Mindteck Reports Financial Results for the Six Months Period Ended September 2016
November 11, 2016
Bengaluru, India – November 11, 2016: Mindteck (India) Limited (BSE: 517344 and NSE: MINDTECK), a global technology company, today reported its unaudited financial results for the half year ended September 30, 2016.
The company’s consolidated revenue for the quarter stood at Rs. 89.43 crore as against Rs. 79.23 crore for the previous quarter ended June 30, 2016. Net profit for the quarter stood at Rs. 4.13 crore as against Rs. 3.37 crore for the previous quarter.
Commenting on the financial performance, Mr. Yusuf Lanewala, Mindteck Chairman and Managing Director, said, "The quarter's key highlights include a pilot project for the implementation of India’s first smart parking solution using Wi-Fi cameras with an embedded video analytics server for NDMC, New Delhi. We also won a home automation project with IIT-Kanpur.” He further added, “These wins are a result of our focused efforts on innovative smart city solution development.”
During the quarter, Mindteck successfully maintained its CMMI Level 5 appraisal for its Bengaluru and Kolkata locations.
Key wins include:
A meter data management software contract for a government utility company in India.
A multi-year contract in the wireless space with a home automation, building and campus control systems manufacturer.
New contracts with an analytical instrumentation client.
Comprehensive product engineering work for a Swiss client involved in the smart flow metering/IoT space.
A new order with an electronic manufacturing company to deliver wireless notification devices.
A multimillion dollar extension with a Hi-Tech client.
A new engagement with a leading Japanese car audio manufacturer for product testing.
A new order with a leading engineering design consultancy in the UK.
A contract in the metering space with a Belgian client.
About Mindteck (India) Limited
Mindteck, a global technology company established in 1991, provides Product Engineering solutions and Information Technology services to top-tier Fortune 50-1000 companies, start-ups, leading universities and government entities. The company'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 span the US, UK, Singapore, Malaysia, Philippines, Netherlands, Germany, Bahrain and India. In addition, there are four development centers: US, Singapore and India (Kolkata and Bangalore). Mindteck is listed on both the Bombay Stock Exchange and the National Stock Exchange. The company is a Founding Member of ‘The Atlas online’ (www.atlas.cid.harvard.edu) for the Center for International Development (CID) at Harvard University. For more information, please contact email@example.com. www.mindteck.com