Dear Shareowners,
 
 Our stellar performance in the year 2012 has been well supported by all
 around growth in our focused areas. During the year, along with many
 others signifcant wins we added a large European Financial Services
 logo through a multimillion dollar deal. In addition to our
 traditionally strong service lines, we have witnessed healthy growth in
 Business Intelligence / Business Analytics (BI/BA) and in the newly
 launched Remote Infrastructure Management Services (RIMS) horizontal.
 It is heartening to see such a strong demand of our skill set in these
 areas as these emerging technologies provide platform for higher future
 growth. We continue to invest in emerging technologies such as
 enterprise mobility, social media, cloud computing and big data as we
 believe they ofer signifcant growth potential.
 
 We continue to leverage our strong technological expertise and domain
 understanding in our focus areas to serve our clients that can further
 our growth momentum. During the year, we entered into a strategic
 alliance with a multi-billion dollar company to establish a large
 secure Enterprise Resource Planning (ERP) Application Outsourcing
 services unit. This unit would operate on Build Operate and Transfer
 (BOT) model to serve its large base of global customers across multiple
 geographies and industry verticals.
 
 To augment our growth further, both from existing and new logos we have
 been making consistent investment by increasing the quality and
 quantity of our front ending teams, enhancing process and methodologies
 to boost their productivity and reach, creating dedicated mining teams
 at organizational level and undertaking slew of market development
 activities to further our brand image and recall. Well supported by
 these steps, we have been able to increase the average size of our top
 10 client segment to USD 18 million in 2012 from USD 11 million in
 2010. On new clients addition also we have been consistently adding
 10-12 clients every quarter since last two and a half years. By end of
 2012, we had an active client roster of 218 leading global corporates.
 
 Our investments in improving employee morale and productivity have also
 been bearing fruits in line with our expectation. During the year, the
 attrition was at a multi-year low single digit. We added 752 employees
 and our global headcount increased to 9,069 employees.
 
 In line with our corporate road map, we expanded our presence in our 27
 acres Green Campus in Siruseri SEZ at Chennai. In Pune, we moved to a
 larger facility with a seating capacity of 700 employees.  Further, 340
 employees have been employed by Caliber Point Business Solutions, 100%
 wholly owned subsidiary of Hexaware at the SEZ campus at Nagpur. During
 the year, we made a further investment of Rs.744 million to improve and
 expand our physical and technical (IT) infrastructure that can cater to
 our current and future requirements.
 
 Our eforts were also well recognized by the industry. Amongst many
 other accolades, we were selected in the International Association of
 Outsourcing Providers® (IAOP®) Global Outsourcing 100® list. We were
 recognized for our all around global expertise and for our work in
 various domains including Human Resources Services, Transaction
 Processing Services and Air Transportation.
 
 Going ahead we are optimistic on 2013. While the global economy may
 continue to face sporadic challenges, we are confdent on our growth
 outlook as we believe that IT infuence would continue to increase in
 all major business decisions. Companies across the globe should
 continue to invest in IT to boost productivity, increase span, stay
 agile and tap emerging technologies. We continue to seek all organic
 and inorganic growth opportunities that are in line with our strategic
 plan and make business sense. We are confdent that our well chosen path
 of maintaining focus on select areas would augur well for the future of
 our company.  am pleased to announce that this stellar performance has
 helped us reward our shareholders in a signifcant manner with a fnal
 dividend of Rs.1.20 per share (60%) on equity shares of X2/- each,
 subject to the approval of the shareholders. This brings the total
 dividend for the year 2012 to Rs.5.40 per share (270%) up from Rs.4.00
 per share (200%) for the year 2011.
 
 As I conclude, I take this opportunity to acknowledge valuable
 contribution of our employees during the year and also thank our
 customers, investors and partners for their unwavering support.  look
 forward to their continued trust and patronage as we step forward into
 yet another exciting year.
 
 Yours Sincerely,
 
 Atul Nishar
 
 Chairman