Mindteck (India) Limited (BSE: MDTK), a global product engineering and IT solutions company, today announced its financial results for the first quarter ended on June 30, 2011.
Mindteck’s consolidated revenues stood at Rs. 52.50 crore for the quarter, as against Rs. 63.79 crore during the corresponding quarter for the previous year ended, June 30th 2010.
The company registered operating profit of Rs 3.65 lakh as compared to Rs 3.05 crore in the corresponding period last year. Commenting on the financial performance of the first quarter, Mr. Pankaj Agarwal, CEO and Managing Director said, “Although our revenue has dipped in the first quarter, we are confident of achieving our goals in forthcoming quarters as we have acquired several new clients in Europe and US and our current order book position is strong.”
In the backdrop of an atmosphere of concern with threats of double dip recessions in US looming large, Mindteck is positive of avoiding any negative fallout on its revenues going forward. The organization is focusing strongly on verticals such as BFSI, Energy and Life Sciences to hedge the risks emerging from business in Government sector in US. Also, the company has been acquiring considerable business in Europe and APAC to broaden its client base and build a stronger brand in new geographies.
About Mindteck (India) Limited
Mindteck is a product engineering and information technology solutions company with global presence, offering end-to-end services to a breadth of clientele from the global 2000 companies. Mindteck’s focus on industry domains such as Life Sciences, Smart Energy, Financials Services, Public Sector and Semiconductors have led to the development of dedicated, innovation led, technology specific Centers of Excellence in these areas. It has offices and development centers in India, USA, UK, Germany, Netherlands, Singapore, Malaysia, and Bahrain. Mindteck (India) Limited is listed on the Bombay Stock Exchange (BSE 517344). www.mindteck.com
