Mindteck Reports Financial Results for the Third Quarter Ending December 31, 2017Mindteck (1:28PM)
Business Wire India
Mindteck (India) Limited (BSE: 517344 and NSE: MINDTECK), a global technology company, reported its unaudited financial results for the quarter ending December 31, 2017.
The company's consolidated revenue for the quarter stood at Rs. 71.74 crores as against Rs. 75.44 crores for the previous quarter ending September 30, 2017. Net profit for the quarter stood at Rs. 0.38 crores as compared to Rs. 0.29 crores for the previous quarter.
Sanjeev Kathpalia, Managing Director and Chief Executive Officer, commented, "We welcome the various measures introduced by the Finance Minister in the Union Budget, particularly the reduction of the corporate income tax rate to 25%. This, along with the government's ongoing support of the technology sector, augurs well for our business. We are also pleased to announce a three-year renewal of a major client contract, as well as winning three new logos."
Yusuf Lanewala, Non-Executive Chairman, stated, "We continue to make progress in the implementation of the Bhopal Smart Parking project with close to one third of the sites operational to date. We expect all remaining sites to be live by mid-2018. Separately, we applaud the Union Government's continued prioritization of Smart City initiatives with the additional allocation of over Rs 2.04 lakh crore for 99 smart cities. This constitutes an important business opportunity for Mindteck and represents a significant growth engine for the company going forward."
Prashanth Idgunji, Chief Financial Officer, further added, "We see encouraging signs of improvement in the company's business outlook as we recalibrate our strategic focus to higher margin verticals. Over the last two quarters, changes relating to Ind-AS have had a short-term adverse impact on the PBT without affecting the underlying business."
Notable business highlights for the quarter included:
Renewal of a major client contract for three years
Addition of three new logos
Commencement of an engineering support relationship for a prominent water monitoring solutions company in the US
FDA approval of the latest enhancement of a flagship vital signs monitoring system for a UK-based global medical device company
Establishment of a subsidiary office, Mindteck Canada Inc., in Ontario
Expansion of Mindteck's global footprint in Europe with a presence in Turkey
Chidambara Ganapaiah was appointed Senior Vice President, Delivery and Business Support, effective November 15, 2017; he also joins the company's Leadership Team. Prior to joining Mindteck, Mr. Ganapaiah held roles at Ciber India, HP and Oracle. He is a Fellow of the Institute of Cost Accountants of India, an alumnus of IIM Bangalore, and a Project Management Professional.
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 online' (www.atlas.cid.harvard.edu) for the Center for International Development (CID) at Harvard University.
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