Mindteck (India) Limited (BSE: MINDTECK), a global technology company, today reported its unaudited financial results for the first quarter ended June 30, 2014.
The Company’s consolidated revenues for the quarter stood at Rs. 82.41 crore as against Rs. 76.30 crore for the corresponding quarter of the previous year ended June 30, 2013, registering a growth of 8%. Net profit for the quarter stood at Rs. 4.97 crore as against Rs. 3.26 crore for the corresponding quarter of the previous year, registering a growth of 53%.
Mindteck continues to focus on strategic investments in R&D, and product innovation will remain as one of its top priorities in the coming quarters. Through its recently formed R&D initiative, the company has launched two innovative systems: IGNITE, an Energy Management System which transforms office buildings into energy efficient smart buildings, and ProdXL, an Enterprise Productivity Improvement Solution designed to provide insightful quantitative feedback to drive employee behaviour towards organization productivity improvement. With these initiatives, Mindteck will further strengthen its global leadership position, continue to provide its existing and potential customers with competitive and cutting-edge products, and focus on investments in product innovation and business expansion.
Commenting on the financial performance, Mr. Yusuf Lanewala, Chairman and Managing Director, said, “I am very pleased to see the progress we are making toward sustained, predictable and profitable growth. What is most noteworthy is the significant improvements in profitability and operating margin for the quarter.”
About Mindteck (India) Limited
Mindteck, a global technology company established in 1991, provides Product Engineering services to medical device companies, the energy industry and equipment OEMs, and Information Technology services to government entities, analytical/scientific instrument manufacturers, top-tier semiconductor companies and financial services companies in the Global 2000. 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 and UK, Singapore, Malaysia, Netherlands, Germany, Bahrain and India. It also has four development centers (US, Singapore and India [Kolkata, 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). www.mindteck.com
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