Mindteck Q3 net up 48 pc YoY

BANGALORE, INDIA: Bangalore based Mindteck (India) Limited, a technology and IT Services company, today reported 48 per cent increase in its net profit and 30 per cent increase in its operating margin (EBIDTA) during the third quarter ended on December 31, 2009, as against the corresponding quarter in the previous year ended December 31, 2008.

The company’s consolidated revenues stood at Rs 55.32 crore during the quarter, while net profit after tax was Rs 2.71 crore. EPS for Q3 FY09-10 was Rs 1.11.

During the corresponding previous quarter ended December 31, 2008, the consolidated revenue was Rs 68.70 crore, while net profit after tax was Rs 1.83 crore. EPS stood at Rs 1.08.

EBIDTA on a consolidated basis for Q3 FY09-10 stood at Rs 4.22 crore as compared to Rs 3.24 crore reported in corresponding previous quarter.

Commenting on the financial performance of the third quarter, Pankaj Agarwal, CEO and managing director of Mindteck said, "Despite difficult market conditions, we are glad to report significant improvements in profitability and operating margin for the quarter. It was possible due to several operational measures implemented over the last two quarters."