Mindteck Reports Results for the Financial Year 2018-19

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29 May 2019, Bengaluru

Mindteck (India) Limited (BSE: 51744 and NSE: MINDTECK), a global technology company, reported its audited financial results for the year ended March 31, 2019. The company’s standalone revenue for the year 2018-19 was Rs. 107.63 crores, as against Rs. 88.42 crores for the year 2017-18. The consolidated revenue for the year 2018-19 stood at Rs. 299.41 crores, as against Rs. 296.84 crores for the previous year ended March 31, 2018. The company’s standalone net profit stood at Rs. 7.19 crores, and the consolidated net profit was Rs. 2.74 crores for 2018-19.

The Board of Directors recommended a 10% dividend for the financial year 2018-19.

Commenting on the results, Mr. Sanjeev Kathpalia, CEO and Managing Director, said, “During the year, I am pleased to report that Mindteck added 25 new logos to its existing client roster spanning projects across domains and geographies, including implementations in IoT, big data, cloud, and analytics.”

He further added, “I am also pleased that Mindteck was recognised as a niche and emerging player by Zinnov, a global consulting and advisory firm, in its 2018 ER&D ratings. This reinforces Mindteck’s capability as an able service provider for large enterprises across verticals such as storage, medical devices, and enterprise software.”

Mr. Yusuf Lanewala, Non-Executive Chairman, commented, “As part of our CSR activities, the company funded the Pink Parking Project, a dedicated women-only parking space around the main Bhopal market area, where Mindteck is currently implementing India’s first smart parking project.”

Other notable highlights for 2018-19 include:

Developing the front-end analytical dashboards for a Fortune 500 storage client.
Started a three-year testing engagement with a global leader in cloud storage.
Developing and testing embedded system drivers for a leading life sciences client that specializes in life sciences analytics.
Developing control gear for a technology company that designs and manufactures connectivity and sensor products for harsh environments.
Generated new business from one of the group companies of a globally diversified conglomerate to provide instrument control software development for capillary electrophoresis instruments.
Won a product development project from one of the world’s pre-eminent pharmaceutical companies.