Mindteck announces Q3FY19 results

www.newsbarons.com

Mindteck (India) Limited, 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 INR 70.05 crore as against INR 74.52 crore for the previous quarter ending September 30, 2018. Net profit for the nine months ended December 31, 2018 stood at INR 0.07 crore as compared to INR 2.25 crore 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 client
  • New managed services business from a premier data communication and telecom equipment provider
  • A new logo, the largest European independent IT systems integrator
  • New engagements with a leading insurance technology software and services company and a top-tier automation company
  • New business from a 3D printer manufacturer and a manufacturer of thin film process equipment for
    high-tech electronic devices
  • Multiple contract wins in various regions from a longstanding global multinational technology client

Key Appointment:

Anand Balakrishnan was appointed as Chief Operating Officer effective January 30, 2019. He was previously Chief Financial Officer of Mindteck from September 2014 to July 2017. Prior to re-joining Mindteck, Mr. Balakrishnan held the position of Controller for South Asia at GE Healthcare.

NewsBarons is now active on WhatsApp. To receive news and updates on your handset, please click here and press send to subscribe.