Zensar Technologies

Dear Shareholders,
 
 Success and failure are an inseparable part of a business cycle - when
 success comes to many, we call it a boom time, and when the reverse
 becomes the rule - we face a meltdown, downturn and recession. The
 Indian IT industry, like several other key sectors of the economy is
 today confronting a similar situation. After years of unprecedented
 success where revenues grew from under USD 5 billion to over USD 70
 billion at the end of March 2009 with exports touching USD 50 billion,
 there are signs of a perceptible slowdown with most companies
 forecasting flat revenues and profits for the year in progress.
 
 As we enter a new financial year, it is time for all of us to take
 stock of what has been and approach the coming year with a new resolve
 and determination.  The second half of the past year has thrown up new
 challenges and the coming year, by all accounts, is going to be
 difficult. However, we see it as an opportunity to assess our strengths
 and put in place a winning strategy despite the testing times.
 
 The current economic scenario will require us to go back to the drawing
 board and reinvent cost structures and improve efficiencies. Equally, I
 am confident that Zensars robust practices and strong relationships
 with existing customers, steady movement on the customer acquisition
 front and a focus on internal capability building, coupled with a
 resolve and commitment to face the challenging situation, will see the
 Company make good progress.
 
 I am confident we can do this because we have managed to stay the
 course in difficult times earlier too and emerged stronger each time.
 The team at Zensar has the requisite strengths - in terms of people,
 resources and skills and a strong management team providing the
 leadership.
 
 We have surpassed an important milestone in our profits and we took
 forward to the continuing growth and success of Zensar in the national
 and global world of Information Technology and Business Process
 Services.
 
                                                   Sincerely,
                                                 Harsh Goenka
                                                     Chairman