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Mindteck Reports Financial Results for the Quarter Ended September 30, 2018

by businesswireindia.com

Business Wire India
Mindteck (India) Limited (BSE: 517344 and NSE: MINDTECK), a global technology company, today reported its unaudited financial results for the quarter ended September 30, 2018.
The company’s consolidated revenue for the quarter stood at Rs. 74.5 crores as against Rs. 74.5 crores for the previous quarter ended June 30, 2018. Net profit for the quarter stood at Rs. 0.9 crores as against Rs. 0.4 crores for the previous quarter.
Yusuf Lanewala, Non-Executive Chairman, commented, “We’re pleased to announce that the smart school project for primary and secondary schools under the jurisdiction of Navi Mumbai Municipal Corporation has made considerable progress. This initiative impacts approximately 40,000 students, 572 classrooms, and 55 labs operating in a total of 69 schools. It will provide access to the latest infrastructure and tools—thus allowing for greater democratization of education through digitalization. Currently, interactive whiteboards, projectors and speakers, and a biometric attendance system have been installed in approximately 500 classrooms. ERP software, lab hardware, games, and mobile apps will go live in these smart classrooms shortly.”
Sanjeev Kathpalia, CEO and Managing Director, noted, “During the quarter, we added 10 new logos across all geographies. One of the most notable projects is for a leading worldwide industrial solutions provider, for whom we are designing and developing a state-of-the-art module for their smart street lighting system. This advanced, miniaturized module enables power optimization and is reusable for a range of lighting controllers. It also addresses a wide array of challenges faced by the OEM, including inventory reduction, increased energy efficiency, systems reliability, and overall cost reduction.”
“Another interesting win is for the intelligent transportation and telematics division of a global technology, defense and engineering conglomerate. The project involves the development of software for the operation of high-speed transportation systems featuring high reliability and safety in conformance with rigorous international standards,” he added.
Other key highlights include:
  • Won an application development project for an industry leader in the delivery of best-in-class, end-to-end 3D solutions
  • Building a smart hazardous waste disposal solution for a leading medical client specializing in IV therapy products, systems, and services. The project design includes hardware, software, and prototyping
  • An onsite relationship with a prominent company in the home entertainment and mobile communication space
  • Continued expansion of our relationship with one of the largest multinational asset management companies in the US
  • Acquired new professional services clients for the state governments of New York, Virginia, and Michigan

Source: Businesswire