Mindteck Announces Results for the Financial Year 2016-17

Bengaluru, India – May 22, 2017:  Mindteck (India) Limited (BSE: MINDTECK), a global technology company, today reported its audited financial results for the year ended March 31, 2017. The company’s consolidated revenue for the year 2016-17 stood at Rs. 341.66 crore, as against Rs. 311.63 crore for the previous year ended March 31, 2016. Profit before tax stood at Rs. 15.19 crore, as against Rs. 20.78 crore for the previous year.

During the Board meeting held today, the Board of Directors recommended a 10% dividend for the financial year 2016-17.

Commenting on the company’s year-end results, Yusuf Lanewala, Mindteck’s Chairman, said, “We continued making tremendous progress in furthering our smart city and IoT endeavors. Significant new business was secured in APAC with a car audio company, as well as a utilities organization that operates Singapore’s wholesale electricity market—Asia’s first liberalized electricity market. We also expanded our footprint in the US-Midwest region. He added, “We are also proud to have reached our 25th year milestone. With CEO and MD Sanjeev Kathpalia at the helm, we are ready for a growth-driven new year and look forward to welcoming our clients to our new India headquarters at Bengaluru’s AMR Tech Park.”

Other notable highlights include:

  • Secured US business from a renowned audio equipment manufacturer and multinational technology company.
  • Implemented India’s first smart parking solution pilot project using Wi-Fi cameras with an embedded video analytics server.
  • Won home automation, advanced metering infrastructure and system integration work at IIT-Kanpur.
  • Joined GE digital alliance and expanded our IoT competency into the Industrial IoT space.
  • Collaborated with a global network cabling company to create retrofit solutions for commercial and government entities.
  • Implemented a large big data analytics project for one of India’s major global telecom companies.

About Mindteck (India) Limited

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