Mindteck Reports Financial Results for Q1 2019-20

Business Wire India
Mindteck (India) Limited (BSE: 517344 and NSE: MINDTECK), a global technology company, reported its unaudited financial results for the first quarter ended June 30, 2019.

The company’s consolidated revenue for the quarter stood at Rs. 68.54 crores as against Rs. 80.30 crores for the previous quarter ended March 31, 2019. Consolidated net profit for the quarter stood at Rs. 0.35 crores as against Rs. 2.67 crores for the previous quarter.

Yusuf Lanewala, Non-Executive Chairman, commented, “During the quarter, Mindteck closed multiple deals with both existing and new customers globally. Within the smart city space, we concluded demonstrations of our smart parking and smart lighting capabilities for a leading telecom’s smart services division in APAC. In the same region, we are also in talks for implementing a citizen portal—similar to the large-scale citizen-centric project that we executed in IMEA.”

He added, “These developments are in addition to the smart classroom project that we implemented in India wherein Mindteck digitized 600 classrooms for 40,000 students.”

Sanjeev Kathpalia, Managing Director and Chief Executive Officer, commented, “I am excited that our global wins include many next-generation projects which enable enterprises to transform their businesses globally. Notable ones include: collaborating on providing AI and big data services for a large technology company in the US, as well as applying emerging technologies for multiple long-term onsite opportunities for an Indian IT services company. I am thrilled that these wins further exemplify our recognition as a niche and emerging player as per Zinnov Zones’ 2018 Engineering R&D Services ratings.”

Other notable highlights include:
 

• A multi-year project win with a company that optimizes human potential through a workforce
  management suite


• Multiple extensions from a company that designs, manufactures and sells 3D printers


• An order for DALI system from an integrated electronics firm in Europe


• New business from existing customers in APAC ranging from a leading automation company and a semiconductor company, to a storage consulting firm and a leading technology solutions provider


• Deepened business with three new groups of a leading storage client in the US


• Built an offshore team for a premier cloud computing software company


• Multiple extensions from German clients
   

Appointment of Interim CFO
Anand Balakrishnan has been designated as Interim CFO following Prashanth Idgunji’s departure. Having previously served as Chief Financial Officer from September 2014 to July 2017, Mr. Balakrishnan rejoined the company on January 30, 2019 as Chief Operating Officer.