The Indian story continues to be one of growth and opportunity. Now
 .7 trillion large, the Indian econo- my continues to expand at a rate
 which continues to be in the high single digits. Yet, numbers cant
 capture the entire phenomenon that India is. The country remains a
 successful and enduring democracy of 1.2 billion people. Socio-economic
 indicators such as the literacy rate and life expectancy too continue
 to improve. According to the latest Census, the literacy rate in the
 country is 74%, almost 10 percentage points higher than what it was
 just a decade ago.
 
 The market for most products and services is large, with more people
 entering the middle-income group every year. Rapid urbanization, a high
 proportion of young people, a growth in the number of the English-
 speaking working class, and increasing exposure to diverse lifestyles
 also make the market a sophisticated and complex one with two
 underlying themes - optimism and aspiration.
 
 In the last decade, India consolidated its position as the worlds
 second fastest growing major economy.  This decade, it will build on
 those gains, unlocking the potential of its people and natural
 resources.
 
 The macro-economic changes were accompanied by changing societal norms,
 attitude and behaviour.  Media just doesnt have to chronicle these
 changes; it has to cope with them and continue to stay relevant and
 useful.
 
 The latest economic data that came from the government indicate that
 the economy expanded by 8.5% in 2010-11. Clearly, it has rebounded
 smartly after a modest 6.7% expansion in 2008-09. In 2009-10, it grew
 by 7.4%. Other emerging economies too grew.  Still, some worries remain
 on account of high interest rates and food price inflation.
 
 The sharp revival of the Indian economy has helped the media sector
 regain momentum. The latest FICCI-KPMG report on the media industry
 indicates that this resurgence has come on account of a strong growth
 in advertising revenue. Advertising spends grew by 17% in 2010 to
 R26,600 Crore and accounted for 41% of the total revenue of the media
 industry.
 
 Print continues to be relevant - it accounted for almost 50% of total
 advertising revenue in 2010 - and, according to the report, will see an
 average growth of 10% over the next five years in subscription and
 adver- tising revenue to touch Rs.31,000 Crore.
 
 Your Company has tracked the changing habits and preferences of readers
 and advertisers - sometimes even before the changes happen. Our
 continuous initiatives to sense the pulse of the audience and realign
 our servings accordingly has been instrumen- tal in the rising appeal
 and popularity of our brands - across the print, radio, online and
 mobile platforms.  Our strategic focus on new media has started showing
 results and will intensify as we move ahead.
 
 Your Company completed a corporate restructuring by demerging the Hindi
 business into a separate enti- ty, Hindustan Media Ventures Limited
 (HMVL). This move was well thought through, keeping in mind the
 underlying growth potential of the Hindi business and the focus
 required to unlock its true potential. In 2010-11, HMVL successfully
 concluded an Initial Public Offering (IPO) of shares, recorded a
 healthy growth of 19% in revenue and Hindustan emerged as the second
 largest read newspaper across all lan- guages in India in terms of
 total readership.
 
 Your Company did equally well in 2010-11.  Hindustan Times continued
 its dominance in Delhi and the National Capital Region and further
 strength- ened its No.2 position in Mumbai. The No. 2 business daily in
 the country, Mint, continued to build on its strengths by its launch
 in Ahmedabad and Hyderabad.  Our radio business returned healthy
 profits during the year. Our mobile solutions business gained good rev-
 enue in the very initial quarters of operations. Our world-class
 printing facility, under the joint venture company, HT Burda Media
 Limited, commenced commercial operations during the year. And our
 online businesses continued to grow.
 
 Your Companys consolidated revenue reached R1,815 Crore in 2010-11,
 from Rs.1,454 Crore in 2009-10.  Consolidated EBITDA recorded a growth of
 26% to touch R365 Crore. Our consolidated net profit was Rs.181 Crore in
 2010-11, an impressive 33% growth over the previous years Rs.136 Crore.
 
 Id like to share with you my view on the Companys performance and the
 road ahead.
 
 In the past decade, we launched Mint, Fever, job portal Shine.com and
 student-focused portal HTCampus.com, a mobile solutions business, and
 the Mumbai edition of Hindustan Times; grew Hindustan into the force it
 has become; launched a joint venture, HT Burda, to take advantage of
 opportunities in the printing space; and listed two companies on the
 stock exchange. This is an impressive record for a decades
 achievements by any standard.
 
 Going forward, these businesses will serve as multiple growth engines
 for your Company. The impressive growth in the radio business, and
 encour- aging signs of revenue opportunities in our online ven- tures
 has encouraged us to look for opportunities to grow, both organic and
 inorganic. We are systemati- cally building a diversified media
 conglomerate, in line with emerging trends and opportunities in the
 business across the world.
 
 Id like to thank all our stakeholders - employees, shareholders,
 readers, advertisers, listeners, lenders, governments and society at
 large.
 
 And Id like to invite all of you to accompany us in our quest to
 create and share sustained value.
 
 Thank You!
 
 Shobhana Bhartia
 
 Chairperson & Editorial Director