"Making India Sweeter & Greener"

Dear Shareholders

In an era where there is a need for inclusive growth the sugar industry is amongst thefew industries that have successfully contributed to the rural economy. It has done so bycommercially

utilizing the rural resources to meet the large domestic demand for sugar and bygenerating surplus energy to meet the increasing energy needs of India.

In addition to this the industry has become the mainstay of the alcohol industry. Thesector supports over 50 million farmers and their families and delivers value addition atthe farm side. In general sugarcane price accounts for approximately 70 percent of theex-mill sugar price .The sector also have a significant standing in the global sugarspace. The Indian domestic sugar market is one of the largest markets in the world involume terms. India is also the second largest sugar producing geography. India remains akey growth driver for world sugar growing above the Asian and world consumption growthaverage.

The Company intends to significantly grow each of its businesses from this pointonwards - through the quality of business and the quantum of business generated.

The Company will continue to balance its various integrated capacities - cane crushingdistillery and co-generation - in line with the increased inflow of cane from commandareas. The balancing will result in the increased utilization of by-products generated forthe next round of operations enhancing organizational value.

Going forward we will sustain our efforts to concentrate on manufacturing refinedsugar and future projected sugarcane-based ethanol.

As we proceed to write the next chapters of our journey I must reiterate that I amgrateful for continued support of all the stakeholders. Your confidence in us has enabledus to steer our ship past the difficult challenges of the recent years.

Warm Regards