Mindteck Reports Financial Results For Q1 2016-17

Bengaluru, India – August 10, 2016:Mindteck (India) Limited (BSE: 517344 and NSE: MINDTECK), a global technology company, today reported its unaudited financial results for the first quarter ended June 30, 2016.

The company’s consolidated revenue for the quarter stood at Rs. 79.23 crore as against Rs. 79.36 crore for previous quarter ended March 31, 2016. Net profit for the quarter stood at Rs. 3.37 crore as against Rs. 2.12 crore for the previous quarter.

"I am pleased with a number of recent inroads, such as good smart city traction in the US, as well as a new smart grid and home automation opportunity in India. Additionally, we established a presence in Mumbai and in the Midwest - US," commented Yusuf Lanewala, Chairman & Managing Director, Mindteck.

Key highlights for the quarter include:

• Showcased our IoT-based Wi-Fi Thermostat and Lighting Control System with ROHM Semiconductor at Sensors Expo 2016. These solution accelerator demos encompassed our EDS capabilities in multiple domains, such as product engineering, hardware and firmware design, Linux expertise, app development for iOS, cloud connectivity, IoT and smart energy.
• Joined the GE Digital Alliance to expand our IoT offerings into the industrial space. We also became an Oracle Gold Partner to further development and implementation across Oracle’s entire portfolio.
• Expanded scope of work in the realm of mobility and web technology for our multinational medical device client.
• Acquired a new client that specializes in programmable solutions for leading-edge electronic systems.
• Set up an ODC in product automation testing for a global storage company.
• Kick-started an offshore project in software quality testing for an analytical instruments company.
• Signed an agreement with a captive and leading global manufacturer of electronic instruments and electromechanical devices for the aerospace, power, process and industrial markets.

About Mindteck (India) Limited

Mindteck is a global technology company that provides Product Engineering solutions and Information Technology services to top-tier Fortune 50-1000 companies, start-ups, leading universities and government entities. The company's depth of knowledge and niche expertise in embedded systems and enterprise applications is complemented by dedicated Centers of Excellence in wireless design and storage testing. Office locations span the US, UK, Singapore, Malaysia, Netherlands, Germany, Bahrain and India.  In addition, there are four development centers: US, Singapore and India (Kolkata and Bangalore). Mindteck is listed on both the Bombay Stock Exchange (BSE 517344), as well as the National Stock Exchange. The company is among a select group of global companies appraised at Maturity Level 5, Version1.3 of the CMMI Institute’s Capability Maturity Model Integration (CMMI). It is also a Founding Member of ‘The Atlas online’ (www.atlas.cid.harvard.edu) for the Center for International Development (CID) at Harvard University. For more information, please contact balika.hegde@mindteck.com. www.mindteck.com