FY 2013-14 offered tremendous opportunities for an emerging star like Mindtree though there have been periods of turbulence in our industry. Even in a volatile environment, we had several satisfying milestones to report as we partnered with our clients on their transformational IT initiatives. In the year gone by, we have further sharpened our strategic focus and since we saw strong medium term opportunities, we made the investments necessary to drive higher than industry growth over the next few years.
We crossed half a billion dollar revenue mark. Our market capitalization touched a billion dollars. We delivered strong ROCE and for the second year, our net margin growth was much higher than our revenue growth. We received international recognition for corporate governance. Our strong financials and prudent financial management allow us to capitalize on the momentum we see in our business.
We will continue to focus on growth through disciplined investments and resource allocation and by efficiently managing the varied and complex risks that we face, running a global business in a highly dynamic environment.
We believe long-term success is founded on strong governance. It is through good governance that we can deliver sustainable value to our various stakeholders. Such governance practices create trust between the Company and its stakeholders. The framework we have laid for ethical practices is a key part of our values and strategy for the future – they are indeed the very soul of your Company. We not only partner with our clients on their strategic IT programs, but also with the communities in which we operate to help societies flourish. The values we espouse are not only statements, but are embedded within the financial and operational controls and review mechanisms that we have put in place within the Company. All these efforts are, in a small way, validated by the recognitions we have received in India and internationally, for corporate governance practices.
When we engage with our clients, we hear a mixed response – optimism about their own outlook for their business which drives them to work with us on strategic IT initiatives but also concern about the economic and geo-political uncertainties facing the world today. This makes us optimistic without being complacent about our growth for FY 2014-15.
As the year unfolds, we are confident that FY 2014-15 will see us once again beating the industry average growth rates as well as the 15% growth we clocked in FY 2013-14. As mentioned before, we see some challenges in the external environment, but we have adapted ourselves to these realities. Our financial, operational, brand positioning and client service capabilities are stronger than ever before. This gives us confidence that we will start the new financial year on a good note and continue that trend through the year. Since we expect to deliver good financial performance, we expect to continue to maintain a good dividend payout ratio, as we have been doing till now.
I would like to end by thanking the outstanding team in your Finance, Risk Management, Information Systems, Procurement, Administration, Travel and Immigration teams that I am proud to lead, who take their stewardship responsibilities very seriously and are continuously pushing the envelope to deliver results through collaboration, dedication and expertise in their respective areas.
Finally, I am deeply grateful to all our investors for your goodwill and support. Your support motivates us to do our best every day. We assure you that we will do everything we can to deliver sustainable results for all our stakeholders.
Chief Financial Officer