MINDTECK Q2 FY 2011-12 RESULTS
Bangalore, November 10, 2011:
Company Reports Revenue of 57.33 Crores and Net Loss of 90.90 lacs
Mindteck (India) Limited (BSE: MDTK), a global product engineering and IT solutions company, today announced its financial results for the second quarter ended September 30, 2011. The company has reported its financial results for the quarter.
Mindteck’s consolidated revenues stood at Rs. 57.33 crore for the quarter, as against Rs. 68.81 crore during the corresponding previous quarter ended, September 30, 2010. Due to forex loss provisioning of Rs 2.39 crore, the company recorded a net loss of Rs. 90.90 lac for the quarter. The primary reason for forex loss is mark to market losses for the forex hedge contracted by the company on their export receivables.
The company registered operating profit (EBITDA) of Rs 1.50 crore, without considering the above forex losses, as against Rs 4.19 crore, on comparable basis, in the corresponding period last year. Commenting on the financial performance of the second quarter, Mr. Pankaj Agarwal, CEO and Managing Director said, “Our focus on the verticals and services we provide to our clients is definitely helping us gain good traction with our clients. We continue to be debt free and have a strong pipeline of new opportunities with our current and new clients. We expect that the changes we are driving across Mindteck will create significant value for our shareholders."
Mindteck continues to secure new partnerships in specialized technologies and with trade organizations to bring innovative and value added services that serve the needs of its customers. Through these partnerships, Mindteck also has gained access to comprehensive technical, product, and marketing knowledge that will enable it to market its capabilities to global customers.
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
Safe Harbor
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause our actual results to differ materially from those in such forward-looking statements. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.
For more details, please contact:
Ronita Shambaya
Mindteck (India) Ltd.
ronita.shambaya@mindteck.com
Ph: +91 80 98457 53554
Anya D’Souza
Corporate Voice Weber Shandwick
anya@corvoshandwick.co.in
Ph: +91 98455 25632