Fiscal 2015 was a year in which we further consolidated our long term strategy ofenhancing focus on the selected growth of our addressed markets. We successfullyreinforced the foundations towards becoming a solution-led niche service provider andbuilding innovative solutions. We devoted our energy to winning business from our existingstrategic accounts that we believe can provide us with sufficient growth and profitabilityin the years ahead.While revenue growth was flat we witnessed a satisfying upswing inprofitability.
PERFORMANCE HIGHLIGHTS DURING THE YEAR
Our net profits grew 22%
We made significant inroads into existing large accounts our $1 million+ accounts grewto 4 and $2 million+ grew to 5 including a $5 million+ account Zinnov the respectedmanagement consulting firm recognized us as a leader in the Outsourced SoftwareDevelopment segment We won our first IP based order for Mobile Vacation Planner (MVP) fromone of the world's largest travel companies We strengthened our relationship with one ofour oldest customers Hewlett-Packard (HP) by helping them launch a cloud-based mobilesecurity and mobile device management application worldwide in record time.
EMPHASIZING OUR LEADERSHIP IN OUTSOURCED PRODUCT DEVELOPMENT AND TRAVEL &HOSPITALITY
In last year's Annual Report we reported that we had consolidated our ApplicationDevelopment and Product Engineering practices as OPD+ to help us cross-leverage ourexperience for enterprise and technology customers.We are happy to report that OPD+ hasachieved its highest-ever revenue contributing 50% of the revenue and adding the highestnumber of total new customers at 8. In addition 6 of its accounts crossed the milliondollar mark.
Travel and Hospitality (T&H) continued to show strong growth and became the largestcontributor to the overall revenues amongst our verticals. Our solutions in theT&Hspace have enabled us to deliver real value to our clients. Impressed by our capabilitiesin this area one of the world's largest travel services providers chose to partner withus ahead of some leading global technology brands.
To further strengthen the company's position we are investing in new-age solutions. Wehave set up an Indoor Tracking Technology Lab in the US. We are also launching a newpractice for the Travel & Hospitality technoloy segment.
FAST EVOLVING GLOBAL DIGITAL LANDSCAPE
Despite a challenging macro-economic environment we continue to witness strong demandfor technology led solutions especially digital technology. In this fast changing globallandscape organizations today seek technology partners who can help them stay relevant.Our strategy to become a solution focused player through investing in new age technologiesand building solutions is helping us in our growth path. Our in-house developed solutionssuch as Mobile Vacation Planner and Smart Retreat gained considerable traction in themarket.
The US continues to be our key market contributing 45% of the revenue with Europe at10%. Our revenues from Rest of the World (RoW) continued to see strong growth more thantwice the industry average. RoW contributed 45% of the revenue for FY2013-14.
INTEGRATED GROWTH WITH CUSTOMER CENTRIC APPROACH
During the year we continued to invest heavily in our people processes and technology.We added fresh talent re-skilled existing talent through a mix of training andco-curricular activities and reinforced our client engagement process. At anorganizational level we further aligned our sales delivery and operations to improveefficiency and speed.
In line with our principle of providing high touch service to our clients our projectteams are now backed by a management committee consisting of seven senior leaders. Themembers periodically engage in a high level interaction with the business users and seniortechnology team members at the client organization to enhance customer satisfaction withproject progress and quality. Our strategic decision to create an OOO (Onsite onshoreoffshore) offering continued to appeal our clients. In line with our expectation we saw afew of our accounts doubling and tripling during the fiscal.
To differentiate ourselves in an increasingly competitive marketplace and to bring morevalue to our clients we added a critical position Solution Architect in each of ourstrategic accounts. A Solution Architect brings with him multifaceted expertise thatenables us to understand a client's IT infrastructure holistically. He helps our clientidentify and implement appropriate transformational technologies to significantly enhancetheir competitive advantage and organizational productivity. A Solution Architect alsocreates opportunities for the company through account mining for existing clients and byactively participating in presales activities in order to convert prospective clients.
CORPORATE SOCIAL RESPONSIBILITY
This year we took a small step towards building a better environment. We teamed up withan NGO and planted more than 2000 trees at the periphery of Kumbhalgarh Sanctuary nearUdaipur Rajasthan. The trees were planted in honor of our clients partners andwell-wishers. This gesture was well appreciated by our clients and we received a hugepositive response.
We foresee traction in demand particularly in digital technologies and are of the firmview that going forward the overall outsourcing sentiment will remain positiveparticularly in areas which are our primary focus namely Travel and HospitalityManufacturing Healthcare and the Hi-tech segment. According to NASSCOM the future of theglobal technology industry will increasingly be shaped by digital forces. Your company isstrongly positioned to partner with clients in their digital transformation journey andenable their success in this digital era.
We would like to thank all of our employees whose dedication and focused approach hasfacilitated us in moving closer to our strategic objectives. We would also like to thankall our clients who have supported us shown confidence in our capabilities and trusted usover and above other large service providers in the industry. Lastly we thank ourshareholders for having confidence in the management's ability.
We have strengthened our base during the current fiscal year and will be growingtowards becoming a leading service provider.
|Sincerely || |
|Suneel Advani ||Sunil Bhatia |
|Chairman and Managing Director ||Chief Executive Officer and Managing Director |
|Place: Mumbai || |
|Date: 06 June 2015 || |