| Mindteck FY 2008- 09 Revenues up by 67.45%; Profits up by 23.12% | ||||
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| Bangalore, June 26, 2009: Mindteck (India) Limited (BSE: MDTK), a global Technology and IT Services company, yesterday announced its financial results for the year ended March 31, 2009. | ||||
| For FY 2008-09, on a standalone basis, the company’s Net Profit rose by 23.12 percent to Rs 3.56 crore compared to Rs 2.89 crore in the previous year. Total revenue for the year, increased by 67.45 percent to Rs 54.43 crore compared to Rs 32.50 crore in the previous year. | ||||
| The EBITDA margins increased by 13.6 percent compared to that of the previous year. For FY 2008-09, the EPS (Earnings per Share) stood at Rs 1.48 as compared to Rs 2.52 in the previous year. | ||||
| On consolidated basis, for FY 2008-09, total revenue increased by 125.14 percent to Rs 282.13 crore; as compared to Rs 125.31 crore in the previous year. During FY 2008-09, the company made a Net Profit of Rs 10.98 crore. Equity capital paid up for FY 2008-09 was Rs 24.35 crore, a 108.8 percent increase in capital due to additional funding and acquisitions made by the company during the year. | ||||
| Commenting on the results, Mr. Pankaj Agarwal, Managing Director and Group CEO of Mindteck, said “Our results are a reflection of successful execution of a well planned strategy. After last year’s mergers, the global operations have been consolidated during the year resulting in solid growth of revenue and net profit.” | ||||
| During FY 2008-09 Mindteck announced the completion of three company’s acquisitions, Primetech Solutions Inc., Mindteck UK Ltd., and Mindteck Singapore Pte Ltd. The total acquisitions’ value was pegged at US$ 9.6 million. As a result of these mergers, Mindteck was able to scale up its revenue and employee numbers, and build strong sales and delivery capabilities across North America, Europe, Middle East and Asia Pacific regions. | ||||
| “Although it has been a tough year for the global economy, we are well positioned to overcome the present crisis and take advantage of some of the new opportunities to grow both our top and bottom lines”, added Mr. Agarwal. | ||||
| Mindteck’s leadership team has recently launched a blueprint for the ‘Next Generation Mindteck’ that addresses some of the key challenges of its clients, and aligns its business focus with its client’s businesses, thereby building enduring relationships with its clients. The Company is now focusing on building next generation technology solutions and services around various emerging areas like Smart Energy, Green IT, Virtualizations, Storage and Electronic Medical Record that will help the Company foster rapid growth in the short to mid term. | ||||
| The company was ranked amongst the fastest growing technology companies in India and Asia Pacific regions. It was listed 41st on the Deloitte Technology Fast 50 India 2008 and 310 on the Deloitte Technology Fast 500 Asia Pacific 2008. The company has also been named among the top 100 innovative service providers of the year 2009 in a survey conducted by Global Services in conjunction with neoIT. | ||||
About Mindteck (India) LimitedMindteck is a global Technology and IT Services Company that delivers business and technology solutions to a wide range of Fortune 500 companies, multinationals, and successful mid market enterprises around the globe. It has offices and development centers in India, USA, UK, Germany, Netherlands, Singapore, Malaysia, and Bahrain. Core software solutions and services include IT Consulting and Services, IT Infrastructure and Managed Services, Product Engineering and R&D Services, and Security Compliance Services. |
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| Mindteck (India) Limited is listed on the Bombay Stock Exchange (BSE 517344). It is an ISO 9001:2000, ISO 27001:2005, ISO 13485, and SEI CMMi Level 5 certified Company. | ||||
| Media contact: Faizan Aboli Prana Public Relations Tel: +91 98191 10224 |
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| Jaydip Sikdar Mindteck (India) Limited Tel: +91 98451 90713 |
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