Good Morning and welcome to all of you to the 24th Annual General Meeting of your Company. The Annual Report containing the Directors' Report and Audited Accounts for the year ended March 31, 2010, has been with you for some time and with your permission I will take it as read

During the last financial year, your Company consolidated its position as one of the foremost private equity fund managers in the country. Despite the weak economic environment that prevailed during the first half of FY2010, consolidated revenues, driven by the overall funds under management, grew at 10.4% to Rs 1.81 bn over the previous year. Through proactive management of our costs, profits after tax increased to Rs 738 mn, 18.7% higher than the previous year

Historically, our periods of strongest performance have followed economic downturns, as we identify, invest in and build upon the opportunities created by market dislocations. We believe that 2009 was a case in point. During 2009, we committed our capital, knowledge and talent to identify new investments, protect existing investments and build value for the long term. In the last two years, your Company invested US$ 260 mn through its real estate, infrastructure and growth private equity funds. As opportunities arise in a reviving economy, we expect these investments to create tremendous value for all its stakeholders

During the last few quarters, our country is going through a positive growth cycle with the economy showing a healthy revival. While most of the developed world gasps for economic resurrection, we are fortunate that our country has been one of the leading emerging economies propelling global growth. This is an encouraging uptrend for the Indian private equity industry as a whole. To take advantage of the upbeat environment, your Company has already announced plans to launch new funds during this year. This year will also be significant for your Company from the standpoint of attaining liquidity and possibly exits from some of its investments

With your faith in the Company, we are committed to build a Company that will continue to deliver growth and retain its leadership position in the Indian private equity space


Thank you,

S M Datta
Chairman