Mindteck India Announces 6% Dividend
Two group companies to be consolidated under Mindteck India
Consolidated financial results for the year ended March 31, 2005
Bangalore, June 06, 2005: Mindteck (India) Ltd., a leading provider of information technology solutions in the areas of embedded systems and IT services, has announced the financial results for the year ended March 31, 2005.
Highlights :
- Income was Rs. 3517 Lakhs for the year ended March 31, 2005
- Net profit was Rs. 142.7 lakhs for the year ended March 31, 2005
- The Board of Directors recommended a dividend of 6% for the year
- The Board of Directors approved proposals to bring two group companies under the Mindteck (India) umbrella, subject to regulatory approvals:
- The company’s subsidiary Mindteck Consulting Inc will acquire Mindteck USA
- The company will acquire Mindteck Middle East
- Employee strength is up by 59% during the year and a second development center has been setup in Bangalore
- Mindteck services portfolio has been expanded with addition of higher value offerings in both IT Services and Embedded Systems practices
- Mindteck has gained greater penetration into existing customers and added a number of large customers as well
Reflecting on the performance the Company’s Chief Financial Officer,
P A Ananthanarayanan said, “A number of initiatives taken to accelerate growth and enhance productivity have begun to pay off. The company has successfully diversified its customer base and improved the quality of its revenues. We have augmented our solution set with higher value services and at the same time remained focused on achieving cost efficiency in our operations. Mindteck’s encouraging financial performance is a validation of our strategy and the Board has recommended a dividend after a gap of two years.”
On the proposal to consolidate two other group companies under the Mindteck (India) umbrella, P. A. Ananthanarayanan said, “This step provides Mindteck India with additional platforms to drive further revenue and profit growth.”
