Dear Fellow Share Owners

I yet again feel honoured to be amongst the stake holders in thisannual general meeting of the Company although quite somber to witness such anunprecedented devastation in the world at large due to Covid -19 pandemic.

We are passing through the most challenging years of our life theglobal economy witnessed the largest contraction at least since World War II. Unexpectedlyvirulent 2nd Wave of Covid - 19 pandemic has caused severe strain to our healthinfrastructure and economy as a whole.

The pandemic brought out challenges in many forms. Economic impact andbusiness disruptions apart many members of our extended family had to face healthemergencies. It has caused deep scars on psychology as people had to adjust to the newways of living. Notwithstanding these challenges our employees displayed unrelentingcommitment in conducting our operations on the principle of "Going beyondbusiness".

During the period under review as anticipated the economicenvironment remained under tremendous pressure the Company continued its operationsduring sporadic lock downs and disruptions. Although there was a marginal upside indomestic trade but the international trade has fallen significantly due to fall in demandand supply and logistic restrictions in different countries.

Similarly the Company has stake in commercial as well as residentialspaces along with its subsidiaries/ associates. Some of the projects continued to bestalled and in commercial spaces occupancy is also adversely impacted. This may lead tosome reassessment of growth estimates for FY2021 -2022.

The disruption of this magnitude across the globe has left a hugeeconomic void all round the world which caused a steep fall in the consumption resultingin negative growth. Demand and supply chain turned turtle.

Your Company is quite aware of the situation and exploring new BusinessModels and aligning in to this evolving economic scenario. The Management is optimistic toleverage itself to these future economic encounters.

Continued accommodative monetary policy of RBI massive vaccinationprograms of various Govts getting momentum and the expected increase in infrastructureexpenditure by the Govt. fresh announcement of stimulus packages in India and otherdeveloped countries are the factors that will support growth recovery coupled with globalgrowth prospects with exports as an additional strong driver of growth coupled withdilution of lockdowns.

Economic pundits also assert that the worst is nearly over and silverlining have started appearing on the horizon. As per the recent estimates the US andChina are expected to boost demand for exports/ imports even economies of EU and Japan arealso expected to expand. Various Governments initiatives have resulted in boost ofconfidence which in turn shall boost the overall demand for exports and domestic trade/economic activities."

In these difficult times financial prudence is to conserve theresources and seize the opportunities unfolding in the future with new businessinvestments which you will definitely support for sailing through rough weatherscautiously we are sure that we will re- dedicate our energies to strive forward takinglittle steps since the cascading effects will linger on for some more time.

Historically it is proven that typically a crisis of this magnanimityis followed by a period of strong growth. In the end I extend my thanks to all thestake holders of the Company business associates and dedicated/ devoted TEAM who hashelped us tide through the present roughest times and are prepared to achieve our goals ofthe future.

I once again express my gratitude to each and every one of you forreposing your confidence on the management and surely hope that it will continue.