Dear Shareholders.

Last year has been both exciting and challenging for the Company. It was an excitingyear because we have continued the pace of growth we had set for ourselves in the previoustwo years.

Our speed of signing up new clients and expanding our geographical coverage has stayedconstant - thus enabling us to build an organisation which sets growth benchmarks in theHR services domain.

It has also been a challenging year for a couple of reasons. As our client baseexpands we need to keep upping our service delivery to ensure every client gets the samelevel of service irrespective of revenue earned. Secondly digitisation in country haspicked up speed and we have to keep evolving our internal processes to take advantage ofthis digitisation.

Third the pace of growth does constitute challenges in managing working capitalrequirements as all our payments are upfront.

In the coming years the key focus of the organisation will have to be on building aleaner organisation using technology as the bedrock and leveraging automation at alllevels including data architectures robotic processes and artificial intelligence. Aleaner organisation will enable us to more agilely handle the uncertainties in themacro-economic environment without compromising in our deliverables to you - ourshareholders and owners. The opportunity before us are huge and we will remain committedto our mission of helping improve the Integrity Index of Corporate India one employee ata time.

I would like to thank all our employees both past and present on this occasion - theyare the main reason we are who we are today. I thank all our supplier partners financialpartners and employee families - it is your support that makes us who we are. I lookforward to your continued wishes and blessings.