Mindteck's net down 69.5 p.c. during 09-10

BANGALORE, INDIA: Bangalore-based, Mindteck India Limited, a global technology and IT Services company, posted a net profit after tax was Rs 3.35 crore for the year ended March 31, 2010.

The net profit was down 69.5 per cent from the previous year's Rs 10.98 crore.

The company’s consolidated revenues stood at Rs 226.54 crore for the fiscal under review, down 19.7 per cent from the Rs 282.14 crore revenue reported in the previous year.

EPS for the financial year was Rs 1.38 as against previous year's Rs 4.57, said a press release.

EBIDTA on a consolidated basis for FY09-10 stood at Rs 10.53 crore as compared to Rs 17.95 crore reported in corresponding year.

Commenting on the financial performance of the company, Pankaj Agarwal, CEO and managing director of Mindteck said that though recent events presented the company with challenges, it is excited about the immense potential ahead and confident of delivering a strong growth story in the coming years.

“This year we took steps toward strengthening our organization to forge more meaningful outcomes for our shareholders, employees and clients alike. More than ever, we’re on pace for realizing our full potential,” Agarwal added.