Dear Shareholders,
 
 This is the first full year of reporting of the performance of your
 Company post demerger of the turbines business from Triveni Engineering
 & Industries Limited. In October 2011, our shares were listed and the
 trading started in both the Bombay Stock Exchange and National Stock
 Exchange. In spite of the volatile economic environment, in both the
 domestic and global markets, I am pleased to say that by staying
 focused on our strategies, we have successfully navigated these
 challenging times and recorded an encouraging result in the fiscal year
 2012.
 
 With revenues of Rs 6.32 billion and an outstanding order book of around
 Rs 5 billion, we have expanded our market and improved the product mix
 through the introduction of new competitive products. During the year,
 the domestic market shrunk by over 40%, and even under such a
 situation, Triveni Turbine Limited (TTL) retained its dominant market
 share with similar margins.  The Company''s aggressive focus on the
 international market has started yielding good results with export
 order booking going up by 39% year on year. We have expanded our
 geographic reach from South East Asia to the developed markets in
 Europe and are concentrating on the biomass and waste to energy
 segments which are less prone to economic cycles.
 
 The Company''s focus on the high margin aftermarket business continued
 during the year with a growth of 8% over the previous year even though
 most customers were postponing ordering insurance spares. The CAGR
 growth for this segment has been 22% during the past five years. We
 received many breakthrough orders for the refurbishment of larger
 turbines. This will give us the necessary prequalification for this
 segment and augurs well for business growth in the coming years.
 
 We continue our thrust on Research & Development, which shall be the
 pivot for sustaining future growth in revenue and profitability. During
 the year under review, many new models were developed and introduced
 into the market to meet the changing requirements of our customers. The
 Company is expanding the protection of its intellectual property, under
 all the categories such as Design, Patents, Copyrights and Trademarks.
 Our new higher MW, high-temperature and high-pressure turbines are
 helping the Company to expand the market globally.
 
 Performance of our subsidiary, GE Triveni Limited (GETL), has been
 encouraging. We are executing the first order and remain encouraged
 with a promising pipeline of enquiries. GETL is receiving strong sales
 support from the GE team in its key markets of South East Asia, Europe
 and America.
 
 While the Company is only completing its second year as an independent
 entity, our steam turbine business has had a strong market leadership
 for over 30 years. The key to our success remains in the unique
 combination of innovation and cost competitiveness which distinguishes
 us from our competitors.  We will continue to leverage our strengths
 and competitive advantages in Research & Development, supply chain and
 value engineering, manufacturing excellence and a customer centric
 approach. We believe this gives us an excellent position for sustained
 performance in today''s demanding and dynamic market environment.
 
 I thank you all for your support and wish to express my gratitude to
 all our customers, business partners and stakeholders for the
 confidence they have shown in the Company.
 
 With Best Regards,
 
 Dhruv M. Sawhney
 
 Chairman and Managing Director