L Madhusudhan Rao Executive Chairman Dear Shareholders, Welcome to the 19th Annual General Meeting of your company. At the outset, I would like to thank each and every one of you for your support and trust. As you are aware, the year gone by has seen many economic and business challenges globally as well as in the country. The country’s GDP growth rate slipped below expectations reflecting the economic slowdown. Continuing inflation, high interest rates, volatile forex markets, Government policy issues and bearish capital markets affected the Indian industry, and in particular the infrastructure sector. Your company being one of the major players in the industry too got affected. In spite of many challenges your company did reasonably well in the previous year. The operating power capacity of your company increased to 3330 MW as of end March 2012. Your company created a two level power structure to support its growth path by mobilisation of capital at the appropriate level to the advantage of the investors.