Mindteck Reports Results for Quarter Ended December 2016

Bengaluru, India – February 10, 2017: Mindteck (India) Limited (BSE: 517344 and NSE: MINDTECK), a global technology company, today reported its unaudited financial results for the quarter ended December 31, 2016.

The company’s consolidated revenue for the quarter stood at Rs. 86.30 crore as against Rs. 89.43 crore for the previous quarter ended September 30, 2016. Net profit for the quarter stood at
Rs. 0.73 crore as against Rs. 4.13 crore for the previous quarter.

Commenting on the financial performance, Yusuf Lanewala, Chairman and Managing Director, said, “Despite intense competition around the globe and political uncertainties, I am pleased to report an upward trend in client acquisitions and partner relationships during the last quarter.” “In addition to maintaining our CMMI Level 5 Appraisal, we have also successfully become Institute Partners, authorizing us to deliver official CMMI and DMM courses and services. Furthermore, we won new business with a leading US supplier of environmental monitoring instrumentation, systems and software, as well as a premier insurance and investment company in APAC and a large industrial technology conglomerate in India.” he added.

Other notable projects included:

• Won a large order with a global infrastructure company.
• Collaborating with a global lighting efficiency company to create retrofit solutions for commercial and government entities.
• Won new projects within a storage and data management company.
• Won a new deal with a worldwide IT, technology and enterprise products and solutions company in Germany.
• Won a new deal with a telecommunications software company headquartered in Dublin, Ireland.
• Won a new development project with a client in the Solar PV area.

Won a new business with a global pharmaceutical company.

About Mindteck

Mindteck, a global technology company established in 1991, provides Product Engineering solutions and Information Technology services to top-tier Fortune 50-1000 companies, start-ups, leading universities and government entities.  The company is among a select group of global companies appraised at Maturity Level 5, Version 1.3 of the CMMI Institute’s Capability Maturity Model Integration (CMMI).  Its 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: US, UK, Singapore, Malaysia, Philippines, Netherlands, Germany, Bahrain and India.  Development Centers:  US, Singapore and India (Kolkata and Bangalore).  Founding Member: ‘The Atlas online’ (www.atlas.cid.harvard.edu) for the Center for International Development at Harvard University. For more information, please contact balika.hegde@mindteck.com. www.mindteck.com