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9

This is a key task for the HR function and leadership

at different levels.

What we are doing is not meant to be easy – some

for the first time anywhere (for example, becoming the

best in the world in efficiencies) and some for the first

time in our Company (for example, building a retail

business) – I convey my

appreciation

to every team

member who is working long and hard, with an eye

for detail and depth in thinking and thereby making

a difference to our Company. I value the critical analysis,

constructive questioning and encouragement by our

Non-executive Directors.

Even in 2017, we will like to remind ourselves of

1947 – the birth year of our Company and the

independence year of our country – so that we work

with the same

newness, optimism and purpose.

I wish to assure you that team Atul will focus not on

what our Company has been, but on what it can be.

Once our recent investments deliver value, we will

A tree gathers light and grows,

and the more it grows, the more

light it gathers to grow further.

The same can be true for us -

when we imbibe knowledge, we

grow, and the more we grow,

the more knowledge we imbibe

to grow further. We also know

that knowledge is incomplete

unless accompanied by well-

executed action and that action

is imperfect without having

in-depth knowledge. It is therefore

our effort to be both, a

learning and an action-oriented

organisation - where we take high

quality and high velocity decisions

and actions.

Atul office in Thane, built in addition to 2 offices in Mumbai,

to increase productivity.

like to see more bold moves ahead of us than behind

us – there may be struggle, but we know that where

there is life, there is struggle, and we are prepared for it.

Sincerely,

(Sunil Siddharth Lalbhai)

Chairman and Managing Director