Im sure all of you will agree that the turn of events during the
 bygone fiscal was anything but usual. Iconic institutions in the West
 received government bailouts; foreclosures skyrocketed and market rates
 were down by 35%, with selling and leasing coming to a standstill.
 Credit squeeze further added to the woes. Indeed, the world of real
 estate was shaken to its roots.  However, these times proved to be an
 important test of our business strategies. While the meltdown spared
 none, thanks to our addiction to a cautious approach, we remained
 rooted, unlike someofourcontemporaries.
 
 STRATEGIES AND EXECUTION -TWO SIDES OF THE SAME COIN
 
 During the year under review, we proved it beyond doubt that IBREL is
 standing tall on strong fundamentals. Our business is governed by three
 strong principles - selecting premier tier I locations, playing large
 consolidated bets to propel growth and maintaining a high operating
 leverage. Even during boom time, we never forgot that real estate is a
 business that has less predictability on cash flows. Our business
 insight rightfully compelled us to remain conservative in financing our
 projects.  All our land banks were acquired prudently at fair value. We
 were also successful in maintaining optimal material and overall
 project construction costs.  The results are for everyone to see.
 
 Today, we enjoy one of the best balance sheets in the industry.  With a
 strong equity and cash position, we are successfully creating assets
 without relying on debt for our growth. In fact, we are amongst the
 very few real estate companies that are entirely debt free at the
 parent level. This has been a tremendous advantage in times of a
 general credit squeeze faced by our competitors, whose projects have
 languished and as a result, given even more visibility to our assets.
 Our sound cash and risk management abilities are reflected in the fact
 that our financial health was never in doubt, even at a time when our
 peers are dealing with the pressures of a liquidity crunch. A healthy
 cash position has empowered us to deliver optimum value by enabling
 time-bound execution of our projects, whilst allowing us to capitalise
 on other lucrative prospects. As a result, we are diligently releasing
 a pipeline of cost-effective products into the marketplace and aim to
 derive satisfactory returns from them.
 
 I strongly believe that strategies and efficient execution abilities go
 hand in hand - each one incomplete without the other. We have mastered
 both these prerequisites to success.  Im pleased to announce the
 timely rollout of our projects, One Indiabulls Centre and Indiabulls
 Financial Centre that reached completion during the year under
 consideration and are now ready for occupancy. Despite tough economic
 environment, these iconic destinations have been able to garner ample
 interest and closure. These projects are testimony to our unparalleled
 and aggressive execution capabilities, whilst adhering to the highest
 quality standards.
 
 MARKET UNDERSTANDING OUR FORTE
 
 Most of our new projects under execution are mixed-used developments,
 highlighting our ability to adapt to the changing market requirements.
 Going forward, we aim to deliver solid traction towards our mixed
 residential and commercial projects across India. Our product designs
 go beyond delivering brick and mortar - they are conceived to fulfill
 the dreams of our future home owners. Every project is being undertaken
 with the unanimous objective of delivering superior client
 satisfaction.  Keeping our distance from the stand-alone malls business
 for now further accentuates our desire to be value driven. We are also
 sensitive to the growing need and demand for inexpensive housing. As a
 result, we are ensuring a healthy product mix by developing reasonably
 priced homes of multiple configurations and sizes, at a quality
 standard that will be our trademark.  Going forward, we will continue
 to develop products which are now being expected by todays more
 discerning home owners.
 
 POWERING UP
 
 IBREL thrives on the philosophy of leveraging its strengths to derive
 maximum value out of opportunities. Driven by our excellent execution
 skills, we are well-positioned to make the most of the prospects in the
 power segment. Within just two years of our foray in the power
 industry, we have initiated the development of as many as five thermal
 power projects, with a combined capacity of 6615 MW once completed.
 Additionally, we also have four medium-sized hydro power projects
 aggregating to 167 MW, under development in Arunachal Pradesh. I now
 look forward to the power segment of our businessto deliver enhanced
 shareholder value by becomingan independent listed entity in the near
 future.
 
 I take this opportunity to thank all our investors, shareholders,
 customers and employees for making our success a reality.
 
 Sameer Gehlaut
 
 Founder and Chairman