Dear Shreholders,
 
 Though the road to glory is under-construction, we''re proud of what
 we''ve achieved so far. IRB has emerged as India''s leading
 Infrastructure Company. We have created many mega structures which have
 left their stamp on the landscape of the country.
 
 As our economy continues to power ahead, need for state-of-the-art
 infrastructure is fuelling our ambition to bring to life
 infrastructural marvels. Superior highway infrastructure ensures better
 connectivity and opens up new doors of opportunity that''ll enable
 businesses to grow. The momentum is on our side as we continue to
 innovate and explore new possibilities in the field of infrastructure.
 
 We''re one of the very few infrastructure companies in the country who
 has expertise in handling complex projects like the construction of our
 Surat-Dahisar Project, which is a 240-km, six lane highway. We are on
 the verge of completing this project as per schedule and also with
 substantial reduction in estimated project cost.  We could achieve this
 feat because of our project management expertise, cutting-edge
 technology, large in-house equipment bank and design innovations.  I
 would take this opportunity to congratulate the entire team involved in
 its execution for this astounding achievement.
 
 I still remember the day when we had won the bid for the Surat-Dahisar
 project. It was argued vehemently by the competition that construction
 of such large magnitude in such short time span would not be feasible.
 In my opinion, the only other example where work of such magnitude was
 done is when MSRDC built 36 flyovers in Mumbai over a period of 5
 years. Against this we had a task to build 26 flyovers, 2 Railway over
 bridges, 39 Pedestrian under-passes and 15 Vehicular under-passes in
 just 30 months, which we are on the verge of completing successfully.
 This is a significant milestone in terms of our ability to construct
 such mammoth infrastructure in such short time. I would like to thank
 our financial partner Deutsche Bank for bestowing confidence in our
 team and believing in our abilities.
 
 We''re heralded as the road BOT projects Pioneer. We also manage some of
 the best toll-road projects across the country. So far, we''ve
 constructed more than 2000 km of highways and have been maintaining and
 operating them. By winning projects across Maharashtra, Punjab,
 Rajasthan, Goa, Karnataka and Gujarat, IRB has successfully stamped a
 pan India presence. The market share of the company now stands at
 approx 12% of the Golden Quadrilateral length. Now, our bouquet of
 projects includes building roads, express highways, flyovers, tunnels,
 bridges, and airports.
 
 This couldn''t have been possible without the constant support of all
 our stakeholders.  Therefore, I would like to take this opportunity to
 thank all our stakeholders for reposing confidence in our abilities and
 our endeavours. I''m confident that with your continued support, IRB is
 sure to conquer new heights.
 
 Virendra D Mhaiskar
 Chairman & Managing Director