It gives me great pleasure to welcome you to the 96th Annual
 General Meeting of your Company.
 
 It is a matter of satisfaction for me to report yet another 
 year of robust growth and strong performance encompassing all 
 the business segments of your Company. 
 
 The foundations that we have laid over time by investing in 
 R & D, technology and innovation for international competitiveness, 
 supported by a robust governance structure, continue to drive growth 
 in your Company's multiple businesses, providing a strong momentum 
 for a secure future. 
 
 FINANCIAL PERFORMANCE
 
 Gross Turnover for the year grew by 20.2% to Rs. 19505 crores. 
 Net Turnover at Rs.12369 crores increased by 26.3% driven by the 
 non-cigarette FMCG businesses, higher agri-business revenues and 
 the continuing strong performance by the Hotels business. 
 The non-cigarette portfolio grew by 37.6% during the year and 
 now accounts for 52.3% of the Company's Net Turnover. Pre-tax 
 profit increased by 20.1% to Rs. 3927 crores, while Post-tax 
 profit at Rs. 2700 crores registered a growth of 20.8%. Earnings 
 Per Share for the year stands at Rs. 7.19. Cash flows from Operations 
 stood at Rs. 3402 crores during the year. 
 
 The ITC Group's contribution to foreign exchange earnings over 
 the last ten years amounted to nearly USD 2.8 billion, of which 
 agri exports constituted nearly 65%. Earnings from agri 
 exports is an indicator of your Company's contribution to the 
 rural economy by effectively linking small farmers with 
 international markets.
 
 You, the shareholders, can draw even greater satisfaction from 
 the fact that these financial results rest on a strong foundation 
 of trust earned by your Company's diverse brands, products and 
 services and the enduring relationships formed with millions of 
 farmers in rural India over several years. It is on this bedrock 
 of trust, competencies, innovation and rural partnerships that 
 we have built our aspiration to be a leader in every business segment 
 we are engaged in. 
 
 SUSTAINABLE AND INCLUSIVE GROWTH
 
 Last year, I had spoken to you on the fundamental pillars of 
 Vision, Values and Vitality that have powered the transformation 
 of your Company over the past decade. I reiterated that envisioning 
 a larger societal purpose has always been the hallmark of your Company. 
 Indeed, this 'commitment beyond the market' is a compelling Vision 
 that motivates us to enlarge our contribution to the Indian Society, 
 even as we attain new milestones of excellence in sustainable 
 wealth creation.
 
 We have, over the years, pursued relentless innovation to forge 
 unique business models that synergise long-term shareholder value 
 enhancement with the superordinate purpose of creating greater 
 societal capital. We take pride that your Company is defined 
 by its deeply 'Indian' character that aligns corporate strategy 
 to national priorities.
 
 It is for this reason that we measure our accomplishments not only 
 in terms of financial performance but also by the transformation 
 we have consciously engendered to augment the natural and social 
 capital of the nation. This approach towards achieving Triple 
 Bottom Line benchmarks is key to our resolve to contribute to 
 the national goal of sustainable and inclusive growth. It is 
 my firm belief that business enterprises can and must make a 
 difference towards achieving greater social equity. It is through 
 a fundamental and unwavering commitment to Triple Bottom Line 
 objectives that long-term sustainability of business enterprises 
 can be ensured, unleashing in the process strong drivers that 
 can make national progress more inclusive and equitable.
 
 ITC has received global recognition as an exemplar of Triple 
 Bottom Line performance. For five years in a row, we have achieved 
 and sustained our status as a 'water positive' organisation. We have 
 also been 'carbon positive' for the last two years. We continue 
 to strive towards achieving a 'zero solid waste' discharge status, 
 having recycled over 90% of solid waste produced during the year. 
 This makes us, to the best of my knowledge, the only business 
 enterprise in the world, of our size and complexity, to accomplish 
 these three dimensions of environmental excellence - an extremely 
 challenging task given the fact that we are continuously growing 
 our manufacturing operations.
 
 In addition, through a concerted effort to develop innovative 
 value-chains across our diverse business segments, your Company
 today is instrumental in creating and sustaining livelihoods for 
 nearly 5 million people, many of whom represent the weakest sections 
 in rural India. 
 
 Our deep commitment in ensuring sustainability and competitiveness 
 have given us the confidence to voluntarily publish an annual 
 Sustainability Report with independent reputed third party verification. 
 The 2006 Sustainability Report of your Company, the third in the series, 
 is the first in India and among the top 10 in the world to be presented 
 in accordance with the latest G3 guidelines of the Global Reporting 
 Initiative. 
 
 Indeed, these achievements reinforce our commitment in making a 
 meaningful contribution towards sustainable and inclusive 
 growth of the Indian Society.
 
 A SOCIAL CHARTER FOR BUSINESS 
 
 A few weeks ago, the Hon'ble Prime Minister Dr Manmohan Singh 
 presented a ten-point 'Social Charter' sharing his vision on
 the responsibility of corporates for sustainable and inclusive growth. 
 He said, and I quote, Indian industry must rise to the challenge 
 of making our growth processes both efficient and inclusive. 
 This is our endeavor in Government. It will have to be yours too 
 and I seek your partnership in making a success of this giant 
 national enterprise. If those who are better off do not act in a 
 more socially responsible manner, our growth process may be at risk,
 our polity may become anarchic and our society may get further divided. 
 I invite corporate India to be a partner in making ours a more humane 
 and just society. Unquote.
 
 To my mind, the Hon'ble Prime Minister's clarion call is not only
 a responsibility that we, in Indian Business and Industry, must commit
 ourselves to but a crying need that we cannot afford to neglect any 
 longer. While we can justifiably be proud of India's stellar performance 
 in GDP growth, the growing inequity in sharing the fruits of success is 
 indeed a millstone that impedes the nation's true potential. Business 
 Corporations draw heavily on societal resources. Therefore, it is in 
 the enlightened self-interest of business to engage constructively 
 in enlarging its contribution to the broader social and environmental 
 agenda. Competitiveness of firms can be severely threatened by 
 unsustainable environments and a lopsided social structure that 
 creates islands of affluence amidst a sea of poverty. A constructive 
 public-private partnership for socially responsible growth is imperative 
 and must occupy a larger space in the future business strategies 
 of India's corporate sector.
 
 You are indeed aware of the enormous importance of our rural 
 engagement in the future growth of your Company. We have constantly 
 strived to meaningfully blend our social responsibilities with business 
 competitiveness, so that we can continue to create shareholder value 
 even as we enhance the benefits that accrue to rural communities.
 We recognise that this is the path we must pursue to ensure sustainable 
 and inclusive growth - a philosophy that is central to the vision 
 articulated by Prime Minister's Social Charter for Business.
 
 I take immense pride that the vision enunciated by the Hon'ble Prime
 Minister echoes the core values that your Company has enshrined in its
 management philosophy and governance structure. We have indeed been '
 practitioners' of this vision for many years now. It gives me immense 
 satisfaction that your Company has executed, on a substantial scale, 
 innovative business strategies which result in 'mainstreaming' the
 disadvantaged sections of rural India. 
 
 Your Company's pioneering e-Choupal initiative today comprises 6,400 
 choupals transforming the lives of over 3.5 million farmers in 38,500 
 villages in 9 States of India. We hope to reach out to 10 million farmers 
 in 100,000 villages in the not too distant future. The Social and Farm 
 Forestry Programme of ITC covers 65,000 hectares providing over 28 million 
 person days of employment among the disadvantaged. In the process, we
 have also helped sequester over 2,000 kilotons of Carbon Dioxide as a 
 firm commitment to combating climate change. Your Company's Integrated 
 Watershed Development programmes in rural areas cover nearly 27,000 
 hectares providing critical irrigation to water stressed areas. This 
 year, we have also forged a milestone partnership with the Government 
 of Rajasthan for an integrated watershed development project covering 
 5,000  hectares. Your Company's initiatives to provide opportunities 
 for non-farm incomes through economic empowerment of women, supplementary 
 education and integrated animal husbandry services continue to make 
 significant strides in rural empowerment.
 
 As a nation, we face today a multi-dimensional challenge to chart a
 growth path that will transform the lives of almost a third of our 
 billion population who live at the margin. Surely, it is not a task 
 that any single segment of society - be it Government or Responsible 
 Business - can hope to accomplish in isolation. It is true that 
 sustained high rates of GDP growth is one of the surest ways of 
 creating livelihoods for the disadvantaged. However, if such growth 
 impulses do not envision or contain conscious efforts to enhance social 
 value, it is not necessary that high growth rates alone will ensure social 
 equity. In fact, there is a danger that competitive pressures may not 
 actually lead to development and growth in areas that need it the most.
 
 There is also a significantly large cost involved in implementing 
 value-chains that are socially inclusive. While commensurate returns 
 may flow over the longer term, there are indeed cost barriers, over the 
 short to medium term, that inhibit investments in such socially inclusive 
 initiatives. In the absence of strong fiscal or financial incentives, 
 business enterprises would hesitate to raise such investments and 
 commit physical and human resources over a longer term. Therefore, 
 it is important to examine how market drivers can creatively facilitate 
 such long-term investments which have larger societal benefits.
 Corporates will be able to support a much larger social involvement 
 in their business strategies, if market forces facilitate such 
 investments and returns.
 
 How do we then create a market that will support such corporate 
 action for social development ? If we are to transform the Hon'ble 
 Prime Minister's vision into reality to its fullest potential, 
 we need to find answers to this critical question. 
 
 MOBILISING CSR FOR ECONOMIC GROWTH WITH EQUITY
 
 Over the years, progressive organisations have demonstrated several
 laudable examples of responsible corporate action for social development.
 Unfortunately, many of these efforts have not been able to reach a level 
 of scale and dimension that can make an impactful difference on a nation 
 as large and diverse as ours. Why is it, that despite possessing rich 
 and diverse managerial capability, a tradition of entrepreneurship,
 economic resources and the right consciousness, corporates are 
 still unable to participate more meaningfully in building 
 natural and social capital?
 
 The reasons are many and complex. These relate to the lack of a
 conducive external environment as also to organisations' vision, 
 values, leadership and competitive capability. However, if there 
 is one common thread, it is the unassailable fact that markets have 
 failed to reward CSR (Corporate Social Responsibility). They do not 
 adequately provide the drivers required to sustain a level of intensity 
 of long-term engagement necessary to produce results in the vast social 
 fabric. As Prof. David Vogel says, in his recent work titled 'Market 
 for Virtue', and I quote, CSR is sustainable only if virtue pays 
 off. The supply of corporate virtue is both made possible and 
 constrained by the market …..while there is a place in the business 
 system for responsible firms, the 'market for virtue' is not sufficiently
 important to make it in the interest of all firms to behave more 
 responsibly.
 
 It is sometimes argued that the 'reputational asset' that CSR attains 
 is an adequate reward in itself, and therefore, does not need any
 further market incentives. However, at the present stage in India, 
 such a reputational asset has so far not led to any significant 
 consumer support, persuaded sizeable investor interest, or 
 resulted in meaningful preference in Government policies. 
 Therefore, given the ambivalent market response, CSR initiatives, 
 by and large, tend to attempt the minimum, often defined by 
 compliance to regulations, and do not ignite creativity and 
 innovation to accelerate social benefit. 
 
 There are also apprehensions amongst many that investing in CSR 
 would put them at a disadvantage vis-à-vis their competitors who 
 do not choose to carry such social overheads. Nevertheless, there
  are worthy exceptions, where organisations have displayed 
 sustained commitment and are certainly the harbingers of 
 social change and an inspiration to others. However, it is only 
 when market forces make CSR a crucial component of shareholder 
 value creation that new competitive forces will emerge in favour 
 of responsible corporate action. It is then that CSR will assume 
 a new dimension - one that is defined by market forces, and not 
 inspired by corporate conscience alone.
 
 I am of the firm belief that private enterprises are well placed 
 to play a much larger role in augmenting natural and social capital. 
 Corporates have created assets and facilities that span the length 
 and breadth of the country, and therefore, constitute the front 
 line of engagement with civil society. The physical presence in 
 communities around their catchments gives them an opportunity to 
 directly engage in synergistic business activities that can create 
 livelihoods and add to preservation of natural capital. More than 
 financial resources, private enterprises possess the more crucial 
 managerial capability to ensure efficient delivery of social projects. 
 In that sense, CSR can lead to optimum utilisation of national 
 resources, given that far higher social benefits will accrue to 
 every unit of incremental cost incurred by the organisation. 
 Thus, given the right market incentives, Indian corporates can 
 significantly add to Government efforts in pursuing growth with 
 equity in constructive public-private partnerships. 
 
 The key to corporates sustaining a meaningful strategy for 
 constructive social action therefore lies in the ability to 
 create strong market drivers that incentivise CSR. Civil Regulation, 
 including pressure groups, act as strong drivers to ensure socially 
 responsible action. Government regulation and public policy are also 
 influential drivers. However, these again tend to deliver the bare 
 minimum interventions. Besides, over reliance on regulation can 
 stifle corporate creativity and innovation. A perceptible 
 augmentation of societal capital will take place when market 
 drivers spur innovation and a sense of competition to deliver 
 CSR in ways that positively impact financial results. CSR 
 initiatives then become a part of the balance sheet deliverables, 
 are quantified by the market and provide a direct incentive to the 
 company to enhance socially responsible behaviour.
 
 MAKING MARKETS WORK FOR CSR
 
 Can we, therefore, make markets work for CSR ? Are there compelling
 market drivers which would give a positive reinforcement to corporates 
 to focus on Triple Bottom Line performance ? Can these powerful 
 drivers energise innovation by companies, so that CSR becomes 
 an integral part of the marketing mix and a competitive differentiator?
 
 Fortunately, there is an answer. The most potent force that can 
 trigger a complete rethink of corporate strategy and bring about 
 transformational change lies in the power of consumer franchise.
 I use the term 'consumer' here in a broader sense to also encompass
 other market participants including Government - both as a buyer 
 and regulator, Investors, Employees, Job-Seekers and other segments 
 of Civil Society. 
 
 An enlightened consumer, by exercising a choice in favour of '
 socially responsible' enterprises, can unleash a powerful force of 
 incentives. A 'positive vote' for socially responsible companies, 
 exercised through preference for a company's products and services,
 would change the context and dimension of meaningful CSR, create 
 strong economic multipliers and enhance shareholder value. 
 The implications of such consumer franchise for business 
 will be wide ranging.
 
 Consumer preference will spur a massive movement in corporate 
 innovation to integrate business goals with the building of 
 societal capital.
 
 CSR can also emerge as a distinctive market differentiator 
 and help position progressive companies more strongly 
 in the marketplace. 
 
 Companies will vie for consumer spend by positioning CSR 
 as a compelling value proposition.
 
 Gains would accrue to the company and its shareholders with
 increasing revenues and goodwill.
 
 Where consumers go, Investors will follow. Investors will 
 increasingly find such socially responsible companies attractive, 
 given the larger market gains.
 
 Potential employees would also seek opportunities in such successful 
 companies and the enterprises themselves would be better positioned 
 in the war for talent.
 
 Competition amongst CSR exemplars would lead to a perceptible 
 augmentation of natural and social capital and this would 
 create a more sustainable future.
 
 Thus, powerful market drivers will emerge to encourage CSR as 
 an integral part of business strategy. In the course of time, 
 stakeholders will build a more enduring relationship with such 
 companies, continuously creating value for the organisation, 
 for its shareholders and the nation. 
 
 ENLISTING CONSUMER SUPPORT
 
 The key, therefore, lies in mobilising market participants - 
 the most potent being the consumer - and enhancing awareness 
 amongst them, so as to empower their decisions. We will need 
 to ramp up consumer education substantially, so that they are 
 made aware of the power they possess to transform society and 
 bring in enduring social change. Government, Industry and Civil
 Society will need to join hands in this endeavour to give it more 
 body, scope and reach. 
 
 Your Company made a beginning in this direction by creating a high 
 visibility 'cause marketing' campaign involving our popular brands -
 Sunfeast' and 'Aashirvaad' - and highlighted the link with some of 
 our CSR initiatives. It was our endeavour to educate the consumer 
 that with every spend on those brands, they would, in effect, be 
 contributing to the Social Forestry and Watershed initiatives of 
 your Company. You are aware that your Company's 'Classmate' brand 
 contributes significantly towards the education of the underprivileged 
 by earmarking a portion of its proceeds for this cause. I am given 
 to understand that school children actually prefer Classmate products 
 not only for their superior quality, but also for their association 
 with a noble cause. We are committed to enhancing these awareness 
 campaigns, and it will be our endeavour to continuously make the 
 consumer aware of the choice that she possesses to support such 
 social programmes by making informed buying decisions.
 
 It is heartening to note that worldwide, consumers are already 
 demonstrating their preference for socially responsible products 
 and services. In 2006, an estimated €1.6 billion worth of Fairtrade 
 products were sold across the world, growing annually by almost 50%. 
 This independent consumer certification mark guarantees that disadvantaged 
 producers are getting a better deal. Today, more than 7 million people -
  farmers, workers and their families - across 59 developing countries
  benefit from the international Fairtrade system. In some cases, 
 consumers have also demonstrated that they are willing to pay more 
 for a product or service if it contributes to social good. These 
 are certainly welcome developments although they occupy, as of now, 
 a small proportion of global trade. If these individual efforts of 
 consumers get escalated into collective action, they will certainly 
 have a distinct impact on corporate thinking and action.
 
 Unfortunately, the 'market for virtue' in India is practically 
 non-existent. However, a small beginning has been made. With concerted 
 action from policy makers and civil society, a significant force can be 
 created by enlightened consumer franchise to spur industry into 
 innovative thinking for social action.
 
 India's young demographic profile will also support this trend. 
 In late 2006, a Cone Millennial Cause Study in the US found that, 
 amongst the youth, nearly nine out of ten surveyed stated that they 
 were likely or very likely to switch from one brand to another 
 (price and quality being equal) if the second brand was associated 
 with a good cause. This goes to indicate that with greater awareness
  through education and exposure, the future generation will tend to 
 exercise a 'vote' for companies with higher social accountability. 
 This is now getting to be a worldwide trend, and with increasing 
 connectivity through the Internet, widespread media and new tools
 for communication, I can see the emergence of a young global community, 
 who share common views, common concerns, and common hopes and 
 aspirations. This is a force that is lying dormant amongst India's 
 confident new young generation, and once unleashed will be a 
 formidable catalyst for change.
 
 ALIGNING FORCES OF FRANCHISE 
 Given the power of consumer franchise, how do we align forces 
 amongst all the market participants to support a new movement 
 for innovative CSR? 
 
 To make 'consumer choice' a compelling market driver we would 
 need to create a supportive institutional framework to facilitate
 the process of making an informed choice by market participants. 
 Let me briefly elaborate on some of these enablers :
 
 First, the Policy and Institutional Framework.
 
 Market participants would need an effective tool to make an 
 informed choice in favour of a Responsible Corporation. I would 
 suggest that Government support the development of a 'CSR Sustainability 
 Trustmark', or a series of Trustmarks defined by Industry segments, 
 which could be displayed on products and services to convey to the 
 consumer that the enterprise follows a strong commitment to building
 natural and social capital. Voluntary in nature, these Trustmarks, 
 crafted on sound scientific and market principles, will stand for 
 the positive impact a company has made on the environment and the 
 society. The Trustmarks could also be supplemented with Ratings, 
 based on the extent of the individual company's involvement in 
 creating societal capital.
 
 The Trustmarks need to be administered by a reputed and independent 
 body or bodies, much like the financial rating agencies. An institutional 
 framework and appropriate guidelines can be created by a 
 Government-Industry partnership to provide organisational 
 support and credibility.
 
 A major impetus can emerge out of Government's consideration
 to extend fiscal and financial concessions, priority clearance 
 and other incentives to organisations that attain sustained 
 high ratings. Government and its agencies could also give purchase 
 preferences to suppliers with highly rated Trustmarks. 
 
 Second, the role of Industry :
 
 In championing a sincere commitment to a Vision that embraces 
 contribution to Society as a key component of business strategy. 
 
 In moving towards voluntary disclosure of Triple Bottom Line 
 performance in the Company's Annual Reports, verified by independent
 reputed third party organisations.
 
 In making a strong effort to attain the CSR Sustainability Trustmarks, 
 and displaying the same on their products and services.
 
 In enlarging the Company's contribution by giving preference to
  vendors with a strong CSR and Sustainability orientation. 
 
 In developing a model code of responsible conduct by Industry bodies 
 and associations for its members.
 
 In encouraging Modern Retail outlets to develop special sections 
 that display and sell products with Trustmarks.
 
 In providing support to the creation of Awards that recognise 
 outstanding Sustainability Performance. This would provide a 
 tremendous reputational asset and incentivise CSR significantly.
 
 In strengthening reporting on Sustainability based on guidelines 
 such as the Global Reporting Initiative. I am sure that the Indian 
 operations of multinationals, not listed on Indian bourses, would 
 also want to make such public disclosures and demonstrate their 
 contribution to the Indian Society. I envisage a future where 
 Sustainability Reporting will form an integral part of a firm's
 public disclosures, and will be valued by stakeholders in equal 
 measure to the established practices of financial reporting.
 
 Third, the role of Investors.
 
 Investors play a critical role in encouraging social accountability
 in corporate behaviour. Globally, there are today hundreds of funds 
 that invest in socially responsible enterprises. These funds rely 
 on Sustainability Indices such as Dow Jones Sustainability World 
 Index, FTSE4Good, Domini 400 Social Index and others to guide 
 investment decisions. These funds have already channeled large 
 amount of investors' savings into companies that have high social 
 brand capital. 
 
 India has witnessed some welcome developments in this direction 
 in recent years. The ABN Amro Bank launched a Sustainable Development 
 Fund as India's first Socially Responsible Investing Fund. Recently
 CRISIL, S&P and KLD have announced that they would develop an 
 Environmental, Social and Corporate Governance (ESG) Index of 
 Indian companies. The Institute of Chartered Accountants of India 
 is also reported to be working on developing a similar evaluation.
 
 Individual investors, while seeking to maximise returns from their 
 portfolio holdings, could exercise a powerful choice for companies 
 with high Triple Bottom Line performance.
 
 Banks and Financial Institutions could ask for voluntary disclosures 
 and factor the rating in their lending evaluations.
 
 Fourth, the role of Civil Society organisations.
 
 Consumer awareness will benefit immensely if civil society 
 organisations and consumer bodies actively advocate the usage 
 of Trustmarks. They could also promote awareness amongst constituents 
 to support products and services of companies with higher 
 Sustainability ratings.
 
 Schools and educational institutions could also promote awareness
 on responsible corporate behaviour and its association with the 
 Trustmark ratings on products and services, and design elements 
 in their curriculum to groom citizens of tomorrow as enlightened 
 consumers.
 
 And finally, the Media, as one of the most powerful forces of 
 shaping public opinion, can make a multi-dimensional contribution 
 in this direction.
 
 It is my strong belief that by aligning such powerful forces, 
 we will see the emergence of a new consciousness where CSR 
 will transcend from corporate philanthropy to a competitive
 value proposition.
 
 Your Company has been instrumental in setting up the 
 CII-ITC Centre of Excellence for Sustainable Development, 
 which is a unique institution that seeks to address the void 
 in developing requisite capability on Sustainability issues 
 among Indian industry. The Centre endeavours to bring about 
 transformational change in Indian businesses by providing 
 thought leadership, promoting awareness and building capacity. 
 One of the major initiatives of the CII-ITC Centre is to 
 recognise excellence in Sustainability practices by 
 presenting Awards to industry, based on a rigorous process 
 of selection. This attempt to recognise outstanding Sustainability 
 initiatives is designed not only to celebrate individual corporate 
 action, but also to inspire others to follow. 
 
 I am convinced that in today's enlightened India, more and more 
 companies will respond to the appeal made by the Hon'ble Prime 
 Minister to forge partnerships for social action, and achieve 
 growth with efficiency and inclusivity. Making markets work for 
 CSR will indeed provide the compelling foundation for such initiatives. 
 
 MAKING A DIFFERENCE
 
 The essence of what I have presented to you today is a
 considered response to enhancing corporate participation in 
 societal development. Your Company has been at the forefront 
 in providing both thought leadership and action in creating a 
 more secure, sustainable and inclusive future. It is true that 
 no single organ of society will be able to make a significant 
 difference based on their individual action. However, the efforts
 made by your Company demonstrate that with innovation, commitment 
 and by forging enduring partnerships, we can all make a difference.
 
 Indeed, the challenges seem daunting when we witness the scale of 
 inequity and poverty. The good news is that never before in world 
 history have we possessed so much knowledge, technology and resources 
 to deal with this apparently hopeless situation. It is indeed heartening 
 to witness a growing corporate consciousness to ensure that the 
 future generations are more secure. I hope this groundswell of 
 effort will continue to grow and become a committed movement for 
 a better tomorrow.
 
 I firmly believe that Corporates in India have the capability, 
 the vision and the entrepreneurial skill to forge a more 
 prosperous future for the nation, even as they sharpen their 
 competitiveness and grow their businesses globally. Mahatma Gandhi 
 said, and I quote : The difference between what we do and 
 what we are capable of doing would suffice to solve most 
 of the world's problems. We need to heed this message to realise 
 our fullest potential.
 
 
 To be able to stand tall amidst adversity, to live your 
 convictions and know that your actions and beliefs have transformed 
 the lives of millions is at once a humbling and enriching experience.
 Your company is indeed privileged to be able to make a difference, 
 and be recognised for the contribution it makes. Our abiding Vision
 the strength of our outstanding human capital, and our commitment 
 to creating enduring value will continue to inspire us as we strive 
 to achieve even greater success in the future. 
 
 On this occasion of your Company's 96th AGM, I would like to once 
 again thank all of you - our valued shareholders - for your 
 unstinted support in our shared journey to create one of India's 
 most valuable corporations. In this journey, I look to you, as always,
 or your continued support and encouragement.