Dear Shareholders,
 
 I am happy to bring you the updates on the exciting things that are
 happening at your company. The strategic transformation project that
 was started 3 years ago is beginning to take shape. The year 2011- 2012
 saw multiple pieces of the new strategic vision falling into place. The
 results of the strategic transformation project would start to show in
 the next financial year.
 
 The changing economic landscape across the world prompted your company
 to re-assess its long term strategic targets and goals. Your company
 chose to undergo complete transformation and strategize our long term
 goals. Through this process your company has emerged stronger and more
 resilient. This would not have been possible without the steadfast
 support that we have received from you and our other stake holders. I
 would like to thank you for your support and tell you that your
 patience will pay off soon.
 
 With the target of being one of the best integrated Information and
 Communication Technology (ICT) companies in the world, Prithvi has
 developed clear strategy and implementation plan for each of the three
 business units.
 
 In IT, your company is transforming itself into a full service IT
 organization, which can meet all the end to end needs of the customer.
 The organization is investing in increasing our capabilities to be able
 to deliver end to end services. This exercise will make your company
 one of the few mid-tiers IT companies in India and the world with
 capability to service diverse end to end needs of the customers. Key
 strategic focus areas for the business continue to be Data - Process -
 Mobility.
 
 In telecom engineering services (TES), your company aims to be the
 foremost provider of services across the world in multiple technologies
 including LTE, Wimax etc. The target is to be the integrated provider
 of telecom engineering services for customers across the world. Our
 expansion in new geographies such as Middle East and North Africa
 (MENA) would drive growth in the TES business.
 
 Telecom products business would concentrate on orders that would be of
 higher margin and help in backward integration of our services
 businesses. This business would become a key part of the Telecom 360
 degrees solution.
 
 With our sight firmly focused on the future, we have made some tough
 choices to in the financial year 2011-2012. The year saw your company
 give up business in multiple projects that did not meet our margin
 thresholds. On a Y-O-Y basis the consolidated revenue reduced to INR
 1378.31 Crfrom INR 1633.99 Cr, a reduction of 15.64%. However, during
 the same period the profits grew on a Y-O-Y basis to 20 Cr, an increase
 of 14.46% percentage.
 
 The total revenue from IT is at INR 1265.99 Cr and the total revenue
 from telecom both engineering services and products is at INR 112.32 Cr
 
 There have been multiple achievements during the year in customer
 acquisition and in launching new point solutions that solve specific
 customer problems. Some of our fastest growing services include managed
 services, system integration and enterprise performance management.
 Point solutions such as Responsive Infrastructure management and
 Unchurn have been received well by the customers. The basket ~ of
 services being offered has constantly expanded during the year.
 
 I am also happy to announce that our conviction in fighting various
 legal battles on behalf of our share - holders has started to payoff.
 Your company has been able to earn favorable results in those cases. It
 should put an end to the question marks about Prithvi''s sincerity in
 seeking a legal recourse to fight for the right of our shareholders.
 
 The next few months would see a flurry of activity. Your company would
 be making some major announcements that would have set course for the
 next stage of growth for the company. I am eagerly looking forward to
 bring you more good news next year.
 
 Regards
 
 Chairman