Mindteck scents growth opportunities in W Asia

Mindteck, an Indian IT services company sees for itself larger growth opportunities in West Asia in the area of SAP implementation and services.

The company at present is into embedded systems wherein the company does product engineering, embedded software development and verification and validation services.

The company has registered a year-on-year growth of 23.64 per cent for the quarter-ended September '05 to Rs 11.39 crore from Rs 9.21 crore for the corresponding period last year. The net profit increased 184 per cent to Rs 74.4 lakh in September 05 from Rs 26.2 lakh for the same period last year.

"About 80 per cent of our revenues come from our US operations and that will continue but we see an equally important opportunity in West Asia in the post 9/11 scenario wherein the government of these countries are investing more and more in infrastructure development of their countries," says P A Ananthanarayanan, CEO, Mindteck.

The company is also planning to increase its headcount from the current 350 to about 1,000 by the next year. As part of this expansion, it has opened up a development centre in an area of 50,000 sq ft in Bangalore.

"We look forward to grow at a 20-30 per cent rate, the same pace in which the IT industry is growing," added Ananthanarayanan.

The company is also in the process of achieving the CMMI Level 5 and is looking forward to "acquire companies in North America as part of its inorganic growth plans".