We’re proud to report another year of all-around strong performance. Our FY2015–16 annual revenue was USD 715.2 million, with operating profits of USD 126.7 million. Mindtree continues to grow significantly faster than the overall industry. We credit these achievements in large part to our strategic initiatives, such as focusing on key areas—digital solutions and managed services—in a select set of industries, bolstered by efforts to build a highly skilled workforce and a world-class leadership team.
Strengthening our digital solutions and managed services
Since our founding, Mindtree has concentrated on helping our clients grow their businesses through digital transformation. Today, digital solutions drive more than a third of our revenue. In FY2015–16, we enhanced this vision with an expert-led, integrated digital division organized around developing solutions and thought leadership in analytics, omnichannel solutions and personalization. To strengthen our lead in the digital space even further, we made three strategic acquisitions last year:
- UK-based Bluefin Solutions, a market-leading consultancy in SAP HANA
- US-based Relational Solutions, a specialized provider of supply chain optimization and trade promotions analytics for consumer goods and retail execution
- US-based Magnet 360, a Salesforce Platinum consulting partner with strong expertise across the full suite of Salesforce solutions
The combined capabilities of these new additions is helping to solidify our position as digital transformation leaders even further.
Our ability to help clients optimize efficiency while enhancing quality has also been a major growth driver. Our Atlas Managed Services framework, which includes a new offering around Lean IT, provides a rich set of intellectual properties, accelerators and solutions to unleash possibilities for continued operational transformations. And we do all this at scale.
Investing in our people
The foundation of our success has always been the high level of skill of our Mindtree Minds. They are our greatest strength and most valuable asset. To provide cultural and learning immersion for new Mindtree Minds, in 2015 we launched Mindtree Kalinga, a new state-of-the-art corporate learning and development center in Bhubaneswar, Orissa, in India. Each year, this 20-acre center will train roughly 2,500 young engineers recruited from all over the world.
In addition, we continue to see great results from our Agile Center of Excellence and Delivery Center located in Gainesville, Florida, in the US. This center has grown to nearly 300 Mindtree Minds and is recognized as one of the leading hubs for Agile development consulting and execution.
Recognitions and awards
We earned many awards and accolades during FY2015–16, and we are proud of all of them. These three best reflect our core values:
- We won Best Corporate Governance in the technology sector for Asia from the Ethical Boardroom Corporation.
- Our CIO was given the Digital Transformation Czar award in the Digital Transformation category at the CIO 100 Awards organized by International Data Group.
- Mindtree earned a place in Forbes India’s inaugural Super 50 list based on consistent shareholder returns, sales growth and return of equity.
Giving back to the community
We celebrated our 16th anniversary in true Mindtree style— with multiple acts of kindness. The Mindtree Foundation organized several initiatives, including blood drives, donations of clothes and toys, and events dedicated to tree planting. All these initiatives were received with enthusiasm and active participation.
In January, we announced important leadership transitions. They are the result of a year-long succession planning process led by Apurva Purohit, Chairperson of the Nomination & Remuneration Committee of the Board of Directors.
Effective April 1, 2016:
- Subroto Bagchi will step down as Executive Chairman of Mindtree. He will remain on the Board of Directors and will contribute time and ideas to the company in a non-executive capacity.
- Krishnakumar Natarajan has been elevated to Executive Chairman. As our cofounder, CEO and Managing Director, KK has been an exemplary visionary and leader who made Mindtree what it is today. The industry has honored KK with several recognitions, the most recent being Ernst & Young’s Entrepreneur of the Year award in the services category for 2015. In his new role as Chairman, KK will spend more time on strategic, medium-term and long-range issues.
- Rostow Ravanan has been named CEO & Managing Director. Rostow served as Mindtree’s CFO for close to 10 years, and he was honored by the industry a number of times in that role. In April 2015, he stepped down as CFO and took over as Head of Europe Operations, Enterprise Service Lines and Key Accounts Group.
With the hard work and commitment of Mindtree Minds, along with the trust and goodwill of our clients, we have built a strong foundation to launch ourselves to 2020 and beyond.
This year, we renew our pledge to create shareholder value by making the right strategic and organizational decisions. Along with 17,000 Mindtree Minds, we thank you for your support and trust. We look forward to another year replete with new aspirations and the joy of achieving them.
Welcome to possible.