Executive Messages

$583.8 Million Revenue

$116.2 Million Operating Profits

16.4% Y on Y Revenue Growth in USD

14,202 Mindtree Minds

217 Active Clients

Dear Shareholders,

This was an important year for Mindtree. We continued to see steady growth in FY2014–15, showing a solid gain of 16.4%, about 3.4% higher than the IT industry overall. After reaching the half-billion-dollar mark in revenues last year, we built on that foundation and posted revenues of $583.8 million in FY2014–15. Our operating profits for the year were $116.2 million.

One of the most exciting developments this year was the growth of our digital business, which now accounts for a third of our revenues. Mindtree was born digital in 1999, and over time we have added more traditional outsourcing lines of business. In recent years, we have invested heavily in innovative domain and technology-specific solutions. While our clients still value lower operational costs, their key priority is driving top-line growth through digital transformation—and Mindtree is here to help. Today, through our focus on digital, we help clients reimagine the buying experience for their customers and the collaboration experience for their employees.

Rightsourcing is another trend contributing to our growth. Many of our clients wanted alternatives to the choice between having staff onsite or sending work offshore. In response, we developed practice-specific delivery centers in the United States, where we have some of the nation's top IT talent working on Agile software development, digital transformation and cloud solutions. At our center in Gainesville, Florida, Mindtree has built an industry-leading practice focused on digital innovation and Agile development. By employing high-end local capabilities and leveraging our offshore resources to scale, we are helping clients strike an appropriate balance between agility and cost containment.

For our onshore centers to be most effective, we must be an integral part of the community and become what we call "locally local." For example, Mindtree has partnered with the University of Florida (UF) College of Engineering to create a mutually beneficial innovation hub in the Gainesville area. This relationship gives Mindtree access to outstanding graduates of the impressive UF computer science program, and the university gets a strong technology partner that offers opportunities for student training and career enhancement.

In the past year, we continued to build leadership capability across our organization to ensure we have the right people to lead us into the future. In May 2014, Mindtree named Manisha Girotra, India CEO of global investment bank Moelis & Company, to our Board of Directors. The Board also added Mindtree cofounder Rostow Ravanan as an executive director. In Europe, we expanded our leadership team by appointing Ralf Reich as business head for the DACH region to lead our ongoing growth in Germany, Austria and Switzerland. Ralf has a 25-year track record of establishing new clients and building relationships across different industries and geographies.

Our work on digital transformation and in select verticals led to new initiatives and additional accolades in FY2014–15. The International Association of Outsourcing Professionals (IAOP) placed Mindtree at number 33 on its Global Outsourcing 100 list for 2014, and the Association for Talent Development (ATD) ranked our company fourth in the 2014 ATD BEST Awards, which recognize organizations that use learning and development as a strategic business tool to get results. Mindtree also became the world's first Bluetooth Smart 4.2 IP provider. In addition, Zinnov, a leading globalization and market expansion advisory firm, named Mindtree an overall leader in its Global R&D Service Provider Ratings for the third year in a row.

Furthermore, we continued to execute on our strategy to become recognized experts in the four industry domains: consumer packaged goods, retail and manufacturing; technology and media; travel and hospitality; and banking, financial services and insurance. To bolster this effort, we acquired Discoverture, a leading provider of property and casualty insurance solutions. This acquisition makes Mindtree one of the top three service providers in the global property and casualty industry.

We also gave back to our community and our industry last year. We celebrated the 15-year anniversary of our founding with 16,000 acts of generosity and compassion. More than 85% of all Mindtree Minds performed community service-from planting trees, cleaning streets and caring for the elderly to pledging or donating blood, organs and stem cells-as part of the Choose Your Good initiative. In addition, we launched Udaan, a scholarship program that provides medical education for underprivileged students from rural areas, so they can return to those underserved areas as doctors. Mindtree also partnered with IGD, a membership organization for the retail and consumer goods industries, to create a new award for excellence in e-commerce among consumer packaged goods and retail enterprises.

"Digital" is becoming our mantra. Our clients look to Mindtree as their partner of choice for all aspects of digital transformation, from innovation to execution. Going forward, we will focus our energy on making Mindtree truly digital-and making digital real for our clients.

All of us at Mindtree are passionate about our work and excited about the road ahead. We remain fully committed to creating shareholder value by making the right strategic decisions for our company, and by using our experience and expertise to provide the services and solutions our clients need. Each of the 14,202 Mindtree Minds join us in thanking you for your support as we look forward to a rewarding new year, with new challenges, new milestones and even greater achievements.

Sincerely,

Subroto Bagchi
Chairman

Krishnakumar Natarajan
CEO and Managing Director