Mindtecks Q2 net at Rs 3.13 crore Y oY

BANGALORE, INDIA: Mindteck (India) Limited, a provider of global technology and IT Services company, today announced its financial results for the second quarter ended on September 30, 2009.

It posted a consolidated revenues of Rs 55.97 crore during the second quarter ended September 30, 2009 while recorded a net profit after tax was Rs 0.52 crore, said a press release.

The EPS for Q2 FY09-10 was Rs 0.22.

The consolidated revenue during the corresponding previous quarter ended, September 30, 2008 was Rs 70.62 crore; net profit after tax was Rs 3.13 crore and EPS reported was Rs 1.30. EBIDTA on a consolidated basis for Q2 FY09-10 stood at Rs 2.00 crore as compared to Rs 4.65 crore reported in corresponding quarter in the previous year.

Pankaj Agarwal, managing director and group CEO of Mindteck said, “Although our second quarter results are below our expectations, we are confident that business will improve significantly in the coming quarters as a result of positive business environment and sentiments globally. In all the geographies we operate, we are experiencing an uptick in size and number of opportunities.”

He added that some of their initiatives in recent months are resulting in new customer acquisitions.

During the quarter, Mindteck announced the appointment of Suresh Rao as the chief financial officer of the company. Rao heads the budgeting, financial reporting, accounting, and audits at global level for the company. He also heads the overall Operation of Mindteck’s offices in India, the release added.

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