We have just closed a rather challenging year for FMCG companies,
 including Marico. FY11 witnessed high inflation, particularly food
 inflation, unprecedented cost push, especially in one of your Companys
 key input materials - copra, a rise in interest rates and strengthening
 of the Indian Rupee against the US Dollar.  In addition, there was
 political unrest in North Africa and the Middle East region – one of
 the key markets for your Companys international business operations.
 
 Notwithstanding the challenges of the year, I am happy to state that
 your Company turned in a good performance. Revenue during the year grew
 by 18% over FY10 and Net Profit was higher by 24%. This makes it a
 5-year CAGR of 22% in Revenue and 27% in Net Profits.
 
 Growth in Maricos top line was supported by robust volume growths
 across its franchises of coconut oil, value added hair oil and premium
 refined edible oils in India as well as its international FMCG
 business.  In the Kaya business, whilst there was a same clinic sales
 decline in the first half of the year, this trend was reversed to
 deliver same clinic sales growth in the second half. Your Company,
 therefore, has stayed the course of franchise expansion across its
 businesses. In addition to this organic growth, Marico made
 acquisitions during the year, adding new franchises to its portfolio.
 Your Company has expanded the footprint of its skin aesthetics business
 to Singapore through the acquisition of Derma Rx. In South Africa, it
 made a bolt-on acquisition, adding the Ingwe range of immuno boosters,
 to complement the existing Hercules business. In February 2011, Marico
 took up 85% stake in International Consumer Products Corporation, a
 leading FMCG company in Vietnam, operating primarily in the male
 grooming segment of the Vietnamese market. In line with its strategy to
 execute its plans for the wellness segment in India through Saffola,
 your Company rationalized its portfolio by divesting the non-focus
 refined edible oil brand Sweekar.
 
 Marico continued on its journey to live its purpose – its reason to
 exist beyond making profit – by focusing on sustainable profitable
 growth, it has enhanced shareholder value. Saffola launched a campaign,
 know your hearts age, around World Heart Day this year, to raise
 awareness about heart health amongst consumers.  The Company
 facilitated lifestyle management programs for its employees, many of
 whom have benefited by feeling healthier and being more productive.
 Your Company continues to work with its associates through initiatives
 such as improving productivity of safflower farmers and providing
 inputs to distributors to enhance their returns on investment. Marico
 has been contributing towards propagating innovation in India, through
 the Marico Innovation Foundation. Your Companys Think Fresh Be Green
 initiative aims to ensure it behaves responsibly with respect to the
 environment and institutionalizes a green mindset amongst its
 members.  The Company would continue to aim at managing the mutual
 interests of all its interdependent stakeholders.
 
 Thank you for placing faith in the Company. I wish to thank all members
 of the Marico team and all our business associates for their
 contribution to Maricos success. I look forward to your continued
 support and co-operation.
 
 With warm regards,
 
 Harsh Mariwala
 
 Chairman and Managing Director