Dear Shareholders,
 
 I am pleased to announce another year with a stellar performance
 despite the tough economic environment. The past year has been
 challenging for the Indian economy with increasing interest rates, high
 inflation and moderating GDP growth. However, the Indian consumer
 segment continues to show strong resilience and maintains a robust
 growth momentum.
 
 Your Company recorded a strong 20% revenue growth and 16% EBITDA growth
 compared to last year. This was a direct result of our continued focus
 on premiumisation strategy which translated in a strong performance by
 our mainline brands led by the premium brands. Our premium brands,
 Magic Moments vodka and Morpheus brandy, continued on their high growth
 trajectories. In particular, Magic Moments crossed the two million
 cases mark which is a milestone. Other mainline brands including 8PM
 whisky and Old Admiral brandy also contributed significantly to the
 growth with over 4.5 million and 3.3 million cases sales during the
 year.
 
 Radico Khaitan''s future key growth drivers are increasing volumes of
 premium brands across various markets, selective acquisitions and joint
 ventures, developing export markets including bottling arrangements
 abroad and driving operational efficiencies. During the year, Radico
 Khaitan acquired two whisky brands from Mysore based Yezdi Group. These
 brands will further strengthen the Company''s portfolio in the Southern
 markets. The Company is also taking initiatives to promote its brands
 in international markets through exports and joint ventures. Radico
 Khaitan''s international business division also started selling its
 premium brands including After Dark whisky, Morpheus brandy and Magic
 Moments vodka through the duty free shops at Delhi International
 Airport.
 
 Over the years, Radico Khaitan has been able to create a number of
 industry leading brands. This enables the Company to be optimally
 placed to benefit from its industry leadership position. Magic Moments
 continues to capitalize on the fast growing vodka consumption in the
 country, while After Dark and Morpheus received approvals for supply to
 the CSD and achieved encouraging sales volumes. This further
 strengthened Radico Khaitan''s leading position in the CSD market.
 
 While we need your ongoing support in our new endeavours, I would like
 to take this opportunity to thank our shareholders for their continued
 confidence and support. We look forward to a delivering shareholder
 returns and a bright future for your Company.
 
 A Spirited Performance that Spells Class!
 
 Dr. Lalit Khaitan
 
 Chairman & Managing Director