Today more than ever, companies that have been able to successfully
 transform and master change, are reaping tremendous rewards. Such
 companies remain resilient in the face of adversity and actually begin
 to champion change in the marketplace, to become leaders.
 
 From the beginning, Rolta has understood, accepted and implemented that
 ''change is the only constant''. Through the intelligent extension of
 expertise and knowledge acquired in one business, we have successfully
 launched new businesses. We have remained relevant by anticipating
 market needs, embracing change and ensuring that our businesses are not
 ''me-too'' in character. While consciously embracing change, we have also
 continued to simultaneously leverage our inherent strengths. In other
 words, we have retained the best while reinvented the rest.
 
 This is the fundamental reason for our long-term success.  Our success
 has been based on an absolute commitment to exceptional standards of
 performance and productivity, working together effectively, leveraging
 core competencies and a willingness to embrace new ideas and learn
 continuously. We have always looked beyond immediate opportunities to
 build businesses with long-term prospects and relevance.
 
 Today, we have transformed our business – from being services-centric,
 to one that is increasingly Rolta IP-centric.  Our unique ability in
 providing innovative solutions that extract meaningful insights from
 information and provide a deep impact, has resulted in Rolta becoming a
 market leader, in our focused segments, in India and a serious player,
 worldwide.
 
 Due to India''s escalating security concerns and the urgent need of
 modernizing our defence forces, the Indian Defence sector has emerged
 amongst the top spenders worldwide.  Indigenization of defence
 equipment has been accorded a very high priority, with the Government
 announcing many initiatives under the Defence Procurement Policy.
 Qualified Indian private sector companies are now being encouraged to
 participate in the enormous defence modernization opportunities, under
 the ‘Make India’ program. Rolta is one of the few such select
 organizations, who have been qualified through a stringent selection
 criterion and has been invited to bid for such projects.
 
 As a result, we are very well positioned to address large and
 sophisticated requirements for, Command & Control, Intelligence,
 Surveillance and Reconnaissance (including Optronics), Military
 Communications, Digital Soldier Systems, Battlefield Management Systems
 and Vehicle & Fire Control Systems. In the medium term this market is
 estimated at US $ 13 - 19 billion. We are also well-placed to seize
 significant opportunities arising from the multi-billion dollar
 modernization programs (estimated at US $ 3 - 5 billion, over the
 mid-term) of Indian Para-Military and
 
 Police Forces in the fast-growing Homeland and Maritime Security
 market.
 
 In the Engineering domain, we have traditionally addressed the design
 and development needs arising from CAPEX requirements of Oil, Gas,
 Petrochemical and Power plants.  oday, with our robust BI solutions
 like Rolta OneView , we have opened up much larger markets for Rolta,
 across a spectrum of Owner-Operators, to address ongoing large Opex
 requirements, in the Oil & Gas, Power Generation, Petrochemicals,
 Chemicals and Utilities/Telecom sectors, thus greatly expanding our
 market across 1,000s of plants worldwide.
 
 The Rolta Geospatial Fusion solution continues to be the benchmark for
 Geospatial Enterprise Integration and Business Intelligence and is our
 remarkable offering for the developed markets. We also focus very well
 on the requirements of emerging markets through our comprehensive Earth
 Sciences solutions (based on our own IP). Today, we continue to lead
 the Indian market in the Geospatial domain, across segments like Land
 Records, Infrastructure, Telecom, Electric, Water Resources, Airports,
 Mapping, Urban Development, Space, Town Planning and Environmental
 Protection and are also one of the major providers of Geospatial
 services, globally.
 
 Rolta’s acquisitions in the IT consulting domain over the past few
 years, our resultant global footprint, track record, unique IPR like
 Rolta ierspective , and our innovative off- shoring model have given us
 a unique entry in this large market. Coupled with our strengths in
 Defence, Security, Geospatial and Engineering domains, and
 specialization in Enterprise Application Integration & Enterprise
 Business Intelligence, we have before us, a tremendous amount of
 cross-selling opportunities across these segments.
 
 Our empowered and talented people, innovation, drive, domain knowledge,
 established track record, exceptional IPRs, world-class infrastructure,
 enduring partnerships, competitiveness, healthy financials and purpose
 are all strengths that are absolutely essential to creating lasting
 value for our stakeholders. But such strengths by themselves are not
 enough. We need something that will considerably increase their
 effectiveness and dramatically improve competitive advantage. The
 catalysts I am referring to are, of course, change and transformation,
 which we constantly add to the mix, thereby enabling us to compete and
 excel consistently, while remaining relevant.
 
 K. K. Singh 
 Chairman & Managing Director
 
 November 1, 2011