As we move into the next fnancial year, its time to pause momentarily
 and refect on the year gone by.  Last year, we started our new fscal
 with a single minded focus on rebuilding relationships with our
 customers and cementing our alliances. We had next avowed to continue
 investing in growing capabilities and expanding business, riding on
 synergies available across the Mahindra Group.  I am happy to say that
 over the past twelve months, we have made signifcant progress in all
 that we had planned to do and are coming closer towards creating a
 powerful new brand. We have risen against all odds and continue to
 accelerate towards greater outcomes and higher achievements.
 Coincidentally, yet resonant of our earlier theme of a ‘bird rising
 from the ashes, in January 2011, I Mahindra & Mahindra launched a new
 brand positioning spanning all group industries, companies and
 geographies. This new brand positioning, expressed by the word Rise
 is an articulation of values the Group has always held dear. The idea
 of Rise rests on three brand pillars: Accepting no limits, Alternative
 thinking and Driving positive change.
 
 Rise captures a sense of optimism about the future and a determination
 to shape ones own destiny.  It means that our products and services
 empower our customers to achieve their aspirations.  Against this
 backdrop of positive change and rising above limitations, I am
 delighted to present to you our Annual Results for the fnancial year
 2010-11. We are particularly proud of the quick turnaround we have
 managed - in the eyes of customers as well as the industry cognoscenti.
 It has been a year of multi-year, multi-million dollar wins, deals and
 contracts; notable quality recognitions and positive Analyst ratings.
 
 Our fnances and metrics show a defnite upward trend - a major shift
 from where we were. There has been focus and consolidation on several
 fronts - resolving lawsuits, updating fnancials (to become current),
 maintaining uninterrupted delivery for customers, continuing growth
 with business acquisition, talent management, and fnancial rigor, among
 others.
 
 We are confdent of the future and see signifcant growth on the horizon.
 Our wins and renewed contracts speak volumes about our customers
 restored confdence in us and vindicate our ‘challenger status.
 
 It is our avowed intent to be a trusted partner to all our customers
 and we are well on our way towards our vision of being the Worlds
 most valued ICT Company. Value, to us, denotes the intrinsic goodwill
 and respect that we earn from the various stakeholders associated with
 us - customers, associates, investors and the community.
 
 I thank all our associates for their single-minded resolve to revive
 the Company and for their determination to Rise to greater heights.
 
 And I thank you, my shareholders for continuing to have faith in us. I
 assure you that my team and I remain committed to living up to the
 trust youve placed in us and ensuring that we continue to Rise up to
 challenges and expectations.
 
                                                           Sincerely
 
 Place : Hyderabad                                     Vineet Nayyar
 
 Date : May 23, 2011