Mindteck Reports Financial Results for Q1 2017-18

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, 2017.

The company’s consolidated revenue for the quarter stood at Rs. 77.76 crores as against Rs. 79.23 crore for corresponding quarter ended June 30, 2016. Net profit for the quarter stood at Rs. 1.58 crore as against Rs. 2.90 crore for the corresponding quarter.

Yusuf Lanewala, Non-Executive Chairman, commented, “We are very pleased to have closed out a productive quarter with the Smart Parking Bhopal Letter of Award received in June. This is an important, end-to-end, ten-year project from the Bhopal Municipal Corporation (BMC) – one of the 20 cities designated a smart city in the first phase of India’s Smart Cities Mission.” He added, “It may also be India’s first city-wide smart parking solution that covers both on-street and off-street parking.”

Other notable highlights for the quarter include:

• Acquired the largest, New England service contractor, a leading EDA, and a storage company as clients in the US.
• Won contract extensions for four onsite resources for a Swedish company that provides radiation therapy, radiosurgery, related equipment and clinical management.
• Won a new ZigBee stack development project with a company involved in innovative and high-performance RF solutions for advanced wireless devices, defence radar and communications in Belgium.
• Obtained new MS opportunities with an electronic manufacturing services company, and a life sciences company, in APAC.