Over the past few years, the infrastructure sector in India has undergone a revolutionary shift. The government has played a pivotal role in making Indian infrastructure sector an attractive investment destination for both domestic and foreign players. Steps taken by the government such as - opening up the sector to private players, liberalizing foreign investment norms and huge spending on Infrastructure projects have given a stupendous impetus to the sector in the past few years.

The private sector has responded to this shift in economic perspective with a great deal of excitement and alacrity as is evident from its growing participation in the entire spectrum of infrastructure projects, be it roads, ports, airports, urban utilities and transport systems or power. I am proud to report that since our inception, our company has come a long way to become one of the largest infrastructure companies in India. Many years of dedication and sweat have contributed to this fruitful yet exhilarating journey. Over the years, we have created significant shareholder value and our progress has touched the lives of millions of people across the country, helping to improve the quality of life; be it provision of drinking water, improved sewerage facilities, better municipal solid waste management, building state roads and toll roads and lighting up millions of homes.

Today, I truly believe that SPML is at the cutting edge of the infrastructure industry providing the much needed "bottom of the pyramid" infrastructure services for urban water supply and scientific waste management across the country without which the collective dreams of "Incredible India" and "India Shining" will, in my mind, quite simply remain dreams.

Our long term relationships built since the early 80s with urban local bodies and municipal utilities across the nation are providing opportunities for us to add value to the daily lives of Indian citizens that creates delight in my heart and within the hearts of every individual in this organization.

There were challenges galore in 2010-11. These include slower-than-expected order book growth and pricing pressures in the construction business. Yet, we not only achieved most of our financial and business targets for the year but also proactively invested in enterprise-wide actions to expand our capacities and improve our competitiveness.

It gives me immense pleasure to share with you, that 2010 marks SPML's foray into the membrane desalination space and we are pleased to announce our alliance with Aqualyng, a global leader in the international desalination market. SPML's JV with Aqualyng would go a long way to address the scarcity of fresh water in coastal regions of our country, both for industrial and drinking purposes.

We are at the threshold of an exciting journey that will take us to even greater heights. I seek your continued support in this mission.

I must acknowledge the efforts of all who catalysed our growth- our clients, employees, partners, bankers, suppliers, associates and community members. I must assure them that the Company will continue to practice what it has always done, deliver values for all those who depends on us, work with us and invest in us.

As one of India's oldest infrastructure companies with a visionary journey that has spanned over three decades and as we continue to grow with sustained vigor and purpose, we have always believed that patriotism reflects itself in our daily labor and its impact on the trajectory of our great nation. It is for this reason that we at SPML take our legacy providing mission critical water, power and transportation infrastructure to this nation, very seriously.