Dear shareholders,
 
 The Directors take pleasure in presenting the 14th annual report and
 the audited accounts for the financial year ended 31st March 2011.
 
 1. Financial results
 
 The financial performance of the Company for the year ended March 31,
 2011 is summarised below:
 
                                                        (Rs. in crore)
 
 Particulars                             Year ended        Year ended
                                     March 31, 2011    March 31, 2010
 
 CONSTRUCTION INCOME                       1,701.52          1,476.77
 
 Add: Share of profit from joint 
 ventures and other income                     2.29              2.20
 
 GROSS INCOME                              1,703.81          1,491.18
 
 PROFIT BEFORE TAXATION AND 
 EXCEPTIONAL ITEMS                           143.23            129.86
 
 Less: Provision for taxation                 49.00             43.29
 
 PROFIT BEFORE PRIOR YEARS'' TAX               94.42             86.57
 
 Less: share of firms tax                      0.08              1.44
 
 PROFIT FOR THE YEAR                          94.34             85.13
 
 Add: Balance brought forward 
 from the previous year                      236.05            168.19
 
 Amount available for appropriation          330.40            253.32 
 
 APPROPRIATIONS :
 
 General reserve                               9.50              8.60
 
 Equity dividend (proposed)                    7.41              7.41
 
 Distribution tax on dividend                  1.26              1.26
 
 Balance carried forward                     312.23            236.05
 
 2. Dividend
 
 The Directors are pleased to recommend a dividend of Rs. 1/- per equity
 share i.e. 50% for the year (previous year Rs.1/- per equity share,50
 %). If approved by the shareholders at the Annual General Meeting, the
 dividend will absorb Rs.7.41 crores.
 
 The dividend distribution tax, to be borne by the Company, will amount
 to Rs.1.26 crores.
 
 3. Capital structure
 
 During the year under review, there was no change in the Company''s
 capital structure.
 
 The ISIN number for face value of Rs. 2/- per share is INE466H01028.
 
 4. Operations
 
 The turnover achieved by the Company increased 15.21% to Rs.  1,701.52
 crores, compared with Rs. 1,476.77 crores in the previous year. Profit
 before tax increased 10.29% to Rs.  143.32 crores, compared with
 Rs.129.86 crores in the previous year. Profit after tax increased
 10.81% to Rs. 94.34 crores, compared with Rs. 86.85 crores in the
 previous year. Earning per share stood at Rs. 12.73 compared with Rs.
 11.49 in the previous year.
 
 The Directors are pleased to note that the total balance value of
 work-on-hand, as on March 31, 2011, was Rs. 3,501 crores.
 
 5. Subsidiary companies and consolidated financial statements
 
 At the end of the financial year under review, your Company had the
 following subsidiaries:
 
 Subsidiaries of Unity Infraprojects Limited
 
 1.  Unity Infrastructure Assets Limited
 
 2.  Unity Realty and Developers Limited
 
 3.  Unity Natural Resources Pvt. Limited
 
 4.  Unity Middle East ( FZE)
 
 Step-down subsidiaries of Unity Infraprojects Limited
 
 Parent company      Subsidiary                             % Holding
 
 Unity Infrastructure 
 Assets Limited      1.Unity Telecom Infrastructure Limited 100% Holding
 
                     2.Unity Integrated Roads Private 
                       Limited                              100% Holding
 
                     3. Unity Agriprojects Private Limited  100% Holding
 
 Unity Realty and 
 Developers Limited  1. Bengal URDL Housing Projects Ltd    100% Holding
 
                     2. Bengal Unity Realtors Pvt. Ltd      100% Holding
 
                     3. URDL Bangalore Developers Pvt. Ltd  100% Holding
 
                     4. Unity Tourist Hospitality Pvt. Ltd   88% Holding
 
                     5. Suburban Dairy Agriculture & 
                        Fisheries Pvt. Ltd                  100% Holding
 
 Unity Agriprojects 
 Private Limited     1. Aura Greenport Private Limited      100% Holding
 
 The Ministry of Corporate Affairs, vide General Circular No.2/1011
 dated 8th February, 2011 granted exemption to companies under section
 212 of the Companies Act, 1956 from attaching a copy of the Balance
 Sheet , Profit & Loss Account, Report of the Board Directors and the
 Report of the Auditors of subsidiary companies and hence the same have
 not been attached herein. The Board of Directors at its meeting held on
 30th May, 2011 passed a resolution in that regard. Accordingly, the
 Company will publish the Consolidated Financial Statements and a
 summary of financial details of subsidiaries in the Annual Report of
 the Company. These documents will be made
 
 available upon a written request by any member of the Company and /or
 any of its subsidiaries. Further, in line with the Listing Agreement
 and in accordance with the Accounting Standard 21 ( AS-21) Consolidated
 Financial Statements, prepared by the Company include financial
 information of its subsidiaries. The Annual Accounts of the subsidiary
 companies and the related detailed information will be made available
 to the shareholder seeking such information at any point of time.  The
 annual accounts of the subsidiary companies will also be kept for
 inspection by any shareholder at its registered office and that of the
 concerned subsidiary companies.
 
 6. Awards and recognition
 
 During the year under review, your Company was given the following
 awards and recognitions.
 
    Award                         Conferred to 
 
 1  Leadership of the Year 2010   Kishore K Avarsekar - CMD
 
 2  Best Infrastructure Corporate 
 of the Year 2010                 Unity Infraprojects Limited
 
 3 Global India Achievers Award   Kishore K Avarsekar - CMD
 
 4 Infrastructure Company of 
 the Year                         Unity Infraprojects Limited
 
 5 Infrastructure Personality 
 of the Year                      Abhijit K Avarsekar - VCMD & CEO
 
 6 Young Entrepreneur of the 
 Year 2010                        Abhijit K Avarsekar - VCMD & CEO
 
 7 Udyog Rattan Award             Kishore K Avarsekar - CMD 
 
 8 Essar Steel - Infrastructure 
 Excellence Award for             Unity Infraprojects Limited
 Railway Tunnel Project executed 
 at Agartala
 
 9 Life Time Achievement Award    Kishore K Avarsekar - CMD
 
 10 Best Professionally Managed 
 Company                          Unity Infraprojects Limited
 
 11 Business Excellence Award     Kishore K Avarsekar - CMD
 
 12 Business Leadership Award     Kishore K Avarsekar - CMD
 
 Award                            Instituted By                    Year
 
 Leadership of the Year 2010      Infra 2011 Summit                2011
 
 Best Infrastructure Corporate 
 of the Year 2010                 Infra 2011 Summit                2011
 
 Global India Achievers Award     Institute of Economic Society    2011
 
 Infrastructure Company of the 
 Year                             Price Water House Coopers & 
                                  EPC World                        2010
 
 Infrastructure Personality 
 of the Year                      Price Water House Coopers & 
                                  EPC World                        2010
 
 Young Entrepreneur of the 
 Year 2010                        Gill India Publication           2010
 
 Udyog Rattan Award               Institute of Economic Society    2010
 
 Essar Steel - Infrastructure     CNBC, E18                        2010
 Excellence Award for
 Railway Tunnel Project 
 executed at Agartala
 
 Life Time Achievement Award      Institute of Economic Society    2010
 
 Best Professionally Managed      CIDC - Autonomous Body of 
 Company                          Indian                           2010
                                  Planning Commission
 
 Business Excellence Award        Institute of Economic Society    2010
 
 Business Leadership Award        Institute of Economic Society    2010
 
 
 7. Corporate Social Responsibility
 
 UNITY''s Corporate Social Responsibility (CSR) philosophy is focused on
 growing the business while ensuring that the environmental concerns are
 adequately and sustainably addressed. This encompasses the natural
 environment, as well as the people and communities that live in the
 areas where the Company operates its business.
 
 Details of your Company''s Corporate Social Responsibility (CSR)
 initiatives are given in a separate section, ‘Sustainability'' which
 forms part of the accompanying Management Discussion and Analysis and
 Annual Report.
 
 8. Fixed deposits
 
 Your Company did not accept any deposit from the public, under Section
 58A and 58AA of the Companies Act, 1956, read with Companies
 (Acceptance of Deposits) Rules, 1975..
 
 9. Auditors
 
 M/s. C. B. Chhajed & Co., Chartered Accountants, Statutory Auditors of
 the Company, hold office until the conclusion of the ensuring Annual
 General Meeting and are eligible for re- appointment. The Company
 received a letter from them to the effect that, their re-appointment,
 if made, would be within prescribed limits under Section 224 (1B) of
 the Companies Act, 1956, and holding a valid certificate issued by the
 Peer Review Board of the ICAI. They are not disqualified for
 re-appointment under Section 226 of the said Act.
 
 10. Directors
 
 As per the provisions of the Companies Act, 1956, read with the
 Articles of Association of the Company, Mrs Pushpa K.  Avarsekar and
 Shri Dinesh Joshi are liable to retire by rotation, and being eligible,
 offer themselves for re-appointment.
 
 Your Directors recommend the re-appointment of the aforesaid Directors.
 
 11. Particulars of employees
 
 The information required on particulars of employees, as per Section
 217(2A) of the Companies Act, 1956, read with Companies ( Particulars
 of Employees) Rules, 1975 forms part of this report. As per the
 provisions of section 219(1) (b) (iv) of the Companies Act, 1956, the
 Report and Accounts are being sent to all the shareholders, excluding
 the Statement of Particular of Employees. A shareholder interested in
 obtaining such information, may write to the Company Secretary at the
 Company''s registered office.
 
 12.  Energy conservation, technology absorption and foreign exchange
 earnings and outgo
 
 Particulars relating to energy conservation, technology absorption, and
 foreign exchange earnings and outgo, as required to be disclosed under
 Section 217(1) (e) of the Companies Act, 1956, read with the Companies
 (Disclosure of Particulars in the Report of Board of Directors) Rules,
 1988, is given by way of an annexure, forming part of this report.
 
 13. Corporate Governance
 
 Your Company conforms to the norms of Corporate Governance, as laid
 down in Clause 49 of the Listing Agreement with stock exchanges. A
 report on Corporate Governance, along with a certificate of compliance
 from the Auditors and Chief Executive Officer /Chief Financial Officer,
 is provided by way of an annexure, forming part of this report.
 
 14. Directors'' responsibility statement
 
 In accordance with the provisions of Section 217(2AA) of the Companies
 Act, 1956, with regard to the Directors'' responsibility statement, the
 Board of Directors confirms that:
 
 (a) in the preparation of the annual accounts for the financial year
 ended 31st March, 2011, the applicable Accounting Standards have been
 followed and there has been no material departure;
 
 (b) appropriate accounting policies have been selected and applied
 consistently and such judgments and estimates have been made that were
 reasonable and prudent , so as to give a true and fair view of the
 state of affairs of your Company as at 31st March, 2011 and of the
 profit of the Company for the year ended on that date.
 
 (c) the Directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Companies Act, 1956, for safeguarding the Company''s
 assets and for preventing and detecting fraud and other irregularities
 
 (d) the Directors have prepared the annual accounts for the financial
 year ended 31st March, 2011 on a going concern basis
 
 15. Acknowledgements
 
 Your Directors would like to express their appreciation for the
 assistance and co-operation received from financial institutions,
 banks, government authorities, customers, vendors and members; and wish
 to place on record their deep sense of appreciation for the committed
 services by the Company''s executives, staff and workers at all levels.
 
 For and on behalf of the Board of Directors,
 
 Kishore K. Avarsekar           Abhijit K. Avarsekar
 Chairman & Managing Director   Vice Chairman & Managing Director
 
 Place: Mumbai 
 Dated: 30th May , 2011