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DESPITE EVERYTHING.
DESPITE INFLATION. DESPITE
GREECE. DESPITE REFORM
SLOWDOWN.
DESPITE
WEAK
MARKETS. DESPITE HIGHER
INTEREST RATES. DESPITE TIGHTER
WALLETS. DESPITE RUPEE
DEVALUATION. DESPITE SLOWER
APARTMENT OFFTAKE.
DESPITE
RBI
SQUEEZING LIQUIDITY. DESPITE
DEARER RAWMATERIALS.
Corporate snapshot
4
Financial highlights 2011-12
7
15-minutes with the Management
16
Pride of ownership
20
Management discussion and analysis
22
Analysis of the financial statements
32
Risk management
36
5-Year financials
38
Value added statement
39
Directors’ Report
40
Corporate Governance Report
47
Financial section
59
CONTENTS