Vice Chairman''s Message
 
 The fiscal year 2010-2011 was a year of steady revival, not just for
 Tech Mahindra but for the entire industry as well.  Stepping out of
 arguably one of the worst recessions, our clients had varied responses
 to growth imperatives this year.  During this economic recovery,
 investments were closely evaluated and business models were realigned
 by most of our clients. Today, more than ever before, customers are
 focused on sustainability of benefits and are looking at strong and
 reliable partners who will enable growth.
 
 The new business paradigm emerging post the recession demands a lot of
 agility from your Company, but also provides us a great opportunity to
 demonstrate our differentiated value propositions and advanced
 engagement models.  The shift in demand patterns has led client
 organizations to explore innovative means that will enable them to
 benefit from the global delivery model. We find ourselves increasingly
 well-positioned to capitalize on the changing demand cycle and our
 recent wins with leading telecom operators in Australia and Middle East
 are testimony to the fact that clients are recognizing our commitment
 to provide value and build long term partnerships. Our investments in
 our six pillar strategy, where we consciously invested in creating
 new service offerings which address changing customer needs, are also
 beginning to show signs of success.
 
 This year has been a good year for Tech Mahindra. Our revenues crossed
 a billion dollars for the first time, our associate strength grew to
 more than 38,300 and our initiatives to diversify our revenue stream
 saw success with significant wins in BPO and Managed Services. Our
 constant efforts to drive excellence won us the 2011 AT&T Supplier
 Award for the second consecutive year. We were bestowed this honour in
 recognition of our outstanding performance and contribution to AT&T''s
 success last year: for consistently exceeding AT&T''s expectations and
 helping exceed those of their customers as well.
 
 Our focus on innovation and new technologies continues and we have set
 up a Cloud Competency Lab to develop new service offerings in this
 area. This initiative is aimed at enabling our customers to benefit
 from best of the breed technologies and assist them in enhancing their
 revenues through cloud based services. We have also set up an
 Innovation Center for Mobility Solutions in Toronto to provide device
 certification services to North America wireless operators.
 
 This year we launched our new brand positioning, expressed by the word
 Rise. The three precepts of Rise - Accepting no limits, Alternative
 thinking and Driving positive change capture our sense of optimism
 about the future and a determination to shape one''s own destiny. It
 also reflects our philosophy of constantly raising the bar and
 providing service offerings that deliver superior value to our
 customers.
 
 Stepping into the new year, we are confident of our way forward and are
 committed to delivering enhanced value to all our stakeholders. I would
 like to thank our valued customers and associates for their support
 that has been critical and integral to our success. Last but not the
 least, I thank our Shareholders for their continued confidence and
 faith; I assure you that my team and I will live upto the trust you
 have reposed in us.
 
 We look forward to an exciting year ahead with new milestones and
 accomplishments.
 
                                                       Sincerely,
 
                                                   Vineet Nayyar
 
                               Vice Chairman & Managing Director