Mindteck Reports Financial Results for the Third Quarter Ending December 31, 2018

Bengaluru, India – February 14, 2019: Mindteck (India) Limited (BSE: 517344 and NSE: MINDTECK), a global technology company, today reported its unaudited financial results for the quarter ending December 31, 2018.

The company’s consolidated revenue for the quarter stood at Rs. 70.05 crores as against Rs. 74.52 crores for the previous quarter ending September 30, 2018. Net profit for the nine months ended December 31, 2018 stood at Rs. 0.07 crores as compared to Rs. 2.25 crores for the corresponding period in the preceeding year.

Sanjeev Kathpalia, Chief Executive Officer and Managing Director, commented, “We are pleased to announce nine new project wins across all geographies. One of the most notable is a substantial managed services project for a global leader in cloud software and hyperconverged infrastructure solutions. The engagement encompasses complete test framework development as well as product platform testing for the company’s latest cloud services offering which enables seamless solution deployments. Another interesting win during the period was a capillary electrophoresis instrument driver development project for a US-based global leader in mass spectrometry.”

Mr. Kathpalia added, “As a part of our ongoing commitment to innovation, we established a dedicated Research and Technology Group, augmenting our existing R&D resources with SMEs in focused technologies, such as analytics, robotic process automation, IOT, and cloud.”

Yusuf Lanewala, Chairman, further stated, “Last month, the smart school implementation for Navi Mumbai Municipal Corporation primary and secondary schools achieved another milestone with the launch of a free mobile app for 45,000 municipal students and their parents. Key features include access to real-time homework and attendance information, exam schedules, and important circulars.”

Other notable business highlights for the quarter included:

  • Multiple managed services projects for an existing global engineering, procurement, and construction
    services client
  • New managed services business from a premier data communication and telecom equipment provider
  • A new logo, the largest European independent IT systems integrator
  • New engagements with a leading insurance technology software and services company and a top-tier automation company
  • New business from a 3D printer manufacturer and a manufacturer of thin film process equipment for
    high-tech electronic devices
  • Multiple contract wins in various regions from a longstanding global multinational technology client

Key Appointment:

Anand Balakrishnan was appointed as Chief Operating Officer effective January 30, 2019. He was previously Chief Financial Officer of Mindteck from September 2014 to July 2017. Prior to re-joining Mindteck, Mr. Balakrishnan held the position of Controller for South Asia at GE Healthcare.



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). Mindteck’s 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, Turkey, UK, US, and Canada. Development Centers: Singapore and India (Kolkata and Bengaluru). Mindteck is listed on both the Bombay Stock Exchange and the National Stock Exchange. Founding Member: ‘The Atlas of Economic Complexity’ (www.atlas.cid.harvard.edu) for the Center for International Development (CID) at Harvard University.  www.mindteck.com


For more information, contact Prashanth Idgunji at prashanth.idgunji@mindteck.com.