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Company Name : Mindteck

Friday, August 11, 2017 12:40PM IST (7:10AM GMT)

(BSE:517344)(NSE:MINDTECK)

Mindteck Reports Financial Results for Q1 2017-18


Bangalore, Karnataka, India

Mindteck (India) Limited (BSE: 517344 and NSE: MINDTECK), a global technology company, today reported its unaudited financial results for the first quarter ended June 30, 2017.

The company’s consolidated revenue for the quarter stood at Rs. 77.76 crores as against Rs. 79.23 crore for corresponding quarter ended June 30, 2016. Net profit for the quarter stood at Rs. 1.58 crore as against Rs. 2.90 crore for the corresponding quarter.

Yusuf Lanewala, Non-Executive Chairman, commented, “We are very pleased to have closed out a productive quarter with the Smart Parking Bhopal Letter of Award received in June. This is an important, end-to-end, ten-year project from the Bhopal Municipal Corporation (BMC) – one of the 20 cities designated a smart city in the first phase of India’s Smart Cities Mission.” He added, “It may also be India’s first city-wide smart parking solution that covers both on-street and off-street parking.”

Other notable highlights for the quarter include:

  • Acquired the largest, New England service contractor, a leading EDA, and a storage company as clients in the US.
  • Won contract extensions for four onsite resources for a Swedish company that provides radiation therapy, radiosurgery, related equipment and clinical management.
  • Won a new ZigBee stack development project with a company involved in innovative and high-performance RF solutions for advanced wireless devices, defence radar and communications in Belgium.
  • Obtained new MS opportunities with an electronic manufacturing services company, and a life sciences company, in APAC.

About Mindteck

Mindteck, a global technology company established in 1991, provides Product Engineering solutions and Information Technology services to top-tier Fortune 1000 companies, start-ups, leading universities and government entities. The company is among a select group of global companies appraised at Maturity Level 5, Version 1.3 of the CMMI Institute’s Capability Maturity Model Integration (CMMI). Its depth of knowledge and niche expertise in embedded systems and enterprise applications is complemented by dedicated Centers of Excellence in wireless design and storage testing. Office Locations: India, Singapore, Malaysia, Philippines, Netherlands, Germany, Bahrain, UK and US. Development Centers: US, Singapore and India (Kolkata and Bangalore). Founding Member: ‘The Atlas online’ (www.atlas.cid.harvard.edu) for the Center for International Development at Harvard University.

Website: 
www.mindteck.com

 


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News Summary

Mindteck (India) Limited (BSE: 517344 and NSE: MINDTECK), a global technology company, today reported its unaudited financial results for the first quarter ended June 30, 2017.