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Mindteck Reports Profit For Q1 2015-16

Mindteck (India) Limited (BSE: MINDTECK), a global technology company, today reported its unaudited financial results for the first quarter ended June 30, 2015.

The company’s consolidated revenue for the quarter stood at Rs. 80.19 crore as against Rs. 82.41 crore for the corresponding quarter of the previous year ended June 30, 2014. Net profit for the quarter stood at Rs 5.00 crore as against Rs. 4.97 crore for the corresponding quarter of the previous year.

Commenting on the financial performance, Mr. Yusuf Lanewala, Chairman & Managing Director, said, “The Company is in its final phase of consolidation and we are excited with respect to the new initiatives we are taking in emerging areas, such as smart cities, smart health, smart governance, and the tremendous potential we foresee in the IoT space”.

Key highlights of this quarter include securing a wearable project for the world’s first full-service semiconductor foundry, wherein Mindteck will be providing a wrist wearable Wi-Fi Wireless Notification Device (WND) hardware with firmware along with a ‘Bridge Software’. Mindteck also acquired a large medical device company as a new customer, and signed for business with a MNC semiconductor company for developing their communication protocol.

Mindteck’s notable activities in the recent past include:

  • Acquiring a new client that manufactures control and automation systems.
  • Winning an offshore project with a semiconductor company specializing in data conversion and signal processing technology.
  • Acquiring new business in the data center consolidation space with a large systems integrator.
  • Designing a smart wearable device for a multinational electronics company.

About Mindteck (India) Limited

Mindteck, a global technology company, provides Product Engineering solutions and Information Technology services to top-tier Fortune 100 companies, start-ups, leading universities and government entities worldwide. Its 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. Mindteck has offices in the US, UK, Singapore, Malaysia, Netherlands, Germany, Bahrain and India, and four development centers: one each in the US and Singapore, and two in India (Kolkata and Bangalore). The company is listed on the Bombay Stock Exchange (BSE 517344) and 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). It is also a Founding Member of ‘The Atlas online’ – an interactive tool that provides visualizations of growth opportunities for over one hundred countries worldwide – for the Center for International Development (CID) at Harvard University.

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