The Next 30:#30 Mindtree Consulting

With a top line growth of 28%, Mindtree pulled off a good performance in 2013-14, even compared against the impressive 23% growth last year. Revenue crossed $500 mn, reaching halfway through its last year's revenue guidance of $1 bn in five years. Ranking has gone up from 33 to 30.
Attrition at the top level was a major concern in the previous year, so focus was more on building the new leadership team this time. A good sign was overall attrition rates coming down to 12.75% compared to 13.3% in the previous year.

With demand for IT services picking up in the United States and Europe, the company bagged some multi-year contracts, which included nine new clients worth over $5 mn.

Building an onshore presence is clearly high on the agenda for India IT companies and Mindtree too is making moves in that direction. Interestingly, growth has been driven by onsite revenue (growth of 27%) as compared to (growth of 7%) offshore revenues. The delivery center in Gainesville, Florida has also seen good traction in terms of near shore delivery.

Among verticals, as against telecom last year, manufacturing, CPG, and retail had an upper hand this time.

Among the deals signed, the most prominent ones included the one with a global provider of share registry, pension administration, compliance reporting and analytics solutions where Mindtree will provide application maintenance, testing and management reporting services and another with a telecommunications company, which is an existing client.