Dear fellow shareholders,
 
 Nagarjuna Construction Company Limited is now NCC Limited!
 
 At NCC, we understand that we play an important role as an engine of
 growth and a partner in success for thousands of individuals, families
 and businesses.  We built this company with a focus on serving the
 common man through the commissioning of world- class infrastructure
 that would enhance life quality.
 
 Having emerged from the economic crisis, we now have the opportunity to
 address a question that I often hear: What is NCC doing towards
 strengthening
 
 infrastructural asset creationRs.
 
 My answer is that we are improving our ability to support the
 well-being of those we serve. To provide solutions that spread the
 largest good to the widest number.
 
 Taking a decisive step in this direction and in order to build a strong
 brand for the Company, we changed our name from Nagarjuna Construction
 Company Limited to NCC Limited.
 
 New name, new identity
 
 At NCC, this evolved identity will reinforce commitment to our vision,
 values and principles. Our employees are energised to grow our
 businesses. Our brand is stronger and more recognisable.  Our insights
 into managing large-scale infrastructural projects are deeper than
 before. Our order book is healthier than before. A new NCC is taking
 shape.
 
 The year 2010-11 was one of investment – a time to rebuild our brand
 and infrastructure with a view to generate sustainable growth. The
 timing was just right on account of challenges like a slowdown in
 public and private sector orders, delayed financial closure for most
 large projects, land acquisition issues and hardening interest rates,
 even as long- term fundamentals remained robust.
 
 In this context, our renewed brand identity reinvigorated us and will
 enable us to address the opportunities of a brighter tomorrow.
 
 Economy
 
 The Indian economy grew at 8.6% in 2010-11, the fastest in the last
 three years. The fiscal deficit stood at 4.7% of GDP, which is well
 within the revised target of 5.1% of GDP, owing to better tax
 collection, government expenditure cuts and BWA license auction. Going
 forward, in 2011-12, the economy is expected to grow at 9%, though
 concerns for inflationary pressures and tightening monetary control by
 RBI, slowing down of the economy persists.
 
 Going forward we expect increased government spending in the
 infrastructure sector.
 
 The investment in infrastructure is likely to be about 7.55% of GDP
 during the Eleventh Five Year Plan (2007-12). A preliminary assessment
 suggests that investment in infrastructure during the Twelfth Five Year
 Plan (2012-17) would need to be of the order of about USD 1,025 billion
 to achieve a share of 9.95% as a proportion of GDP, according to the
 Planning Commission. At least 50% of the investment should come from
 the private sector. The Twelfth Plan, therefore, would require a huge
 participation from the private sector to create and maintain newer
 infrastructure, particularly in road, power, airport and seaport
 sectors.
 
 This presents a huge opportunity for all private sector infrastructure
 enterprises, including our Company.
 
 A number of initiatives were taken in the course of the Eleventh Plan
 to accelerate the pace of investment in infrastructure.  In particular,
 the government undertook several initiatives for standardising
 documents and processes for structuring and award PPP projects in a
 transparent and competitive manner.
 
 The Union Budget 2011-12, allocated USD 48.78 billion for
 infrastructure, an increase of 23.3% over 2010-11. The Planning
 Commission already projected an investment of USD 459.12 billion for
 the Eleventh Plan, which was more than twice the investment during the
 Tenth Plan.
 
 These figures clearly indicate the governments emphasis on
 infrastructure development as one of the inevitable instruments for
 changing the face of growing India.
 
 Final words
 
 In closing, I wish to thank our employees for their commitment. We will
 continue to deliver value in the hands of all those who own a part of
 us, invest in us, work with us and depend upon us. We promise to grow
 our topline and bottomline in 2011-12 and beyond.
 
 Sincerely,
 
 Dr. A.V.S. Raju
 
 Chairman Emeritus
 
 NCC Limited