For the year ending March 2019 your Company booked global revenues of $689 millionwith a team strength of 42190 and 893 clients; up from $597 million in revenues a yearago with 44265 employees and 826 clients.
Hinduja Global Solutions was the brainchild and initiative of the Hinduja GroupChairman S.P. Hinduja and began as a division of Hinduja TMT Limited before being demergedinto a separate entity in 2006 with annualized revenues of about $117 million and under10 thousand employees. This growth has been possible largely due to your Company's abilityto deliver critical business needs consistently for the world's leading corporations. Aprerequisite for which has been a track record of independence from the Group and itsother portfolio companies. As a result HGS enjoys "Preferred Partner" statuswith many of its clients.
We have grown both organically and inorganically focusing on the ROC' (RightShore One Experience and Collaborative Approach) strategy and providing our clients withthe advantages of a global footprint. However market disruptions faced by our clientsalso demand accelerating digital transformation solutions which require innovation to bethe priority of your company. Hence the theme of this year's Annual Report: "Innovationled by People and Technology". These initiatives aim to optimize cost of deliveryand maximize outcomes with a bespoke approach for each client. A second key aspect of thestrategy is to expand capabilities especially where strong competitive positions exist.FY '19 began with two acquisitions to meet these strategic objectives.
HGS has a strong competitive position in the administrative areas of the healthcareindustry including claims processing revenue cycle management product management andpayment integrity. The acquisition of AxisPoint Health in clinical services represents alarger opportunity. Clinical processes such as Care Management are increasingly beingoutsourced in an expanding market. Your management found an interesting opportunity tomake an acquisition to enhance its capability in Care Management at an attractivevaluation where expectation of losses in the initial years was part of the overall costand would have otherwise taken years of effort to develop organically. The short-termimpact of this acquisition was the main reason for an 11.9% drop in EPS in FY '19.
We are committed to research and development for automation capabilities. As a resultHGS has built a portfolio of digital services to improve productivity and effectiveness ofservices for our customers and provide new competitive solutions. To accelerate this weacquired a majority interest in Element Solutions enhancing product and market facingcapabilities. HGS revenues from digital services including organic revenues accountedfor 7.3% of total revenues for FY 19 up from 2.9 % three years ago. Theseinitiatives are critical for us to stay ahead of the curve in a globally disruptivemarketplace. Hence we have recruited a seasoned executive as Chief Innovation Officer toscale innovations.
HGS continues to be recognised with accolades from industry bodies and independentagencies for its accomplishments. CEO of HGS Partha DeSarkar was recently appointed theChairperson of NASSCOM BPM Council for 2019-21 and a NASSCOM Executive Council Member. AsChair of BPM Council Partha will help drive the Indian BPM industry agenda by steeringthe ecosystem provide thought leadership enabling digitalization for the BPM economy andidentify the priorities for the Industry and steer execution of the same. This appointmentspeaks for itself and is a reflection of the capacity and accomplishments of the TeamHGSleadership.
Your Company has adopted the highest global standards for creating an equal opportunitydiverse workplace environment with the inspiration and guidance of your Co-Chairperson Ms.Shanu S. P. Hinduja who represents her father S. P. Hinduja on our Board. Thisinitiative has focused not only on increasing the percentage of women in the workforcebut also on creating a safe environment and facilitating leadership development for thewomen in TeamHGS. Your management team has successfully launched a special leadershipdevelopment program for women branded as Agrima. The Sanskrit word means in thefront' or the leader'. The percentage of women in our team has increased from 42% to51 % over the last three years. Agrima aims to increase the percentage of women amongmiddle and senior management ranks. Women currently have a one-third representation on theBoard and your Company aspires to increase that further.
HGS has been run in an independent manner and with the highest standards ofprofessionalism by its executives and continues to be inspired by the principles of P. D.Hinduja founder of the Hinduja Group whose life experiences have proven to be extremelyrelevant for the success of your Company. I wish to convey my sincere gratitude to theGroup Chairman S. P. Hinduja for his support guidance and vision during the significantgrowth of your Company. The advice and unequivocal support of Co-chairperson Ms. Shanu S.P. Hinduja has been invaluable and she brings irreplaceable perspective regarding thevision and values that form the foundation of your Company. The indispensable deep insightof the healthcare industry brought forth by our Director Ms. Vinoo S. Hinduja has beenvital to our significant position in this space. I would also like to thank Mr. Y. M.Kale member of the Board for his contributions as well as the other members of theHinduja Group and Family in particular the Chairman Emeritus of HGSL A. P. Hinduja.
A very special thanks and our sincere appreciation go to the two independent directorswhose term ended in July 2019. Both Mr. Rajendra P. Chitale and Mr. Rangan Mohan weremembers of Nomination & Renumeration Audit and CSR committees. Additionally Mr.Rangan Mohan chaired the Shareholder Relationship & Share Allocation Committee and wasa member of the Committee of Directors. Your Board immensely benefited from their advice.
We are very grateful to have the input counsel and time commitment of our independentdirectors Mr. Anil Harish and Pradeep Mukerjee for the value they bring to the Boardwhile keeping the interests of independent shareholders and the Company at the top oftheir agendas.
On behalf of the Board and the Company I wish to express our appreciation to all ourshareholders and other stakeholders for placing their trust in us. Recognition is deservedby the CEO and the rest of TeamHGS for continuing to build a strong customer focusedorganization.
Ramkrishan P. Hinduja
August 23rd 2019.