Dear fellow shareholders,

Some time back we were travelling through the rural heart land of a state, during which we stopped to stretch our legs and have tea at a small stall. While waiting I happened to watch a person seated under a tree interacting with a couple of villagers. A village lady walked to this person, pulled out a card, did her finger scan and took some money from that person. It was a great moment for me, because the lady was one of the beneficiaries of the government scheme being implemented by us, which also has financial inclusion services attached to it. To my mind this is what your company stands for – supporting transformation and enabling inclusion. Innovative insights driven services that make our customers lives easy and empowered, drive us forward. And our customer spectrum spans across that lady in the village who earlier was not even aware of basic banking facility and now who operates her own bank account, to a CIO of a Fortune 100 company who trusts our team for business continuity and better return on IT.

Glodyne is creating new markets:
We have seen our company scale tremendously, by moving up the value chain of technology services as well as geographical expansion. But what excite me are the possibilities that appear before us - which are to envision, and which inspire our best efforts to build transformational services to cater to these market making opportunities. I am excited and hopeful that we will continue to make progress in our niche area of technology managed services.

Glodyne has built strong skills and capabilities to provide path breaking array of technology infrastructure management services (IMS) on a managed services model across banking, education and government verticals in India. The successful rollouts of ambitious and transformational projects in India clearly demonstrate Glodyne’ domain expertise in implementing and managing large technology led projects in the country. These are market creating opportunities and we are determined to emerge as a very strong contender in these sectors.

Highlights for the year:
For the financial year 2010-11, Glodyne has registered revenues of ` 1,750 cr on a consolidated basis, 133% growth over FY 2009 - 10. The EBITDA grew by 85% over FY 2009-10 to ` 316.25 cr. Net profit for FY 2010-11, was ` 174.12 cr, up 74% over FY 2009-10. The basic EPS for the year is at ` 40.32 against ` 24.56 which is adjusted for the share split from face value ` 10 to face value ` 6.

Our company’s geographical mix for the year was 58:42 (India: North America), the share of North America increasing because of the DecisionOne Corporation’s acquisition.

During the year, Glodyne was proud to associate with the UIDAI in the launch of the first set of ‘Aadhar’ numbers in the Country from the Tembhli village of Nandurbar district, Maharashtra. UID is a transformational and a historic project being implemented in the country and Glodyne is committed to provide all possible support to the program, having earlier done the proof of concept for UIDAI in the state of Bihar.

During the year, Glodyne initiated major IMS program pilots and conducted many proof of concepts. The company partnered with few governments on a Public-Private Partnership model to implement public distribution system, MNREGS and labour automation programs.

The company is in the process of implementing financial inclusion services for its various bank partners for reaching out to more than 45 million citizens. We are on our way to become a leader in this space which will bring banking services to the millions of unbanked population of India. We are implementing the largest urban as well as rural financial inclusion programs across different states. Our unique social program supported financial inclusion services ensure that the accounts managed under the program remain active accounts.

Geographical Expansion:

In the last five years, Glodyne has acquired five companies. All the acquisitions have helped us to open up new opportunities in important markets or sectors. In the year, Glodyne completed the acquisition of DecisionOne Corporation, one of the largest independent technology infrastructure management services company in North America, headquartered at Philadelphia. It is a $200 mln revenue company which we acquired for an enterprise value of $104mn. This acquisition has enabled in-roads for Glodyne into the world’s largest IMS market, added marquee clients in North America with strong long term relationships and provides us with an opportunity to expand our services base. Glodyne DecisionOne’s management is upbeat on expanding business and improving efficiencies through re-aligning the cost and revenue matrix by adding off shoring benefits. The management is focussed on to leverage Glodyne DecisionOne’s high end service capabilities to address large IMS deals in North America which is the largest IMS market in the world.

The way forward:

We have been implementing large technology led social initiatives in the areas of MNREGS, financial inclusion, public distribution system and empowerment of the unorganized workforce. We are also expanding our education managed services across enterprise (universities) and retail (colleges and schools) segments. Moving forward with the above initiatives we will continue our journey forward in which our levers of growth have put us in a strong position and we are determined to expand on the strong niche that the company has built in the geographies we serve. Over the last few quarters our team has built a strong execution pipeline in the financial inclusion, e-governance and education sectors in India, and our focus is to ensure operational efficiencies and expansion in these projects. In our North America business we are working to re-align our cost and transform our services mix in the forth coming quarters.

There are very few things as powerful as human passion. During the year, we doubled the size of our senior leadership team and are delighted that a new set of next in command leaders have emerged from within. We are counting on Glodyne to grow more leadership that will take us to the next level. I am confident with the aligned leadership and a more responsive internal structure Glodyne would continue to scale new heights.

Continuous value creation is our focus and Glodyne is determined to deliver the maximum value to our clients, employees, and all the stakeholders. The trust that you - our investors - place in us every day is something we take very seriously. Thank you all for joining us on this amazing journey and I expect your support in the future.

Annand Sarnaaik
Chairman and Managing Director