Dear Stakeholders
 
 The economy at large has been going through a challenging phase with
 both enterprise and consumers being cautious in decision making and
 discretionary spends. Inflationary pressures leading to aggressive
 interest rate escalation have also played a role in slowing down the
 economy and the desired growth momentum.  Due to the volatile economic
 environment in the country today, capacity expansion in most sectors
 has momentarily taken a back seat. In the domestic IT sector, the
 uptake of products and services like System Integration has been
 impacted. This is specifically manifesting in slow Government project
 execution and decision process.
 
 I see this having a short term impact. The emerging broadband ecosystem
 will lead to technologies like cloud services and mobility. These
 developments coupled with certain steps taken by the Government like
 the new Electronics Policy and a renewed focus on R&D will be potential
 growth drivers in the long run.
 
 With a new mission firmly in place your company now embarks on a growth
 trajectory. In this journey the company will leverage its operational
 strengths leading to continuous growth. To achieve this, the management
 team has been strengthened. Also the company has drawn a charter to
 heavily invest in identified growth drivers defined under three
 horizons to include a blend of mature, rapidly growing and emerging
 business areas.
 
 Within our mature verticals, Lifecycle services for consumers and
 enterprises will continue to be our focus.  We intend to drive
 substantial growth in our Multi-brand distribution unit through
 expansion and better management of the portfolio. Also another mature
 vertical - the Strategic and Transaction outsourcing will focus on
 bringing in larger businesses.
 
 The company has also been nurturing its rapidly growing business units
 like Learning Solutions, which is on a high growth trajectory. Our
 expansion into the emerging geographies has also been quite rapid and
 we intend to keep on delivering positive results.
 
 We have clearly defined emerging business areas and significant
 investments are being made as we gear up for the future frontiers. We
 are readying ourselves in areas like Cloud Computing for both Large
 Enterprise & SMB. Mobility is another emerging business case and our
 future roadmap has taken cognizance of an ecosystem of both B2B and B2C
 applications running on Tablets. Your company has introduced some
 promising products and solutions which have already made some early
 breakthroughs.
 
 As HCL Infosystems begins its new year, I am confident that our
 rigorous execution plans will show results and build a strong
 organisation over the next 2-3 years for the future.
 
 With warm regards
 
 Ajai Chowdhry