It is my pleasure to report the annual results for 2010-11.  Your
 Company has performed exceptionally in terms of growth and
 profitability by capturing opportunities and executing on the ground.
 Business demand rose steadily through the year and revenues for the
 financial year grew annually at 24.3% on a consolidated basis to Rs.
 37,325 crore (.2 billion).  Our ability to increase profitability in
 the face of strong operational headwinds was also significant.  Our net
 profits grew by 29.5% to Rs. 9,068 crore as we delivered sustained value
 to our customers. This stellar performance has enabled the Board of
 Directors to recommend a final dividend of Rs. 8 per share taking
 thetotaldividendfor2010-11 to Rs. 14 pershare.
 
 During the year, we saw a strong revival in business demand across
 markets. Demand from customers in developed markets like USA, Europe
 and Australia continued to recover as did growth from the emerging
 markets of Asia-Pacific and India. Going forward, TCS will focus on
 increasing its solution-set to address larger segments of the market as
 well as grow the scaleandscopeof operations in each market.
 
 Our solutions are designed to help customers optimise operations for
 efficiency as well as innovate and drive growth in their business
 across markets.  Our industry-focused structure - from sales to
 delivery - strengthened our ability to partner with our customers on
 their initiatives, resulting in double digit growth in all our major
 verticals. Our deep domain knowledge and capabilities enables us to
 work closely with clients in multiple parts of their business.This is
 also reflected in the holistic nature of ourcustomerengagements today.
 
 Over the last 12 months, we have added 140 new customers. We continued
 to increase our share of IT spend across our key customer base by
 providing integrated solutions designed to propel their business
 forward. In this context, your Companys strategy of afull services
 offering is proving very effective. Whilethe core IT services business
 continues its double digit rowth, strong annualised growth in other
 service lines like assurance services (67%), infrastructure management
 (40%), global consulting (41%) and the intellectual-property based
 products business (38%) helped us post an industry-leading performance
 for fiscal year 2011. We believe that the service lines which are
 currently less than a billion dollars each have the market potential to
 be multi-billion dollar businesses as they scale in sizeand reach.
 
 One important plank of your Companys growth strategy is its strategic
 portfolio of non-linear businesses - new service offerings - that aim
 to break the traditional linear relationship between growth in manpower
 and revenues as seen in traditional business models of IT service
 companies. These strategic units are focused on the creation of
 Intellectual Property and use of new technologies like cloud computing
 to deliver new operating models to existing and new customersegments.
 
 Our non-linear growth businesses fall broadly under threeinitiatives:
 
 - Software Products: Our products or asset- leveraged solutions
 currently contribute 3.6% of our revenues and consist primarily of our
 comprehensive portfolio of products under the TCS BctNCS brand for
 banking, capital markets and insurance. We have also invested in
 building solutions for the government and healthcare industries.
 
 - Process Clouds: Our second foray in this area leverages the cloud
 computing paradigm for large enterprises. Cloud computing allows us to
 deliver standardised end-to-end processes as a service to customers
 using new operating models. With the rapid evolution of technology and
 scarcity of IT talent, more non-core processes would be considered for
 the cloud paradigm. TCS is offering specific solutions using the cloud
 paradigm in human resource management, procurement, analytics as well
 as finance and accounting.  It also offers specific platforms for the
 life and pension industry in the UK (through its subsidiary Diligenta)
 as well as a reconciliation platform for commercial banks.
 
 - iON: TCS launched iON, a unique integrated solution for Indias small
 and medium business (SMB) market in February 2011. The new offering has
 been well received by the market. It combines hardware, network and
 software applications along with an effective operating model that
 addresses business needs of SMBs. The number of SMB customers is
 steadily increasing and we expect this to become a significant new
 business offering for TCS in markets,otherthan India,going forward.
 
 The success of non-linear initiatives are important to sustain the
 long-term growth and manageability of the Company.
 
 Our success over the last 12 months would not have been possible
 without the dedication, commitment and performance of 1,98,614 TCSers -
 your Companys biggest asset. Your Company is helping this energetic,
 young global workforce build new competencies and develop strong
 careers.  We continue to invest in technologies, domain and process
 knowledge to make them more productive in an atmosphere of
 collaboration that engages and empowers them to realise their
 potential.
 
 Building a growing organisation requires investment not only in the
 best people but also creating world- class infrastructure that is
 sustainable and adds value to those working there. TCS continues to
 invest in building world-class, intelligent campuses in India and
 overseas. We have initiated plans to build a new 10,000-seater Learning
 Centre in Trivandrum while other large campus facilities in Pune,
 Chennai, Hyderabad and Mumbai continue tocome on stream.
 
 The core of the Company is driven by a digital backbone, which aligns
 people to the organisation rapidly and allows us to engage, transact
 and learn from the collective intellect and power of the organisation.
 We believe that this gives us the ability to move swiftly in the
 marketplace and helps integrate our large intake of new employees
 quickly.  Your Company continues to invest in and leverage technologies
 like social media and web 2.0 to engageand enrich associates.
 
 Looking ahead to 2011-12, several global macro- economic challenges
 continue to cast a shadow on a state of strong business demand. Some of
 the key reasons are estimated slow GDP and employment growth as well as
 soaring levels of public debt in mature markets like USA and Europe;
 and high commodity prices, inflation and currency movement dampening
 growth in emerging markets like India, Chinaand Brazil.
 
 Global business, however, is better experienced to deal with such
 roadblocks. Companies are re-starting several initiatives to embrace
 growth by aggressively adopting new technologies like cloud computing,
 mobile computing, information analytics, green supply chains and social
 media. TCS is partnering with its customers along multiple dimensions
 to shape the use of these technologies in their business.
 
 Technology continues to be one key driver of business growth worldwide,
 with IT spends continuing to see an annual rise for the foreseeable
 future. Given these trends and with just one per cent market share of
 global IT spends, we believe that there are adequate opportunities for
 your Company to capturegrowth going forward.
 
 On behalf of everyone at TCS, I want to thankyou for your support and
 commitment to TCS. Your belief in this Company has helped make TCS
 among the most valuable IT service companies in the world. I look
 forward to your continued support and best wishes to help take TCS to
 the next level on its growth journey.
 
 Warm regards, 
 
 N Chandrasekaran
 
 CEO and MD
 
 May 20,2011