Tech Mahindra

The year 2008-09 will possibly be known as a year in which long
 standing beliefs were broken and business strategies were put to test.
 In the widespread slowdown globally, most business were impacted and
 some of them no longer exist. I am happy to say that Tech Mahindra has
 been able to turn in a reasonable showing inspite of the economic
 events and has emerged out of this as a strong, resilient company.
 
 This year saw us make good progress along our defined growth path. We
 consolidated our leadership position in telecom outsourcing in the
 Indian IT space. Our service offerings continued to find traction in
 the marketplace. We achieved this through a constant focus on customers
 and their evolving need for innovative solutions to their business
 problems. Our understanding of their business has helped us assist our
 customers in their goals of faster time to market and improved
 efficiency. These solutions have been built by us on a bedrock of
 engineering excellence and a keen understanding of the business
 processes.
 
 We continued to make investments towards better integration of
 technology, applications, operations and business processes in our
 solutions. These are targeted towards the growing customer need for a
 partner who can take end to end ownership of complex integrated
 business processes. Our ability to integrate our various service lines
 in applications, BPO and infrastructure management is emerging as a
 differentiated offering.
 
 A key event which has impacted our financial performance adversely this
 year has been currency volatility. The
 
 appreciation of the US Dollar against the British Pound has put
 significant pressure on our reported numbers.  However, in constant
 currency terms, we have had good growth in all the markets we serve.
 This growth has come across the spectrum of developed and emerging
 markets.  We see greater demand going forward for greenfield
 implementation in emerging markets. The market for transformation and
 next generation rollouts has been affected due to the slowdown, however
 we see it reviving as the economy revives.
 
 Post our financial year end, we have acquired a major stake in Satyam
 Computer Services Limited, through a competitive process run by the
 government appointed Board of Satyam. With this acquisition, Tech
 Mahindra is well positioned to be a leader in the broader IT services
 space, serving a wide array of industry verticals like banking and
 financial services, manufacturing, energy and utilities in addition to
 telecom.
 
 As we enter the next year, I want to thank all of our employees for
 their efforts in making Tech Mahindra a market leader in its space. Our
 customers who have supported us in this tough business environment are
 true partners in our journey towards achieving our long term goals.
 Lastly I want to thank our shareholders for their support and
 cooperation.
 
                                                             Sincerely,
 
                                                          Vineet Nayyar
                                 Vice Chairman, Managing Director & CEO