Dear Shareowners,
 
 Sterlite strives to connect our world
 
 In a world obsessed with the need to interact and interconnect, power
 and telecommunication are two fundamental infrastructures that make
 this possible by augmenting individual and enterprise capabilities.
 
 In both of these critical sectors, Sterlite has remained a significant
 contributor to the Indian and global economies by developing
 transmission solutions - connecting individuals, connecting enterprises
 and connecting nations.
 
 Sterlite has maintained a keen balance in facilitating infrastructure
 effectiveness, whilst enhancing its business capabilities in power
 conductors, optical fiber, telecommunication cables, OPGW cables, data
 cables, telecom solutions and power grid infrastructure.
 
 A mission to make it easier, faster and more cost-effective for service
 providers to build telecom and power infrastructure is what drives
 Sterlite''s strategic decisions, investments, and organisational
 capability building. The Company continues to hone its intrinsic
 capabilities through focus on economies of scale, costs and technology
 advancements.
 
 During FY11, Sterlite has achieved several noteworthy milestones that
 are inline with its long-term growth strategy:
 
 The Company achieved the highest sales volumes historically for its
 core businesses - power conductors, optical fibers and cables.
 
 Good Tier-1 clients were added for all businesses, across geographies.
 Revenue from international sales in FY11 accounted for Rs. 700 crores,
 which is 31% of net revenues in FY10 and this has been achieved with a
 right mix of repeat orders from current customers and addition of new
 eminent global customers.
 
 The Company has enhanced its intellectual property portfolio with the
 grant of 7 more patents, taking the total up to 30.
 
 Sterlite''s business performance
 
 Fiscal year 2010-11 closed with net revenue of Rs. 2,263 crores, EBITDA
 of Rs. 282 crores, PAT of Rs. 141 crores and EBITDA margin of 12%. The
 telecom business had revenues of Rs. 657 crores
 
 Diluted EPS for the full year stands at Rs. 3.72 against Rs. 7.34 in the
 last year. At it''s meeting held on April 29, 2011, the Board of
 Directors of the Company recommended a dividend of 25% for the year,
 subject to approval from shareholders.
 
 Globally, the power and telecommunication sectors have shown tremendous
 resilience, fuelled by large and coordinated stimulus from federal
 governments. This heralds the next wave of connectivity through
 broadband and power grids across the world.
 
 Sterlite''s achievements have been recognised with 18 awards during the
 year for excellence in human resources, financial reporting,
 environmental conservation, product sales and system integration. These
 awards include the ''5th Employer Branding Awards 2010-11'', ''6th RASBIC
 Awards 2010-11'', ''Global HR Excellence Awards 2010-11'', ''LACP Spotlight
 Awards 2010'', ''2009/10 Vision Awards'', ''10th Greentech Environmental
 Excellence Award 2010'', ''National Telecom Award 2010'', ''Star Performer
 Silver Shield'' and ''V&D100 Award 2010''.
 
 Sterlite commences financial year 2011-12 with a strong order book of
 about Rs. 2,200 crores which is represented by a balanced mix of orders
 from prominent utilities like Power Grid Corporation of India, state
 transmission companies, electricity boards and telecommunication
 service providers from across the globe. A bulk of this order book
 would be executed during FY12.
 
 Sterlite remains committed to develop infrastructure, to make the world
 even more connected
 
 Sterlite''s success comes from recognising and capitalising on market
 transitions before they occur. Sterlite''s goal is to capture these
 market transitions as per applications desired by its clients, and by
 recognising major technologies and markets, that would play a crucial
 role in the future of power and telecommunications.
 
 Globally, the power and telecommunication sectors have shown tremendous
 resilience, fuelled by large and coordinated stimulus from federal
 governments. This heralds the next wave of connectivity through
 broadband and power grids across the world.
 
 A mission to make it easier, faster and more cost- effective for
 service providers to build telecom and power infrastructure is what
 drives Sterlite''s strategic decisions, investments and organisational
 capability building.
 
 To fuel this growing need for critical transmission solutions, Sterlite
 has undertaken capacity enhancements of its power conductors to 200,000
 MT and optical fiber to 20 million-km, with project completion well on
 track. Further, Sterlite has agreed to form a joint venture company
 Jiangsu Sterlite Tongguang Fiber Company Limited in China to
 manufacture, market and distribute optical fiber used in the production
 of fiber optic cables.
 
 With a resolute belief that the right infrastructure is crucial to
 India''s future economic progress, Sterlite recently made its foray in
 the transmission grid ownership space. During FY11, the Company won two
 new projects for development of India''s transmission systems on ''Build,
 Own, Operate and Maintain'' (BOOM) basis. Sterlite now has a portfolio
 of three projects with a total value of about Rs. 4,000 crores (~US$ 900
 Million) for power transmission systems with a network of about 2,200
 km of transmission lines and 2 substations.
 
 To address the critical challenges in improving efficiencies in new
 telecom and power infrastructure, Sterlite increased the breadth of its
 portfolio by introducing new products and solutions like bend-free
 fiber, OPGW cables and fiber connectivity solutions.
 
 Sterlite also entered into a strategic relationship with CTC Cable
 Corporation, USA for manufacture specialty ACCC® power conductors for
 the Indian market. These conductors would offer India a unique ability
 to increase the current carrying capacity of existing lines and to
 significantly improve the overall economics on new lines.
 
 Sterlite has had several significant achievements in FY11 that have
 paved the path for its sustained growth and for a world that is even
 more connected.
 
 Pravin Agarwal                                     Anand Agarwal
 
 Whole time Director                      Chief Executive Officer
 
 Sterlite Technologies Limited      Sterlite Technologies Limited