Mindteck (India) Limited (BSE: MINDTECK), a global product engineering and IT solutions company, today reported its audited financial results for the year ended March 31, 2012 and unaudited results for the last quarter ended March 31, 2012. -- Mindteck (India) Limited (BSE: MINDTECK), a global product engineering and IT solutions company, today reported its audited financial results for the year ended March 31, 2012 and unaudited results for the last quarter ended March 31, 2012.
The Company's consolidated revenues for the quarter stood at Rs. 57.74 crores as against Rs. 51.46 crores for the corresponding quarter of the previous year, registering a growth of 12% over the previous year's quarter. Loss for the quarter was Rs. 1.41 crores as against profit of Rs. 0.02 crores in the corresponding quarter of last year.
The revenue for the year 2011-12 stood at Rs. 222.62 crores. Loss for the year, occasioned mainly by impact of the depreciating Indian Rupee on forward exchange contracts, was Rs. 5.05 crores.
Commenting on the business performance of the year, Mr. Wayne Berkowitz, CEO and Managing Director, said "Though the numbers are disappointing, with the traction in several key areas, including life sciences, smart energy, cloud, enterprise mobility, and electronic design, we are confident of turnaround in the coming quarters. The main focus for 2012-2013 is to return to profitable growth that we will accomplish by rebuilding the sales force, increasing investment in marketing and focusing on optimizing operational efficiency. We remain steadfast in our commitment to doing all that we can do to consistently create value for our shareholders, and to ensure our customers achieve positive outcomes."
In FY 2012, Mindteck established several leading edge solutions for its customers across several verticals, such as Life Sciences, Smart Energy, and Semiconductors, with specific focus in Cloud Computing, Enterprise Mobility, Data Storage and Electronic Design Services. Building upon their strong partnerships and alliances, in FY 2012, Mindteck joined the SAP PartnerEdge™ Program and also partnered with QNX Software Systems, with an eye toward bringing customers the most advanced embedded solutions. There have been several key business wins and more in the making. The focus is on offering innovative solutions to help clients grow their business by creating a culture of excellence in all aspects of the business.
Source: Press release distribution via India PRwire
Notes to Editor
About Mindteck (India) Limited
Mindteck, a global product engineering and IT solutions company, provides end-to-end services to a Global 2000 and public sector clientele. Its vertical focus includes Life Sciences, Hi-Tech (Smart Energy, Semiconductor, Data Storage), Financial Services/Insurance and the Public Sector. Presently, the company employs over 1,000 individuals throughout offices in the US and UK, Singapore, Malaysia, Bahrain and India. It also has three development centers in India and one in Singapore. Mindteck (India) Limited is listed on the Bombay Stock Exchange (BSE 517344).www.mindteck.com
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause our actual results to differ materially from those in such forward-looking statements. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.
For more information, please contact:Rosemary Mathew (Account Executive)