When we look back at the preceding twenty years that mark our ascendance from a small entity to one having attained global prominence, we feel happy and honoured. Happy for being able to entertain a widening viewer fraternity across nations and nationalities. And honoured for being an important contributor to industry growth and evolution.

Since inception, we have created timeless stories that can be enjoyed and treasured by audiences across the world. With a benchmark of completing twenty years of excellence, comes a commitment to our stakeholders and partners. A promise to deliver values, fulfil dreams and realise aspirations. A promise to enrich lives and extend footprints across multiple vistas of entertainment.

To us, the pursuit of excellence is ceaseless by way of implementing distinctive and out-of-the-box ideas. The enormous repository of these valuable ideas and thoughts has enabled us to innovate in the realm of content, distribution, marketing, and operations.

The M&E Industry holds out rich opportunities: India, the world's third largest TV market, is expected to grow at a rate of 17% annually. With escalating demand for niche content, the number of channels is increasing. The digitisation drive is shaping the future of the industry, and will definitely give a fillip to industry's average revenue per user (ARPUs) over the next quarters.

Hindi GECs have moved from a 3 player to a 4 player market, while regional channels have witnessed adequate growth in the last year. DTH has surged ahead with around 10.5 million gross additions in FY 2012, along with a significant increase in HD channels. We are happy with the way MediaPro is shaping up.

It gives me immense pleasure to mention that we are recognised as the Top Indian Company in the M&E Sector at the Dun & Bradstreet, Rolta Corporate Awards 2010. We have also ranked as the best company in the M&E sector in the Growth category of Businessworld Infocom ICT Awards.

In the last fiscal, we focused on three strategic priorities: creating high-quality family content, making content accessible in each of the available platforms and growing internationally. These priorities have helped in the making of a robust network with a viewership share of close to 14%. Over the last one year, we have acquired some of the best available blockbuster movies, and will continue to make long- term investments in content acquisition.

Our leading TV shows, Pavitra Rishta and Yahaan Main Ghar Ghar Kheli have completed 700 and 600 episodes, respectively. Dance India Dance, the leading reality show has been registered in the Guinness Book of World Records for the Largest Bollywood Dance.

Our regional channels have contributed cinematic masterpieces in Marathi. Zhakaas, released by Zee Talkies, has created enormous ripples at the box office. Natarang is still being showered with awards and recognitions. Zee Bangla has reached the Limca Records through its reality show, Dance Bangla Dance.

The sports business continues to be a focus area. We are celebrating 10 years of Ten Sports. The new feathers in our crown are Ten Golf and Ten HD. In Indian sports genre, we have acquired 35% market share. We are already No. 1 in Pakistan and Sri Lanka. We have also renewed our contract with South African and Zimbabwe Cricket Boards and the UEFA Champions League.

Our international business has also witnessed considerable development. We have made significant progress in the US market, with the launch of four new channels. Zing has emerged as the No. 1 channel among South Asians in the UK market, while Zee TV continues to enjoy the numero uno position among Asian expatriates in UAE and South Africa.

Overall, our financial performance has been stable in the last fiscal. We have touched 15.8 billion through advertising revenues and 13.2 billion through subscription revenues.

With the rollout of India's Digital Addressable System, the industry would get a positive turn. We sense an immense potential for niche channels and will continue to capitalise on the same. International markets will be further penetrated and our global presence will be enhanced.

In New Media, we intend to scale unexplored boundaries in content distribution, following the latest launch of our OTT TV Platform, Ditto TV. Besides, India.com (www.india.com) will continue to offer content across leading genres. With these innovative content formats and advanced distribution avenues, we intend to target new audience segments.

Let me reiterate our unwavering commitment to consolidate industry leadership. I believe we have the vision and capability to create new entertainment and emerge as a frontrunner M&E player of our times. Across the world, more than 1,500 of our employees work tirelessly to create and deliver differentiated content to entertain and inform global viewers.

Thank you for your consistent trust and faith bestowed on us. Your support has not just made us what we are today, but also motivates us to excel in our business and achieve the next set of milestones.

Yours sincerely,
Punit Goenka
Managing Director & CEO