| Bangalore, June 06, 2005: Mindteck (India) Ltd., a leading
provider of information technology solutions in the areas of embedded
systems and IT services, has announced the financial results for
the year ended March 31, 2005.
Highlights :
- Income was Rs. 3517 Lakhs for the year ended March 31, 2005
- Net profit was Rs. 142.7 lakhs for the year ended March 31,
2005
- The Board of Directors recommended a dividend of 6% for the
year
- The Board of Directors approved proposals to bring two group
companies under the Mindteck (India) umbrella, subject to regulatory
approvals:
- The company’s subsidiary Mindteck Consulting Inc
will acquire Mindteck USA
- The company will acquire Mindteck Middle East
- Employee strength is up by 59% during the year and a second
development center has been setup in Bangalore
- Mindteck services portfolio has been expanded with addition
of higher value offerings in both IT Services and Embedded Systems
practices
- Mindteck has gained greater penetration into existing customers
and added a number of large customers as well
Reflecting on the performance the Company’s Chief Financial
Officer,
P A Ananthanarayanan said, “A number of initiatives taken
to accelerate growth and enhance productivity have begun to pay
off. The company has successfully diversified its customer base
and improved the quality of its revenues. We have augmented our
solution set with higher value services and at the same time remained
focused on achieving cost efficiency in our operations. Mindteck’s
encouraging financial performance is a validation of our strategy
and the Board has recommended a dividend after a gap of two years.”
On the proposal to consolidate two other group companies under
the Mindteck (India) umbrella, P. A. Ananthanarayanan said,
“This step provides Mindteck India with additional platforms
to drive further revenue and profit growth.”
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