Mindteck revenue up 12%, PAT up 46% in Q1

Mindteck (India) Limited (BSE: MDTK), a global Technology and IT Services company, announced financial results for the first quarter ending June 30, 2010. 

Mindteck’s consolidated revenues were Rs. 63.79 crore for the quarter, as against Rs. 60.68 crore during the corresponding previous quarter ended, June 30, 2009. The net profit after tax was up by 46% in US Dollar terms and by 37% in Rupee terms to Rs 4.03 crore as compared to Rs 2.95 crore in the corresponding quarter of the previous year. 

The company registered operating profit (EBITDA) of Rs 4.95 crore as compared to Rs 4.56 crore in the corresponding period last year. Commenting on the financial performance of the first quarter, Pankaj Agarwal, Managing Director and Group CEO of Mindteck said, “After an uncertain economic situation in FY 2009 – 10, we are now seeing a surge in customer confidence and rising demand for our services in Financial Services, Life Sciences and Energy verticals. We won $ 9 million of additional business in Q1 and the outlook for Q2 looks strong too.” 

During the quarter Mindteck added six new clients and expanded its capabilities and scale in providing technology services to independent software vendors in risk management and compliance market. Pioneering efforts in Smart Energy has resulted in successful pilot implementation of intelligent street lighting systems in Europe. Services to Life Sciences clients grew and a reputed North American instrument manufacturer increased offshore services from India. 

About Mindteck (India) Limited 
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 small and medium enterprises around the globe. It has offices and development centers in India, USA, UK, Germany, Netherlands, Singapore, Malaysia, and Bahrain. Core software solutions and services include Software Product Engineering services, Electronic Design services, Business Applications Consulting, SAP Support, Infrastructure & Managed Services. Mindteck (India) Limited is listed on the Bombay Stock Exchange (BSE 517344). 

Mindteck is an ISO 9001:2000, ISO 27001:2005, ISO 13485 certified, and a SEI CMMi Level 5 assessed Company.