Digital transformation is already at the heart of competitive advantage and sustainable growth. Rapid changes in digital technologies and expectations have given it added pace and urgency. Long-standing industry dynamics are being upended by a multitude of factors, including next-gen businesses and revenue streams, blurring industry boundaries, pressing rush to modernize with new-age technologies, newer security challenges, and the need to build ever greater resilience.

At Mindtree, we believe that digital transformation is a continuous journey. In a constantly morphing and evolving world, what makes enterprises fit for their purpose today will not necessarily keep them fit for their purpose tomorrow. More than keeping pace with change, lasting success will come from taking on the future — ahead of time and ahead of competition — in all its complexity and potential. To stay resilient and thrive through whatever tomorrow brings, enterprises must proactively influence and inform the future, instead of the other way around.

As one of the world’s leading digital transformation companies, we are at the forefront of helping enterprises harness the full power of technology and reinvention to Get to the Future, Faster. Digital transformation is all about scaling with speed, and we are proud of how we have capitalized on this imperative to become a technology advisor and enabler of choice to the world’s most pioneering enterprises. In driving digital transformation at scale, we help them create winning edges by reimagining businesses and unlocking new possibilities with intelligence, insights and innovation firmly entrenched at the core of value.

Given its rich and expanding array of novel worldviews, business models, technologies, skills, products and services, the new normal is more about new than normal. Navigating fluid futures with agility, creativity and direction therefore involves realizing a studied vision of tomorrow’s business ideas and technology breakthroughs, today. This is where Mindtree makes a difference, turning every shift in how we live, work and engage with each other as consumers, providers and influencers into opportunities for not just businesses, but also individuals and societies to flourish.

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FY22 key highlights
Financial
Annual INR revenue
growth

32.1%

Highest ever EBITDA % in
more than a decade

20.9%

Highest ever PAT % in
more than a decade

15.7%

EPS, our highest-ever
adjusted for bonuses

INR 100.25

FY22 key highlights
Operational
Expand wallet share
  • 33 new logos added
  • ~90% revenue from FOCUS 100 accounts
Whitespace opportunities
  • Incubated health industry group
  • Acquired Mindtree NxT for Industry 4.0 capabilities
Double down in Europe
  • Investment in Poland Nearshore Center
  • Expansion in Germany, Finland and Denmark
Hypergrowth with hyperscalers
  • ServiceNow partnership level from Premier to Elite
  • 13 new solutions launched on Google Cloud Platform
  • Earned advanced specialization in Analytics, AI, and Machine Learning on Microsoft Azure
FY22 key highlights
ESG
Environment
Energy consumption

148.73

kWh lakh units
Renewable energy

77.77%

Water consumption

42,231 KL

Waste recycled

99.17%

Social
People

11,200

Net headcount addition

Communities

159,062

Beneficiaries of CSR projects

Customers

5.89

Customer Experience Survey score achieved in FY 22 on a scale of 1-7

Suppliers

2,900+

Suppliers across locations subject to local sourcing Uplifting people norms, code of conduct and human rights philosophy

Governance
Median Director
age

63

Average tenure of
Independent Directors

4

Average attendance rate
at Board meetings

98%

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Chairman’s message
Redefining agility

Our commitment to developing capabilities ahead of the curve and providing innovative solutions to help our customers remains steadfast.

A M Naik
Non-Executive Chairman

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Chief Executive Officer and Managing Director's message
Turning speed into strength

At Mindtree, the winning edge is about empowering talent with futuristic capabilities and an empathetic workplace, driven by our work ethos focused on purpose, caring, learning, and delivering results.

Debashis Chatterjee
Chief Executive Officer and Managing Director

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Chief Financial Officer’s message
Staying ahead of the future

Despite headwinds due to supply-side challenges, we grew all dimensions of our business and delivered strong INR EBITDA margin of 20.9% and INR net profit growth of 48.8% in FY22.

Vinit Teredesai
Chief Financial Officer

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Key performance indicators
Sustaining stable and profitable growth
Revenue (INR in Million)
17.8%
CAGR

Revenue grew by 32.1% in FY22, demonstrating robust growth and a reflection of disciplined execution of strategy.

EBITDA (INR in Million)
31.2%
CAGR

EBITDA grew by 32.5% in FY22 due to increase in revenue and cost optimization measures.

Net profit (INR in Million)
30.5%
CAGR

Net profit for the year increased by 48.8%. Net profit margin stood at 15.7% delivering industry leading profitable growth and showcasing our ability to deliver outcomes even during momentous change, uncertainty, disruption and supply side challenges.

EPS (Basic) (INR)
30.7%
CAGR

EPS grew by 48.7% to INR 100.31, highest ever adjusted for bonuses, reaffirming our commitment to creating value for shareholders.

EPS (Diluted) (INR)
30.8%
CAGR

Diluted EPS grew by 48.7% to INR 100.25, highest ever adjusted for bonuses, reaffirming our commitment to creating value for shareholders.

Dividend per share (INR)
32.2%
CAGR

Dividend recognized and paid is INR 27.5 per share during the year displaying our commitment to maximizing shareholder value.

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Net worth (INR in Million)
18.9%
CAGR

Net worth increased by 26.7% from INR 43,190 in FY21 to INR 54,739 in FY22 due to increase in profit, exhibiting consistent performance.

Market capitalization (INR in Million)
53.9%
CAGR

Market capitalization doubled in FY22 due to rise in share price, underlying robust and consistent profitable growth, testifying our vision, strategy and capabilities.

Note : Above balance sheet metrics are as at end of respective financial years.

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Return on capital employed (in %)

ROCE increased to 41.5% due to increase in profitability and efficient management of capital.

Return on equity (in %)

Return on equity increased to 33.8% due to increase in profitability and efficient management of shareholder funds.

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Our value creation strategy
Fast-tracking solutions
to reach goals faster

We went for a strategy reset at the beginning of 2020, with the guiding principles of ‘Simplify’,
‘Differentiate’ and ‘Change’ serving as guardrails for the new strategy. We have a focused approach
towards identified industry groups, service lines and geographies. This approach has helped us align
better with customer needs across geographies and create more differentiated solutions, accelerating
their digital journey. The synergies within and across our portfolio have also made it possible to
seamlessly cross-sell and up-sell our services.

Industry Groups

RCM

Retail, CPG and Manufacturing

BFSI

Banking, Financial Services and Insurance

TTH

Travel, Transportation and Hospitality

CMT

Communications, Media & Technology

Service Lines

Customer Success

Data & Intelligence

Cloud

Enterprise IT

Geographies

North America

UK and Ireland

Continental Europe

APAC & Middle East

ESG roadmap
Making responsible
choices

At Mindtree, all our operations are backed by a strong sense of responsibility towards the environment and our communities. We see our proactive role not just as a duty, but as an opportunity to contribute to long-term goals of sustainable development.

Climate change

2030

Achieve carbon neutrality
30%

Reduction in Scope 1 & 2 emissions by 2025

20%

Reduction in Scope 3 emissions by 2025

100%

Renewable energy for internal operations by 2030

Green tech & innovation

USD 10 Million

Cumulative investment to promote green tech by 2025

Green-tech offerings

Enable and support our clients with green-tech offerings to help them achieve their ESG targets

Water management

2030

Achieve water neutrality
25%

Per-capita water consumption reduction by 2025

100%

Water recycled in dedicated campuses by 2025

Work ethos
90th+

Percentile eNPS score by 2025

Community development
4 Million

Lives positively & sustainably impacted globally by 2030

Skilling & development at scale
0.5 Million

Lives positively & sustainably impacted globally by 2030

Diversity & Inclusion
50%+

Local nationals in key offices by 2025

150 PwD

In the workforce & 100% globally Mindtree offices made accessible by 2025

100%

Employees sensitized on inclusiveness by 2025

40%

Women in the workforce & 20% women in senior management by 2030

Corporate governance and management
2021

Voluntary non-financial disclosures

2022

ESG-linked compensations for key executives

50%+

Independent Directors to be maintained in 2022 & beyond, exceeding SEBI (LODR) regulations

Business ethics and compliance
100%

Training on the Code of Conduct for associates, suppliers and partners by 2025

Risk and crisis management
ISO 27701, ISAE 3000

Maintain certifications globally in 2022 and beyond

100%

Associates trained annually on data privacy and security in 2022 and beyond

ESG focus
Footprints of
positive change

We believe in mitigating our carbon footprint while maintaining the ecological balance by monitoring, measuring, and controlling environmental impact at our workplaces through technologically sound and sustainable practices. Our commitment towards the environment and society at large has been integrated into our everyday operations.

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ESG focus
Uplifting people
with insightful care

Through our social initiatives, we positively impact the lives of our customers, suppliers, people and the community at large, driving development and inclusion.

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ESG focus
Working with integrity
to do what is right

Business integrity and accountability lie at the plinth of our organizational culture. We uphold best-in-class corporate governance practices and are continually improving our systems to integrate ESG priorities into our business processes. Our Board of Directors maintain a strong oversight on enterprise risk management and ensure the interests of our stakeholders are safeguarded and prioritized at all times.

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Business model
Leveraging our strengths to create sustainable value
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Stakeholder engagement
Investing in relationships to deepen trust
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Risk management
Balancing risks and opportunities to generate sustained value
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Operational highlights
Looking back at the year that was
April
May
June
July
August
September
October
November
December
  • Partnered with Duck Creek to enhance customer experience through SaaS-based core systems for UPC Insurance
  • Named among 40 customer analytics service providers in Forrester’s ‘Now Tech: Customer Analytics Service Providers, Q2 2021’ report
  • Named leader for mainframe transformation services in ISG Report on Mainframe Services & Solutions 2021 (US)
  • Announced the acquisition of the NxT Digital Business of L&T- Group, to enhance the cloud based IoT and AI capabilities for Industry 4.0
  • Ranked second for client satisfaction in the 2021 UK IT Sourcing Study, conducted by Whitelane Research in collaboration with PA Consulting, with an overall satisfaction score of 80%, well above the industry average of 72%
  • Ranked amongst the top 5 companies in India with the highest ESG (Environmental, Social and Governance) scores in an evaluation by CRISIL Ltd. that analyzed three annual reporting cycles of 225 companies across 18 sectors through fiscal 2020
  • Awarded Silver rating by EcoVadis in this year’s sustainability assessment, placing Mindtree among the top 25% of the more than 75,000 companies it assessed
  • Named a Major Contender by Everest Group in its ‘Application and Digital Services in Banking PEAK Matrix® Assessment 2021: Global Focus’ report
  • Named a Major Contender in Everest Group’s Application Transformation Services PEAK Matrix® Assessment 2021 report
  • Earned the Analytics on Microsoft Azure Advanced Specialization
  • Named a Major Contender by Everest Group in Data and Analytics (D&A) Services PEAK Matrix® Assessment 2021
  • Recognized for best-in-class digital transformation work with four enterprise customers by 2021 ISG Digital Case Study Awards™
  • Achieved the Data Analytics Partner Specialization in Google Cloud Partner Advantage Program
  • Won three Brandon Hall Group Human Capital Management Excellence Awards for 2021 for innovative leadership development, HR data analytics, and employee benefits, wellness and well-being programs
  • Certified by Great Place to Work® Institute as a Great Place to Work® in India and recognized as one among India’s Best Workplaces™ for Women for 2021 (Top 50 – Large Companies)
  • Won Microsoft Teams’ Hybrid Work Hackathon 2021; recognized for the fourth consecutive term at Microsoft Teams Hackathon
  • Partnered with Western Asset to help drive innovation and differentiated experiences for the Company’s global investors
  • Launched industry-specific IoT solutions built on Service Now Connected Operations
  • Honored with the ESG India Leadership Award 2021 for Board Independence by ESGRisk.ai
  • Launched Digital Health Passport for Travel, a solution that offers global travelers an easy, quick and secure way to comply with country-specific entry requirements and protocols
  • Named a Major Contender in Everest Group’s Mainframe Services PEAK Matrix® Assessment 2022
  • Named a Major Contender in Everest Group’s Internet of Things (IoT) Supply Chain Solutions PEAK Matrix® Assessment 2022

  • Earned the Al and Machine Learning on Microsoft Azure Advanced Specialization
  • Named a Major Contender in Everest Group’s Platform IT Banking Services PEAK Matrix® Assessment 2022
  • Named a Major Contender in Everest Group’s Advanced Analytics and Insights (AA&I) PEAK Matrix® Assessment 2022
  • Won the Silver award in the Most Innovative Company of the Year category at the Best in Biz Awards 2021 in North America
  • Honored with a Special Recognition at the SHRM HR Awards 2021 for Excellence in Talent Acquisition
January
February
March
  • Named a Leader in Everest Group’s Duck Creek Services PEAK Matrix® Assessment 2022
  • Included in the FTSE4Good Emerging Markets Index series
  • Recognized as a global Supplier Engagement Leader by CDP, a global non-profit that runs the global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts
  • Recognized as the 2022 ServiceNow Americas Emerging Service Provider Partner of the Year


  • Won the Platinum Vision Award for the Company’s FY21 Sustainability Report at the League of American Communications Professionals’ Annual Report Competition for 2020-21
  • Won the Silver Shield for Excellence in Integrated Reporting in the Service Sector category at the ICAI (Institute of Chartered Accountants of India) Sustainability Reporting Awards 2020‑21
  • Inaugurated Mindtree’s first development center in Kolkata and a second facility in Pune, expanding our footprints in the city
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Integrated Annual Report 2021-22

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Management Discussion
and Analysis

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Financial Statements

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Statutory Reports

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Notice of AGM

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