Puravankara Projects

Dear fellow Shareholders,
 
 At the outset I wish to thank each one of you for making the Initial
 Public Offer a success. Subsequent to the IPO this is my first
 communication with you. The Puravankara Group commands more than three
 decades of construction and real estate expertise. Puravankara’s
 operations cover Bangalore, Kochi, Chennai, Coimbatore, Hyderabad,
 Mysore, Colombo and the United Arab Emirates (UAE). Puravankara has
 also representatives in the United Kingdom and the United States of
 America. It commands more the priceless trust of customers, workforce
 and the society at large. Top-notch quality in construction and design
 is the hallmark of every Puravankara creation. From planning to
 materials, construction skills to customer relations, we at Puravankara
 seek excellence in all our business activities.
 
 The latter half of 2007-08 was a turbulent period for the global
 economy. Towards the end of the year rising crude prices, fears of
 recession in the US economy and the likelihood of higher interest rates
 in the domestic market added concern to the general business outlook.
 
 Reflecting its new confidence, India stood out in this volatile
 environment as beacon of hope, growth and prosperity. For Puravankara
 the year 2007-08 proved to be another landmark year. Reinforcing its
 leadership and setting new milestones, Puravankara’s sales reached a
 record Rs. 5,640 million. Net profit for the year stood at Rs. 2,400
 million.
 
 India is marching ahead to become a global economic player. Sustained
 domestic growth with rapid urbanisation will bring exciting growth
 opportunities in both residential and commercial sectors. Accordingly,
 Puravankara has taken steps to pursue foray into affordable housing
 without compromising the quality and commercial projects consisting of
 shopping malls, commercial complexes and office premises. We have plans
 to expand into new businesses allied to our core real estate business.
 The existing scale of operations, our demonstrated project execution
 and management capabilities, strong cash flows and highly skilled human
 capital backed by sophisticated world class technology has created an
 unparallel platform to pursue future development.
 
 We are committed to the maximisation of value for all of you, our dear
 shareholders. We at all times are committed to enhancing the scale,
 competitiveness, efficiency and productivity of our business in line
 with contemporary international standards. We are confident that we
 will achieve greater scale in the pursuit of being the best in every
 activity we venture into.
 
 I would like to thank each one of you for your confidence in us at
 Puravankara and your continued support.
 
                                   Ravi Puravankara
                          Chairman and Managing Director