Mindteck Reports Financial Results for Q1 2018-19
Business Wire IndiaMindteck (India) Limited (BSE: 517344 and NSE: MINDTECK), a global technology company, today reported its unaudited financial results for the first quarter ended June 30, 2018.
The company’s consolidated revenue for the quarter stood at Rs. 74.5 crore as against Rs. 71.9 crore for the previous quarter ended March 31, 2018. Net profit for the quarter stood at Rs. 0.4 crore as against a loss of Rs. 7.9 crore for the previous quarter.
Yusuf Lanewala, Non-Executive Chairman, noted: “We continued our commitment to the Smart City space during the quarter by securing our first project in support of the Indian government’s initiatives to bring 21st century technology to the country’s education system. This important partnership with the Navi Mumbai Municipal Corporation will enable Mindteck to digitally transform the municipalities’ secondary school and higher education frameworks. Separately, Mindteck was pleased to secure a significant street light controller project for a leading technology company that specializes in the design and manufacturing of high-quality connectivity and sensor products for harsh environments.”
Sanjeev Kathpalia, Managing Director and Chief Executive Officer, commented: “This quarter, we meaningfully expanded our expertise in new technologies and reinforced our competitive capabilities in existing ones. As the Fourth Industrial Revolution continues to pose challenges and opportunities for enterprises around the globe, Mindteck successfully completed a range of Factory 4.0 Proof of Concept solutions. Additionally, the company benefited from regional strength in Southeast Asia, where we acquired a prestigious client which delivers advanced technologies to some of the world’s largest public and private organizations.”
Other business highlights for the quarter included:
- Won a significant product development project from one of the premier global biopharmaceutical companies; expanded existing business with a UK-based medical device client; and established a new customer relationship with a European medical technology company
- Acquired new high-profile clients in the US in the financial services, automotive manufacturing, technology, and life sciences sectors
- Expanded our customer footprint in the APAC region by securing engagements from a global industrial and automation company, a car audio manufacturer, a utilities company, a life sciences company and a leading multinational telecommunications provider