm of the GVK Group. The Foundation is involved
 mainly in the areas of education, health and hygiene; community-based
 programmes; empowerment and entrepreneurship development, arts, music,
 sports and various social economical and cultural activities. It
 reaches out with the objective of improving the quality of life of the
 economically deprived people in the places where the Group has a
 presence.
 
 To further the CSR objective, GVK has taken over the management of
 Emergency Management and Research Institute (EMRI), a non-profit
 organization during May, 2009 to provide integrated emergency response
 service across the Country under public private partnership mode. Since
 then, the Foundation has been funding GVK EMRI.
 
 Highlights of GVK EMRI
 
 Operates through 11 States in the country and serves nearly 500 million
 people. Currently, there are about 2802 ambulances to provide pre
 hospital care which has saved Lives of approximately 323,924 people.
 GVK EMRI has partnered with global organizations (Stanford, CMU, 9-1-1,
 STC, AAPI, AAEMI, Geomed etc.) to strengthen its competencies, skills
 and to share the best international practices.
 
 Government of Andhra Pradesh has identified GVK EMRI as out sourcing
 agency to run Fixed Day Health Services (FDHS) popularly known as
 Hospital on wheels in the districts of Srikakulam, Vijayanagaram,
 Visakhapatnam, Medak, Adilabad & Chittor. GVK EMRI has introduced boat
 ambulances in the state of Assam to facilitate Inter Facility Transfer
 requests from rural embankment regions of Brahmaputra River. Launched
 its services in Himachal Pradesh in the month of December 2010 with 100
 ambulances.  GVK EMRI has signed PPP agreement with the Government of
 Chattisgarh on May 17, 2010 for rendering emergency response services
 by deploying 172 ambulances.
 
 Management Discussion and Analysis
 
 A separate report on the Management Discussion and Analysis of the
 financial position and the results of operations of the Company for the
 year under review is annexed to this report as required under Clause 49
 of the Listing Agreement with the Stock Exchanges 
 
 Directors
 
 Appointment by rotation
 
 In accordance with the provisions of the Companies Act, 1956 read with
 the Articles of Association of the Company Mr. K N Shenoy,
 
 Mr. Pradip Baijal, Dr. A Ramakrishna and Mr. P Abraham, Directors of
 the company will retire by rotation at this meeting and being eligible,
 your Company recommends their re-appointment.
 
 The Board of Directors at their meeting held on May 7, 2011
 re-appointed Mr. A Issac George as Director & Chief Financial Officer
 of the Company for a further period of 3 years with effect from April
 1, 2011. Your Company recommends his re-appointment.
 
 Cessation
 
 During the year Mr. Sanjay Narayen, Director has expressed his
 inability to continue as a director due to his other commitments.  The
 Board of directors at its meeting held on May 7, 2011 has accepted the
 same and placed on record its appreciation for the services rendered by
 Mr. Sanjay Narayen, during his tenure as director of the company.
 
 Directors Responsibilities Statement
 
 Pursuant to the requirements specified under Section 217 (2AA) of the
 Companies Act, 1956, with respect to the Directors Responsibilities
 Statement, it is hereby confirmed that;
 
 i. in the preparation of the annual accounts for the financial year
 ended March 31, 2011, the applicable Accounting Standards have been
 followed along with proper explanations relating to material
 departures;
 
 ii. the directors had selected such accounting policies and applied
 them consistently and made judgments and estimates that are reasonable
 and prudent so as to give a true and fair view of the state of affairs
 of the Company as at March 31, 2011 and of the profit or loss of the
 Company for the said period;
 
 iii. that the directors had taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Companies Act, 1956 for safeguarding the assets of
 the Company, for preventing and detecting fraud and other
 irregularities; and
 
 iv.  the directors had prepared the annual accounts for the financial
 year ended March 31, 2011 on a going concern basis.
 
 Auditors
 
 M/s. S R Batliboi & Associates, the Statutory Auditors of the Company
 will retire at the conclusion of this Annual General Meeting.  They
 have offered themselves for reappointment as statutory auditors and
 have confirmed that their re-appointment, if made, would be within the
 limits prescribed under section 224(1B) of the Companies Act, 1956.
 
 The Notes to Accounts forming part of the financial statements are self
 explanatory and need no further explanation.
 
 Audit Committee constitution
 
 In compliance with the provisions of the Section 292A of the Companies
 Act, 1956 and the listing agreement entered into with the stock
 exchanges, the company had already constituted an Audit Committee
 during 2005 itself consisting of highly qualified and experienced
 members from various fields. The committee consists of four Independent
 Directors. The Chairman of the committee Mr. K N Shenoy, is an
 Independent Director and the committee meets periodically to review the
 quarterly financial statements and recommends its findings to the Board
 apart from taking action independently whenever required.
 
 Other Information
 
 The Audit Committee of the Company has reviewed the audited financial
 statements for the year under review at its meeting held on May 6, 2011
 and recommended the same to the Board. The Board of Directors have
 taken the same on record at its meeting held on May 7, 2011.
 
 Internal Control Systems and their adequacy
 
 The Management continuously reviews the internal control systems and
 procedures for the efficient conduct of the Companys business. The
 Company adheres to the prescribed guidelines with respect to the
 transactions, financial reporting and ensures that all its assets are
 safeguarded and protected against losses. The Internal Auditor of the
 Company conducts the audit on regular basis and the Audit Committee
 actively reviews internal audit reports and effectiveness of internal
 control systems.
 
 Internal Control Systems are implemented to safeguard the Companys
 assets from loss or damage, to keep constant check on the cost
 structure, to prevent revenue leakages, to provide adequate financial
 and accounting controls and implement accounting standards.
 
 Public Deposits
 
 During the year under review, your company has neither invited nor
 accepted any fixed deposits from the public.
 
 Particulars of Employees
 
 As required under the provisions of Section 217(2A) of the Companies
 Act, 1956, read with the Companies (Particulars of Employees) Rules,
 1975, as amended, the names and other particulars of employee(s) are
 set out in the Annexure C to this report.
 
 Foreign Exchange Earnings and Outgo
 
 In accordance with the provisions of Section 217(1)(e) of the Companies
 Act, 1956, read with the Companies (Disclosure of Particulars in the
 Report of Board of Directors) Rules, 1988, the information relating to
 foreign exchange earnings and outgo is provided under Notes to the
 Balance Sheet and Profit and Loss Account.
 
 Acknowledgements
 
 On behalf of the Directors of the Company, I would like to place on
 record my deep appreciation to all the Central and State
 
 Government Authorities, Regulatory bodies, Banks, Financial
 Institutions and every Stakeholder of the Company.
 
 I also thank all my colleagues on the Board for their timely guidance
 and support extended to me. I personally appreciate and place on record
 the sincere services rendered by all the employees and their families
 for making the company what it is today. I sincerely thank everyone for
 their support and reiterate humbly that I have accepted the Padma
 Bhushan award on your behalf.
 
                             For and on behalf of the Board of Directors
 
 Place: Hyderabad                                   Dr G V Krishna Reddy
 
 Date : May 7, 2011                         Chairman & Managing Director