Mindteck net profit up by 48% in Q3

Bangalore based, Mindteck (India) Limited (BSE: MDTK), a global technology and IT Services company, today announced its financial results for the third quarter ended on December 31, 2009. The Company has reported 48% increase in its net profit and 30% increase in its operating margin (EBIDTA) as compared to corresponding previous quarter ended December 31, 2008. 

Company’s consolidated revenues stood at Rs 55.32 crore during the third quarter ended December 31, 2009; net profit after tax was Rs 2.71 crore and EPS for Q3 FY09-10 was Rs 1.11. 

The consolidated revenue during the corresponding previous quarter ended December 31, 2008 was Rs 68.70 crore; net profit after tax was Rs 1.83 crore and EPS reported was Rs 1.08. EBIDTA on a consolidated basis for Q3 FY09-10 stood at Rs 4.22 crore as compared to Rs 3.24 crore reported in corresponding previous quarter. 

The YTD consolidated revenues of the Company is Rs 171.97 crore; and YTD profit after tax is Rs 6.19 crore. 

Commenting on the financial performance of the third quarter, Mr. Pankaj Agarwal, CEO and Managing Director of Mindteck said, “Despite difficult market conditions, we are glad to report significant improvements in profitability and operating margin for the quarter. It was possible due to several operational measures implemented over the last two quarters.” 

Deloitte has recently declared Mindteck amongst the fastest growing technology companies in India and Asia Pacific regions for the second consecutive year due to its 183% revenue growth during last financial year. 

About Mindteck
Mindteck is a global Technology and IT Services Company that delivers business and technology solutions to a wide range of Fortune 500 companies, multinationals, and successful mid market enterprises around the globe. It has offices and development centers in India, USA, UK, Germany, Netherlands, Singapore, Malaysia, and Bahrain. Mindteck is a provider of end to end full scale IT Services, IT Infrastructure, Security and Managed Services, and Product Engineering and R&D Services. 

Mindteck (India) Limited is listed on the Bombay Stock Exchange (BSE 517344). It is an ISO 9001:2000, ISO 27001:2005, ISO 13485 certified, and a SEI CMMi Level 5 assessed Company.