Message from Chairman and CEO
- $501.5 million revenue
- $101 million operating profits
- 15.1% Y on Y revenue growth in $
- 12,926 Mindtree Minds
- 207 Active clients
FY 2013-14 was a momentous year for Mindtree for several reasons: we crossed the half billion dollar mark in revenues, $100 million mark in operating profits and Rs. 100 in EPS. Our efforts to lead the services industry by building deep expertise and a collaborative culture is really striking a chord with our clients.
The demand for IT services has continued to improve over the last four quarters in the year gone by. We have taken full advantage of the accelerated demand environment.
Our $5 million client list grew by 4 to 24, $10 million clients grew by 4 to 13 and $20 million clients grew by 1 to 6.
Engaging with our global clients in our key markets is asking us to be locally present and visible. We are making investments towards this. We are happy to report that the first integrated development center we opened in the U.S. at Gainesville, Florida has completed a successful year. It is modelled to be a Centre of Excellence for Agile and Digital. In line with our strategy, we have now set up another large delivery center in Redmond, U.S. The state-of-the-art facility will focus on delivering cutting-edge solutions in the areas of cloud, mobility, infrastructure management and testing.
Our sharp focus on select verticals is winning us attention and accolades. Mindtree has been named ‘Major Contender’ in Everest Group’s report from their worldwide research in outsourcing of IT services in Banking, Financial Services and Insurance. Two Mindtree solutions took top honors at the SAP® 2013 Industry Mobile Application Challenges at the SAP TechEd conference in Las Vegas. Our MInspect solution won the SAP 2013 Transport and Logistics Mobile App Challenge and MPromo solution won the SAP 2013 Retail Mobile Application Challenge. We launched Gladius, an advanced video management solution to meet surveillance needs in cities, industries and the retail sector.
Another major initiative has been our continued focus on capacity building for leadership. We have been always blessed to have some of the best people in the industry at the helm. We are adding to that by inducting several key executives from the world outside to create diversity. Last year, we welcomed Paul Gottsegen, Senior Vice President and Chief Marketing and Strategy Officer, Ramesh Pillai, Senior Vice President and Global Head of Hi-Tech services and Mark Wilsdon, Vice President and Head of Sales for UK and EU. In addition, we further enhanced the capabilities of the Mindtree Board with the addition of Apurva Purohit, CEO of Music Broadcast Pvt. Ltd. as Independent Director and N.S. Parthasarathy as Executive Director.
Looking ahead, we see the need to make continued investments in building deep domain knowledge. We need to increase scale in our global markets with investments in infrastructure and leadership. We also need greater adoption of OneMind, our next generation delivery platform to take up larger, transformative IT deals.
As we close, we assure you that we remain firmly committed to delivering enhanced value to all our stakeholders. All of us at Mindtree are very excited about the road ahead. We feel confident that we will achieve outstanding results through focus and efficient execution. Our passionate and committed team of 12,926 Mindtree Minds join us in thanking you and we look forward to an exciting year ahead with new milestones and greater achievements.
CEO and Managing Director