Let me begin by thanking each one of you for the overwhelming response
 to our maiden IPO during the year. The successful listing of Hindustan
 Media Ventures Limited marked the end of the restructuring process by
 our parent company, HT Media Limited. The separation was well
 envisioned, keeping in mind the underlying growth potential of our
 Hindi business and the focus that was needed to unlock its true
 potential.
 
 We have reached a critical juncture in our growth journey. While the
 first decade of the 21st century served as a period of consolidation
 for India; the second decade, in my view, will witness the unlocking of
 our true potential. A key aspect of this socio-economic progress is the
 increasing participation of rural and semi-urban populations and
 geographies in the national economy. While growth is reaching its high
 point in developed parts of the country, it is also finding new centers
 in underdeveloped areas.
 
 The latest census estimated that the overall literacy rate has improved
 to 74% from 65%. Another study by FICCI-KPMG estimated the total
 literate population in India at 579 million, with print media’s
 penetration put at a little over 30%. It is encouraging to note that
 socio-economic indicators are registering growth, even at the furthest
 mile. This augurs well for regional language newspapers like Hindustan.
 
 The revival of the Indian economy after the slump, that was brought on
 by the global financial crisis, has helped the media sector to regain
 its growth momentum. The FICCI-KPMG report suggests that the surge in
 advertising has acted as a catalyst for expansion of the media industry
 in general, and print media in particular. Advertising spends grew by
 17% to Rs. 266 billion and accounted for 41% of the overall size of the
 media industry. Rising literacy levels amid low print media penetration
 signify
 
 substantial room for growth. According to the report, the overall print
 media industry may witness a CAGR of 10%, to touch Rs. 310 billion in
 five years. Regional media is expected to grow at an even higher rate
 of 12%.
 
 FY 11 was a landmark year for your Company.  A major breakthrough came
 in the latter half, when IRS Q4 for the year 2010 confirmed that our
 flagship brand Hindustan had emerged as the second-largest newspaper in
 terms of total readership, in all languages in the country.
 
 Our vision is to sustain and build on this, continuing the march
 forward to reach the top spot. We will make efforts to benefit from the
 rising interest of readers and advertisers in Hindi print media and
 translate this into stable, robust growth in the years ahead.
 
 We have tried to make the best of the growth in the vernacular and
 regional media print space by focusing our efforts on serving the
 requirements of the target audience, be it readers or advertisers. We
 have continued with our endeavour to localize news, while offering a
 judicious mix that includes national news.  We have also addressed the
 requirement of our growing readership within the student community,
 keeping the publication tuned in and updated with the latest trends,
 which includes meeting the burgeoning demand for career opportunities
 in a growing economy.
 
 The notable initiatives of the fiscal year include the launch of
 Hindustan in Gorakhpur, the strengthening of existing printing and
 publishing facilities, and our decision to retire long-term debt of Rs.
 135 crore.
 
 During the fiscal year, our revenue improved 19% from the previous
 year. Advertisement revenue rose 27%, whereas circulation revenue
 showed a modest growth of 1%. We were able to take advantage of this at
 the level of profitability, with EBITDA gains of 12%.
 
 Finally, I wish to place on record my sincere thanks to the senior
 management team and the employees, and my gratitude to our
 shareholders, readers, advertisers, the government, bankers, vendors
 and associates, for their valuable contribution and continued support
 to Hindustan Media Ventures Limited as always.
 
 Thank You!
 
 Shobhana Bhartia
 Chairperson