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Mindteck Reports Financial Results for the Quarter Ended September 30, 2019

Posted On: 2019-11-14 15:49:20

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

The company's consolidated revenue for the quarter stood at Rs. 68.06 crores as against Rs. 68.54 crores for the previous quarter ended June 30, 2019. Net loss for the quarter stood at Rs. 1.55 crores as against a profit of Rs. 0.35 crores for the previous quarter.

Yusuf Lanewala, Non-Executive Chairman, commented, "The company's performance continues to be impacted by our strategy of building a talent pool suited to the dynamics of change in client needs and our increased focus on technologies, such as analytics and cloud. We believe that these endeavors, along with more business in managed services, will bring long-term growth in these emerging areas." He further added, "It is a delight to note that the global logo wins included a premier Japanese multinational conglomerate, a prestigious investment bank in Bahrain, and a global home automation leader headquartered in the US."

Sanjeev Kathpalia, CEO and Managing Director, added, "Despite the quarter's results, we are pleased to have added prominent companies to our client roster, along with witnessing significant growth among many existing accounts. Notably, we are now engaged in an automation project with one of the world's largest medical technology companies. We are also working on a project for the information security division of a leading Information Communications Technologies (ICT) provider in Singapore encompassing design, functional testing, and prototyping of a portable USB 2.0 pluggable wi-fi device." He further added, "Lastly, but importantly, we are very pleased to announce that we have opened a second office in Bengaluru in order to strengthen our service delivery capabilities."

Other notable business highlights include:

- Secured a new logo for a Singapore-based company specializing in IoT products
- Won business with a leading German multinational conglomerate
- Secured project extensions with a Fortune 500 technology company in both their Romanian and German centres of excellence
- Won additional business with existing semiconductor companies
- Renewed a multi-year data centre contract with a large system integrator in the US
- Awarded a multi-year extension by a large information technology company.

Shares of MINDTECK (INDIA) LTD. was last trading in BSE at Rs.33.85 as compared to the previous close of Rs. 34.75. The total number of shares traded during the day was 456 in over 32 trades.

The stock hit an intraday high of Rs. 35 and intraday low of 32.6. The net turnover during the day was Rs. 15147.

Source: Equity Bulls

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