Dear Members,
 
 The Directors of your Company feel delighted to present the 16th Annual
 Report together with the Audited Financials of your Company for the
 year ended March 31, 2011. Financial Year 2010-11 (FY 2011), your
 Company''s first full year as a listed company, was simply an
 exceptional year.
 
 FINANCIAL REVIEW
 
 Your Company is encouraged by the high growth rate and positive
 response of consumers. Your Company''s results show a well executed plan
 translating into a robust performance. Key highlights of your Company''s
 standalone financial performance for FY 2011 are as enumerated below:
 
                                                      (Rs in Million)
 
 Particulars                     Year Ended             Year Ended
                              March 31,2011         March 31, 2010
 
 Sales & Other Income                6,803                4,243
 
 Profit before Interest,
 Depreciation & Tax                  1,220                 657
 
 Less: Interest                          3                  83
 
 Less: Depreciation                    293                 243
 
 Profit/ (Loss) before Tax             924                 331
 
 Provision for Taxation/FBT            204                   1
 
 Profit/ (Loss) after Tax              720                 330
 
 Your Company''s total income stood at Rs6,803 million in FY 2011 yielding
 a growth of 60%. The Profit before Interest, Depreciation and Tax in FY
 2011 increased to Rs1,220 million as against XQ57 million in FY 2010
 registering a growth of 86%. Net Profit increased to Rs720 million from
 Rs330 million in FY2010 registering a growth of 118%.
 
 Consolidated Financials
 
                                                     (Rs in Million)
 
 Particulars                                         Year Ended
                                                 March 31, 2011
 
 Sales & Other Income                                 6,803
 
 Profit/ (Loss) before Tax                              921
 
 Provision for Taxation/FBT                             204
 
 Profit/ (Loss) After Tax                               717
 
 Jubilant Food Works Lanka (Pvt.) Ltd., wholly owned subsidiary of your
 Company was incorporated in Sri Lanka on September 14,2010, hence
 figures have been consolidated in these financial statements from that
 date onwards and previous year figures of the subsidiary are not
 applicable.
 
 DIVIDEND
 
 Keeping in view your Company''s requirement of capital for its growth
 plans and the intent to finance such plans through internal accruals to
 the maximum, the Board has not proposed any dividend.
 
 OPERATIONAL PERFORMANCE
 
 We know that our shareholders deserve nothing less than our very best
 effort. So we put together a solid business plan and set challenging
 growth goals each year.
 
 Your Company marched towards its goal of gaining market share with
 robust performance which again proved the ability of your Company to
 deliver consistent profitable growth. As a result, your Company remains
 the market leader in the organised pizza home delivery segment in India
 with over 70% market share. Your Company has enormous talent,
 capabilities and skills, in addition to an impressive product
 development program and process technologies. These have enabled your
 Company to achieve a more prominent position in the marketplace.
 
 The momentum in the business growth was largely driven by excellent
 same store sales growth. This translated into deeper penetration of
 stores and higher frequency of consumption ultimately leading to higher
 volumes and a continued increase in the number of new stores opened.
 As on March 31, 2011, your Company had 378 stores across India as a
 result of addition of 72 new stores during the year. As on March
 31,2011, your Company had presence in 90 cities out of which the
 Company entered into 21 new cities during FY2011.
 
 During FY 2011, your Company achieved a robust System Sales growth of
 60% (revenue growth at an overall level). Your Company has continued
 with its tremendous performance this year with same store sales growth
 of 37% which again proves the trust consumers have in your Company''s
 products.
 
 The phenomenal growth has been possible due to strong consumer focused
 approach, commitment to deliver the tastiest products in 30 minutes,
 constant endeavor to bond with consumers through Khushiyon ki Home
 delivery positioning, best in class training infrastructure and highly
 motivated and passionate team. Your Company''s National marketing
 program which involves launching new products and building the brand,
 Precision marketing program which develops store specific marketing
 activations and CRM programs wherein your Company connects with all its
 valuable consumers one-on-one, have been extremely successful in
 driving the growth.
 
 Further, one of the important factors in the growth of your Company has
 been the expertise to penetrate in the tier II and tier III cities
 resulting in opportunity to explore the vast gamut of the food services
 market. Your Company has received phenomenal success in every city it
 has entered.
 
 The technology is touching the lives of the people and your Company
 became the first Food Service Company in India to take live online
 orders through its online ordering initiative.  Your Company has also
 launched Single National Same Number 68886888 to facilitate consumers
 ordering Domino''s.  Further, your Company also connected with the
 consumers through social platforms like Facebook where it currently has
 a fan base of more than 4.5 lakhs.
 
 TAMING INDIAN TASTE BUDS
 
 Innovation, out of box thinking and exploring new opportunities within
 the pizza business was the challenge your Company set for itself for FY
 2011. Your Company continuously assesses consumer needs to develop new
 and innovative products and promotional ideas which deliver better
 value to its consumers. This year your Company launched several new
 products such as Wheat Thin Crust Pizza, the new Pasta Italiano range,
 the all new Mexican Wrap range and Double Burst Pizza. Your Company
 also made exciting offers to its valued consumers in new cities as a
 welcome note for the consumers in the city where your Company placed
 its first step.
 
 BRINGING GREAT TASTE TO INDIA - ALLIANCE WITH DUNKIN''DONUTS
 
 Your Company entered into an alliance with Dunkin'' Donuts Franchising
 LLC to bring Dunkin'' Donuts restaurants to India.  With the beginning
 of this new relationship with Dunkin'' Donuts, your Company has now
 significantly strengthened its portfolio.
 
 Founded in 1950, Dunkin'' Donuts is America''s favourite coffee and
 donuts. It is a market leader in the hot regular/ decaf/flavoured
 coffee, iced coffee, donut, bagel and muffin categories.
 
 Your Company is well poised to address two distinct non-competing
 segments of the Food Service Industry in India, namely the home
 delivery of Pizza''s market and the all day part dine-in restaurant,
 food and beverage market. This alliance will provide flexibility to
 your Company in localising recipes and leveraging its strengths in food
 service industry.
 
 EXPANDING HORIZONS - INCORPORATION OF FOREIGN SUBSIDIARY
 
 During the year, your Company incorporated a Wholly Owned Subsidiary,
 Jubilant Food Works Lanka (Pvt.) Limited (JF Lanka) in Sri Lanka to
 extend its operation in the territory of Sri Lanka. Your Company had
 invested Rs11.5 million in JF Lanka during FY2011.
 
 In compliance with the directions issued by the Ministry of Corporate
 Affairs vide its Circular No. 2/2011 dated February 8, 2011, your
 Company has enclosed its consolidated financial statements duly audited
 by statutory auditors of the Company.
 
 The audited annual accounts and other related information of JF Lanka,
 wherever applicable, will be made available to shareholder of the
 Company on request. Further, these documents will also be available for
 inspection during business hours at the Registered Office of your
 Company as well as that of JF Lanka and are also being uploaded on the
 website of your Company viz. www.dominos.co.in.
 
 RISK MANAGEMENT
 
 Your Company has several risk factors which could potentially impact its
 business objectives, if not perceived and mitigated in a timely manner.
 With an effective risk management framework in place, your Company
 looks at these risks as challenges and opportunities to create value
 for its stakeholders. With its established processes and guidelines in
 place, combined with a strong oversight and monitoring system at the
 Board and Senior Management levels, your Company believes that it has a
 robust risk management strategy in place.
 
 The Senior Management team of your Company sets the overall tone and
 risk culture of the organisation through defined and communicated
 corporate values, clearly assigned risk responsibilities, appropriately
 delegated authority and a set of processes and guidelines. Your Company
 has laid down procedures to inform Board members about the risk
 assessment and risk minimization procedures.  As an organisation, your
 Company promotes strong ethical values and high levels of integrity in
 all its activities, which in itself is a significant risk mitigator.
 With the growth strategy in place, risk management holds a key to the
 success of your Company''s journey of continued competitive
 sustainability in attaining its desired business objective.
 
 A detailed note on Risk Management is given as part of Management
 Discussion & Analysis.
 
 SHIFTING OF REGISTERED OFFICE
 
 During the year, your Company shifted its registered office from Delhi
 to Noida, Uttar Pradesh with effect from January 10, 2011 and now it is
 co-located with its Corporate Office.
 
 SHARE CAPITAL
 
 During the year, your Company issued 910,474 Equity Shares on the
 exercise of stock options under Domino''s Employee Stock Option Plan,
 2007. Due to this, the issued, subscribed and paid-up equity share
 capital increased from 63,621,746 Equity Shares to 64,532,220 Equity
 Shares as at March 31,2011.
 
 HUMAN RESOURCE DEVELOPMENT
 
 Your Company acknowledges the fact that it is the human assets which
 make or break an organisation. It is a belief of your Company that
 investing in its employees yields not only prosperity for your Company
 but also committed relationship from employees. Your Company seeks to
 achieve its goals through alignment of employees'' goals with your
 Company''s vision and appreciating employees'' efforts through rewards
 and recognition. Your company believes in promoting a fun@work culture
 in your organisation so as to free the working environment from
 continuous burden of work and provide employees a friendly working
 environment.
 
 During the year, several initiatives were undertaken for employee
 development and to raise the level of satisfaction of employees in the
 organisation. Some of the initiatives undertaken are as follows:
 
 Various training programs like Happiness Delivered and Winning Edge
 were conducted in which more than 11,000 man hours of training was
 imparted.
 
 BBAin Retail Management was launched in collaboration with IGNOU for
 employees, wherein your Company will sponsor 75 % of total course fees
 of the program.
 
 P. G. Diploma in Materials and Supply Chain Management was launched in
 collaboration with IMT Ghaziabad wherein your Company will sponsor 50%
 of total course fees of the program.
 
 Facilitated medical facilities through vaccination camp for employees
 to prevent them from Cervical Cancer and Hepatitis B.
 
 The above initiatives were well appreciated and recognised as a result
 of which the following awards were received:
 
 Adjudged as one of the Top 25 employers in the country, 3 times in a
 row by Aon Hewitt Best Employers Survey 2011.
 
 Mr. Ajay Kaul, CEO cum Whole Time Director won CEO with HR
 Orientation in Asia''s Best Employer Brand Awards-2010 by World HRD
 Congress.
 
 Mr. Basab Bordoloi, Vice President - Human Resources won HR leadership
 award and Most powerful HR professional of India in Asia''s Best
 Employer Brand Awards - 2010 by World HRD Congress.
 
 Further, your Company had also implemented Domino''s Employees Stock
 Option Plan, 2007 which is still in force. The Compensation Committee,
 constituted by your Company administers and monitors the plan. During
 the year, the employees were allotted new equity shares upon exercise
 of stock options under the Domino''s Employees Stock Option Plan, 2007.
 The applicable disclosures under the Securities and Exchange Board of
 India (Employee Stock Option Scheme and Employee Stock Purchase Scheme)
 Guidelines, 1999, as at March 31,2011 are given in Annexure A.
 
 A certificate from M/s S. R. Batliboi & Co., Chartered Accountants,
 Statutory Auditors, with respect to the implementation of the Domino''s
 Employees Stock Option Plan, 2007 would be placed before the
 shareholders at the ensuing Annual General Meeting and a copy of the
 same shall be available for inspection at the Registered Office of your
 Company.
 
 CORPORATE SOCIAL RESPONSIBILITY - CARING FOR THE COMMUNITY
 
 As your Company continues to serve its consumers, it does not overlook
 its responsibility towards society. It has been your Company''s
 privilege to extend a supporting hand to those in need. Each store
 endeavors to contribute its bit to the betterment of the society. The
 CSR activities in your Company encompass four categories -
 Employability & Education, Green Planet, Health & Safety, Social
 Activities and Social Awareness. The thrust on CSR is evident from the
 fact that 366 CSR Activities were undertaken this year as against 142
 in the last financial year.
 
 Being a responsible corporate citizen, your Company carried out several
 social programs in different parts of the country, some of which it
 feels proud to enumerate herein -
 
 A road safety program was conducted at Gwalior and Noida.
 
 The Company reinforced the greenery awareness by GO GREEN program
 conducted at Karnal, Punjab and various other parts of the country.
 
 An awareness program on pollution due to crackers was conducted at
 Bengaluru.
 
 World Environment day was celebrated to spread awareness on global
 warming.
 
 Exercise to clean Juhu beach was carried out at Mumbai.
 
 An education awareness programme held in Jaipur slum area.
 
 These are just some of the CSR activities that your Company
 accomplished, there are many more which were executed flawlessly and a
 lot more are on the cards. Your Company endeavors to raise the bar
 every year on the CSR front.
 
 CORPORATE GOVERNANCE REPORT
 
 The corporate governance philosophy of your Company is driven by the
 interest of stakeholders and business needs of your Company. Therefore,
 enhancing corporate governance is on highest priority of your Company
 in order to keep the trust of the shareholders and to fulfill its
 social responsibilities as a Company.
 
 Further, your Company has also put in place a Whistle Blower Policy to
 provide opportunity to its employees to raise concern about
 irregularities within the Company and to provide the necessary
 safeguards to these employees from unlawful victimisation, retaliation
 or discrimination for their having disclosed or reported fraud,
 unethical behavior, violation of Code of Conduct, questionable
 accounting practices, grave misconduct etc.
 
 A detailed Corporate Governance Report pursuant to the requirements of
 Clause 49 of the Listing Agreement forms part of the Annual Report. A
 certificate from M/s Naresh Verma & Associates, Company Secretaries
 confirming compliance with the conditions of Corporate Governance as
 stipulated under Clause 49 is attached to this Report.
 
 MANAGEMENT DISCUSSION &ANALYSIS REPORT
 
 In accordance with the Listing Agreement requirements, the Management
 Discussion & Analysis Report is presented in a separate section forming
 part of the Annual Report.
 
 DEPOSITS
 
 Your Company has not accepted any public deposits and, as such, no
 amount on account of principal or interest was outstanding as on the
 Balance Sheet date.
 
 DIRECTORS
 
 In accordance with the Articles of Association of your Company, Mr.
 Hari S. Bhartia and Ms. Ramni Nirula are liable to retire by rotation
 in the forthcoming Annual General Meeting and being eligible offer
 themselves for re-appointment.
 
 A brief resume containing nature of expertise, details of directorships
 held in other public limited companies and other information of the
 Directors proposing re-appointment as stipulated under Clause 49 of the
 Listing Agreement with the Stock Exchanges is appended as an annexure
 to the Notice of ensuing Annual General Meeting.
 
 AUDITORS AND AUDITOR''S REPORT
 
 S. R. Batliboi & Co., Chartered Accountants, Statutory Auditors of your
 Company, retire at the conclusion of the ensuing Annual General Meeting
 of your Company. They have offered themselves for appointment as
 Statutory Auditors for a further period of one year and have confirmed
 that their appointment, if made, would be within the prescribed limits
 under section 224 (1B) of the Companies Act, 1956. Your Board of
 Directors recommend their appointment.
 
 Members'' attention is drawn towards the observation made by the
 Auditors in Clause (ix)(a) of the Auditor''s Report and the Directors of
 your Company wish to clarify that your Company is committed for timely
 deposit of all statutory dues and steps have been taken to eliminate
 the minor delays due to spread of your Company''s operations pan India.
 
 PARTICULARS OF EMPLOYEES
 
 In terms of the provisions of Section 217 (2A) of the Companies Act,
 1956, read with the Companies (Particulars of Employees) Rules, 1975,
 as amended, the names and other particulars of the employees are set
 out in the Annexure ''B''forming part of the Directors'' Report.
 
 ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO UNDER SECTION 217(1)(e) OF THE COMPANIES ACT, 1956
 READ WITH THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF
 BOARD OF DIRECTORS) RULES, 1988
 
 Energy conservation demands the thrust on conserving energy to the
 maximum extent possible. Energy Audits are carried out for the stores
 and commissaries of your Company to identify the areas of energy
 efficiency. These are implemented after due observations.
 
 In view of the nature of business of your Company, the information as
 prescribed in the prescribed form for Technology Absorption are
 considered to be not applicable to your Company.
 
 Information pertaining to Foreign Exchange Earnings and Outgo is given
 in the Note No. 13 of the Notes to the Accounts.
 
 DIRECTORS''RESPONSIBILITY STATEMENT
 
 Pursuant to the requirement under Section 217 (2AA) of the Companies
 Act, 1956, with respect to Directors'' Responsibility Statement, it is
 hereby confirmed that in the preparation of the Profit & Loss Account
 for the year ended March 31, 2011 and the Balance Sheet as at that
 date, your Directors have:
 
 a.  Followed the applicable accounting standards with proper explanation
 relating to material departure.
 
 b.  Selected such accounting policies and applied them consistently and
 made judgments and estimates that are reasonable and prudent so as to
 give a true and fair view of the state of affairs of your Company at
 the end of the financial year and of the profit of your Company for
 that year.
 
 c.  Taken proper and sufficient care for the maintenance of adequate
 accounting records in accordance with the provisions of the Companies
 Act, 1956 for safeguaRiding the assets of your Company and for
 preventing and detecting fraud and other irregularities; and
 
 d.  Prepared the annual accounts on a ''going concern'' basis.
 
 ACKNOWLEDGEMENT
 
 Your Directors wish to convey their sincere appreciation towards all of
 the employees for their enormous dedication as well as contribution to
 the Company''s performance.  The progress which the Company has made
 would never have been possible without the tremendous support of the
 management and workforce of the Company. Your Directors are also
 thankful to the investors of the Company for their continued trust and
 support in the Company. Your Directors also gratefully acknowledge the
 continued support from the business associates, various government
 agencies, financial institutions, bankers, media and academic
 institutions received throughout the year and look forward to nurture
 this relationship in future also. Your Directors also appreciate the
 confidence and loyalty displayed by the consumers, whom your Company
 will always strive to serve better.
 
 Your Directors would need this continued support to achieve the goals
 they have set for Jubilant Food Works in the years ahead.
 
                          For and on behalf of the Board of Directors
 
                                                                sd/- 
 
                                                   (Shyam S. Bhartia)
 
 Date: May 12,2011                                           Chairman