The company crossed the milestone of US$ 1 billion in revenues this
 year, an outcome of tremendous work put in by many over the last 12
 years since the formation of MphasiS. Indeed it is a special occasion
 for us to cherish.
 
 While lots of positive energy is flowing with our crossing of US$ 1
 billion, this is the right time for us at MphasiS to take stock and
 chart out our next phase. Our customers told us that while they value
 MphasiS agility, flexibility and customer intensity, they wanted to
 see greater depth in select areas.  This set the stage for our
 transformation to take us beyond a billion.
 
 Our partnership with HP had a big role in our success. As part of the
 transformation, we want to retain that intensity around HP Partnership
 and at the same time tune up our success in the Direct Market.  We have
 done a lot of work to increase our depth in select industry verticals
 in Wave One of our transformation. Combined with the additional focus
 on emerging markets, we have set ourselves on a tough path of sustained
 success.
 
 While we feel a sense of pride in having achieved that US$ 1 billion
 mark, we are not resting on our laurels. We have defined a
 transformation roadmap which will help us to be a company with the soul
 and smile of a small company and the opportunity of a large one. Our
 journey beyond a billion has already begun. You have always played an
 important role in our success, thanks for being so supportive and
 congratulations on crossing that USI 1 billion mark.
 
 Warm regards,
 
 Ganesh Ayyar
 
 Chief Executive Officer