We started the year with a clear goal to make FY 2012-13 a transformative year for Mindtree. I am happy to share with you that we have made significant progress towards it. FY 2012-13 laid the foundation for some very important initiatives that will take Mindtree to its next level. We are now well positioned for FY 2013-14 and beyond.
- 173% 5 year returns on your stock
- 55% Y on Y profit growth in INR
- 23% Y on Y revenue growth in INR
- 11,591 Mindtree Minds
- 232 Active customers
Mindtree performed creditably in FY 2012-13. Your stock had a 1 year return of 87% in comparison with CNX IT return of 12% and Sensex return of 8%. The 5 year returns on your stock is 173%.
This performance, yet again, demonstrates the strength of our focus and strategy.
The global economic recovery has been slow and FY 2012-13 posed some serious concerns to organizations in their technology investment plans. Despite that, we adopted a back-to-basics strategy and stayed significant to our customers. This helped us deliver outstanding results and enabled our customers to win in their businesses.
We revealed new Mindtree brand. We engaged with Siegel + Gale, to transform our brand from a positioning of best mid-size company to an expertise led and culture backed organization. Our new mission, values, voice and visual identity are a reflection of the new Mindtree; we aspire to be Bright, Confident and Active.
Building next generation leadership
We have proactively taken steps in preparing a strong pipeline of next generation leaders. Successful organizations have a strong ‘next level’ leadership and a development approach that keeps it going. Our association with Korn Ferry helped us make very good progress on both fronts. We are continuously assessing and training the leadership that will help customers to trust Mindtree as an expert in chosen areas.
We setup delivery centers in US and Belgium in line with our global strategy and our determination to get closer to the customer. These global delivery centers help us be more customer centric, interact real-time with them and leverage the local talent. Global delivery centers enable our customers the flexibility of consuming services through delivery models such as onsite, offshore, near shore and onshore. The global delivery centers will focus on building expertise in specific areas. E.g. Our US center will focus on building expertise in Agile, Digital Business and Analytics.
Priorities for FY 2013-14
We need to be focused on working at chosen priorities. This year, we have chosen the following priorities:
- Continue focus on customer centricity / account mining - We will continue our drive to be a significant partner to our customers and not be yet another vendor. This would need us to revamp our account management, account mining and sales strategies, as well as significantly strengthen our client facing teams
- Build critical mass in our global delivery centers
- Work closely with customers to leverage the international delivery centers for efficient solution delivery.
- New approach to building domain expertise - We will look at innovative ways of building domain expertise in our engagements with our customers. This combined with our technology expertise will help us engineer meaningful technology solutions for our customers.
- ONEmind - Next gen delivery platform - This next generation delivery platform is being built with an end-customer view and will help deliver significant efficiencies to Mindtree and our customers. This platform ensures effective participation and collaboration within the project team and across culturally diverse members through efficient usage of social media interactions. The agility built into the platform provides our customers the flexibility to confidently meet the changing market requirements. An expert team is working on this initiative and we plan to do a wider roll out during this year.
- Leadership development - We had a great start in FY 2012-13 and we will sustain the efforts this year to groom the next level of leaders at Mindtree. The scope of the leadership development will spread through to top performers including customer facing Mindtree Minds.
Thank you very much for your support, feedback, inputs and suggestions. All of us at Mindtree are very excited about the path we have taken to be expertise-led and are extremely confident to achieve outstanding results consistently through focus and efficient execution. Our passionate and committed team of over 11,591 Mindtree Minds joins me in thanking you and we look forward to your continued support.
Welcome to possible
CEO & Managing Director