Mindteck Reports Financial Results for the Third Quarter Ending December 31, 2018 

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15 FEB 2019 Bengaluru, Karnataka, IndiaMindteck (India) Limited (BSE: 517344 and NSE: MINDTECK), a global technology company, today reported its unaudited financial results for the quarter ending December 31, 2018.

Mindteck (India) Limited (BSE: 517344 and NSE: MINDTECK), a global technology company, today reported its unaudited financial results for the quarter ending December 31, 2018.

The company’s consolidated revenue for the quarter stood at Rs. 70.05 crores as against Rs. 74.52 crores for the previous quarter ending September 30, 2018. Net profit for the nine months ended December 31, 2018 stood at Rs. 0.07 crores as compared to Rs. 2.25 crores for the corresponding period in the preceeding year.

Sanjeev Kathpalia, Chief Executive Officer and Managing Director, commented, “We are pleased to announce nine new project wins across all geographies. One of the most notable is a substantial managed services project for a global leader in cloud software and hyper-converged infrastructure solutions. The engagement encompasses complete test framework development as well as product platform testing for the company’s latest cloud services offering which enables seamless solution deployments. Another interesting win during the period was a capillary electrophoresis instrument driver development project for a US-based global leader in mass spectrometry.”

Mr. Kathpalia added, “As a part of our ongoing commitment to innovation, we established a dedicated Research and Technology Group, augmenting our existing R&D resources with SMEs in focused technologies, such as analytics, robotic process automation, IoT, and cloud.”

Yusuf Lanewala, Chairman, further stated, “Last month, the smart school implementation for Navi Mumbai Municipal Corporation primary and secondary schools achieved another milestone with the launch of a free mobile app for 45,000 municipal students and their parents. Key features include access to real-time homework and attendance information, exam schedules, and important circulars.”

Other notable business highlights for the quarter included:

Multiple managed services projects for an existing global engineering, procurement, and construction
services clientNew managed services business from a premier data communication and telecom equipment providerA new logo, the largest European independent IT systems integratorNew engagements with a leading insurance technology software and services company and a top-tier automation companyNew business from a 3D printer manufacturer and a manufacturer of thin film process equipment for
high-tech electronic devicesMultiple contract wins in various regions from a longstanding global multinational technology client