The year 2010-11 was the first time ever that we crossed Rs.3,000 cr in
 revenue, with the cycles and engineering divisions crossing the Rs.1,000
 cr mark each. The Company also posted its highest-ever operating
 profit.
 
 We plan to take this performance ahead through a number of initiatives,
 so that our previous year achievements become the platform from which
 larger and more enduring initiatives emerge.
 
 I believe that an inspired team and appropriate capital investments can
 make this happen.
 
 The team
 
 A team inspired is a team invincible.  TIs team of employees, ably led
 by Mr. L. Ramkumar, our Managing Director and the Management
 
 Committee, is well positioned to enhance the momentum gained in recent
 years towards greater achievements.
 
 Investments
 
 At TI, we are on the threshold of making our largest-ever investments
 in additional capacities and new capabilities. These investments will
 encompass completely new concepts that should result in our achieving
 more challenging goals. Going ahead, our R&D spend and application
 engineering emphasis will grow significantly. We will collaborate with
 research institutions and forge synergies with a variety of partners to
 take our businesses ahead. We will extend our presence into knowledge-
 centric areas and venture into new step-outs, with the confidence of
 making things happen.
 
 Directors
 
 Mr. Pradeep V. Bhide joined the Board in October 2010. The Board is
 further enriched by his presence and I take this opportunity to welcome
 him. The members of the Board are a source of strength and
 encouragement to the Companys management team and to me personally. I
 deeply value their wisdom and counsel and thank them for their active
 involvement and participation.
 
 I also take this opportunity to express my gratitude to all of you
 shareholders for your continued support and confidence in the Company.
 
 Yours sincerely, 
 M. M. Murugappan