Mindteck (India) Limited, a global product engineering and IT solutions company, today announced its financial results for the second quarter ended on September 30, 2010. The company has reported strong financial results for the quarter.
Mindteck’s consolidated revenues stood at Rs. 688.1mn for the quarter, as against Rs. 559.6mn during the corresponding previous quarter ended, September 30, 2009. The revenues were up by 28% in US Dollar terms and by 22% in Rupee terms. PAT for the quarter was Rs. 32.8mn, as against Rs 0.52 crore in the corresponding quarter in the previous year, registering a six-fold increase.
The company registered operating profit (EBITDA) of Rs 4.76 crore as compared to Rs 1.78 crore in the corresponding period last year. Commenting on the financial performance of the second quarter, Mr. Pankaj Agarwal, CEO and Managing Director said, “Mindteck has had a good second quarter and I am confident in our ability to continue delivering good results. Our renewed focus on select key industry verticals has resulted in significant successes. The momentum continues as we see progressively more growth and stability.”
To further strengthen it’s positioning as a niche Product Engineering and IT Solutions Company, Mindteck brought about a renewed vertical focus to its offerings. In view of its core capabilities, market potential, and current industry trends, Smart Energy, Life Sciences, BFSI, Semiconductors, Storage and Public Sector emerged as core verticals. This approach reiterated customer centricity in the way Mindteck conducts its business. This also clearly differentiates the company as a solution provider that understands customer’s business, challenges and uses technology as a tool to help them accomplish their business objectives.