Mindteck Reports Results for Quarter Ended December 2016

Mindteck (India) Limited (BSE: 517344 and NSE: MINDTECK), a global technology company, today reported its unaudited financial results for the quarter ended December 31, 2016.
The company’s consolidated revenue for the quarter stood at Rs. 86.30 crore as against Rs. 89.43 crore for the previous quarter ended September 30, 2016. Net profit for the quarter stood at Rs. 0.73 crore as against Rs. 4.13 crore for the previous quarter.

Commenting on the financial performance, Yusuf Lanewala, Chairman and Managing Director, said, “Despite intense competition around the globe and political uncertainties, I am pleased to report an upward trend in client acquisitions and partner relationships during the last quarter.” “In addition to maintaining our CMMI Level 5 Appraisal, we have also successfully become Institute Partners, authorizing us to deliver official CMMI and DMM courses and services. Furthermore, we won new business with a leading US supplier of environmental monitoring instrumentation, systems and software, as well as a premier insurance and investment company in APAC and a large industrial technology conglomerate in India,” he added.

Other notable projects included:

  • Won a large order with a global infrastructure company.
  • Collaborating with a global lighting efficiency company to create retrofit solutions for commercial and government entities.
  • Won new projects within a storage and data management company.
  • Won a new deal with a worldwide IT, technology and enterprise products and solutions company in Germany.
  • Won a new deal with a telecommunications software company headquartered in Dublin, Ireland.
  • Won a new development project with a client in the Solar PV area.
  • Won a new business with a global pharmaceutical company.
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