2007-08 - Aditya Birla Nuvo, Ltd

THE CHAIRMAN’S LETTER TO SHAREHOLDERSTHE CHAIRMAN’SLETTER TOSHAREHOLDERSDear Fellow Shareholders,India continues on its growth trajectory. Sincethe year 2003-04, our GDP growth has exceeded8% year on year. Today we can take justifiablepride in having joined the ranks of the US$trillion economies of the world. I do believeIndia will continue its momentum despite somestrong headwinds. For instance inflation –where the Government is trying to pull out allstops to stem it. Additionally we have tocontend with the hardening interest rates andthe volatility in global financial markets,consequent to the sub prime crisis.That despite these adverse factors envelopingthe business environment, India continuesto grow is a validation of the inherentfundamental strengths of our economy.This bodes well for your Company.Your Company’s performance has been good.Its consolidated revenues crossed US$ 3 billion(Rs.12,134 crores), up by 45%. Of this US$ 2.1billion (Rs.8,209.8 crores) came from growthbusinesses such as Life Insurance, Telecom,BPO and Branded Garments. In thesebusinesses your Company has made substantialinvestments this year. The telecom businesshas recorded impressive profit. In the LifeInsurance business revenues rose significantly.It has posted heavy losses an account of(1)