Bengaluru, India – November 13, 2019: Mindteck (India) Limited (BSE: 517344 and NSE: MINDTECK), a global technology company, today reported its unaudited financial results for the quarter ended September 30, 2019.
The company’s consolidated revenue for the quarter stood at Rs. 68.06 crores as against Rs. 68.54 crores for the previous quarter ended June 30, 2019. Net loss for the quarter stood at Rs. 1.55 crores as against a profit of Rs. 0.35 crores for the previous quarter.
Yusuf Lanewala, Non-Executive Chairman, commented, “The company’s performance continues to be impacted by our strategy of building a talent pool suited to the dynamics of change in client needs and our increased focus on technologies, such as analytics and cloud. We believe that these endeavors, along with more business in managed services, will bring long-term growth in these emerging areas.” He further added, “It is a delight to note that the global logo wins included a premier Japanese multinational conglomerate, a prestigious investment bank in Bahrain, and a global home automation leader headquartered in the US.”
Sanjeev Kathpalia, CEO and Managing Director, added, “Despite the quarter’s results, we are pleased to have added prominent companies to our client roster, along with witnessing significant growth among many existing accounts. Notably, we are now engaged in an automation project with one of the world's largest medical technology companies. We are also working on a project for the information security division of a leading Information Communications Technologies (ICT) provider in Singapore encompassing design, functional testing, and prototyping of a portable USB 2.0 pluggable wi-fi device.” He further added, “Lastly, but importantly, we are very pleased to announce that we have opened a second office in Bengaluru in order to strengthen our service delivery capabilities.”
Other notable business highlights include:
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Mindteck is a global engineering and technology solutions company devoted to delivering knowledge that matters to help clients compete, innovate and propel forward along the digital continuum. Its legacy expertise in embedded systems, enterprise applications and testing complement its Analytics, Cloud, IoT, and RPA solutions to ensure that clients’ R&D and technology investments are maximized. Since its establishment in 1991, the company’s clientele has included top-tier Fortune 1000 companies, start-ups, leading universities, and government entities. Mindteck is publicly traded on the Bombay Stock Exchange (BSE 517344) and the National Stock Exchange (NSE Mindteck). Office Locations: India, Singapore, Malaysia, Philippines, Netherlands, Germany, Bahrain, Turkey, UK, US, and Canada. Development Centers: Singapore and India (Kolkata and Bengaluru). 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