Mindteck announces Results for the Financial Year 2015-16

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Mindteck (India) Limited (BSE: MINDTECK), a global technology company, today reported its audited financial results for the year ended March 31, 2016.

The company’s consolidated revenue for the year 2015-16 stood at Rs. 311.62 crore, as against Rs. 319.15 crore for the previous year ended March 31, 2015. Net profit stood at Rs. 25.93 crore, as against Rs. 19.20 crore for the previous year.

During the Board meeting held today, the Board of Directors recommended a 10% dividend for the financial year 2015-16.

The Board also unanimously approved the appointment of Mr. Guhan Subramaniam as Independent Director. Mr. Subramaniam’s experience spans over 38 years in advisory and consulting services, private equity investments and multi-functional, multi-industry operations roles, predominantly in information technology and software solutions.

Commenting on the company’s year-end results, Yusuf Lanewala, Mindteck Chairman and Managing Director, said, “During the course of the year, we gained traction in the Smart Cities and Internet of Things (IoT) space. Innovative efforts from our R&D division led us to the laudable win of the Smart Grid Project, a research initiative to improve power distribution and energy management, for the Chandrapura Sub-Division of Bangalore Electricity and Supply Company (BESCOM) in collaboration with IIT-BHU and CSTEP (Center for Study of Science, Technology & Policy), and funded by the Department of Science and Technology (DST). We also started developing new state-of-art solutions in the video analytics and data analytics space to complement existing smart cities offerings. To further strengthen our IoT offerings, we joined the Intel Internet of Things Solutions Alliance. Additionally, we successfully made inroads into the wearables segment.”

Other notable highlights for the year include:

  • –Established a subsidiary in the Republic of the Philippines.
  • –Designed and developed the electronics and firmware for the Infinity computer— a modular, safe and eco-friendly device created to be “the perfect STEM learning experience” by One Education, a not-for-profit organization in Australia.
  • –Commenced Phase IV of technical advisory and big data work on ‘The Atlas online’ for The Center for International Development (CID) at Harvard University.
  • –Collaborated on a Wi-Fi Thermostat for Smart HVAC Control which involved the redesign of an Iconic product for IoT-based cloud connectivity.
  • –Developing a car infotainment system for a new client in the automotive domain.

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