Mindteck Reports FY 2005-06 Results

Profits up by 156%

 

Bangalore, June 26, 2006: Mindteck (India) Ltd., today announced its financial results for the year ended March 31st 2005-2006. The revenues for the year increased by 69% from Rs. 114.93 million to Rs. 194.79 million. Net profit for the year was Rs. 21.69 million against Rs. 8.47 million achieved last year, an increase of 156%.

The Board of Directors has recommended a dividend of 10% as against 6% that was paid in the previous financial year.

 

During the year, Mindteck India completed the acquisitions of two fellow subsidiaries: Mindteck USA Inc. and Mindteck Middle East. The company has also established a wholly owned subsidiary in Malaysia. On a consolidated basis, revenues for the company increased from Rs. 346.83 million to Rs. 438.30 million.

 

P. A. Ananthanarayanan, Group CEO, commenting on the results said “Our strong financial performance is the outcome of our three pronged strategy of organic growth supported by geographical expansion, consolidation of fellow subsidiaries under Mindteck India and the acquisition of financially sound entities. Over the next year we will continue to pursue this strategy and will also take productivity actions to improve margins