Mindteck (India) Limited has reported its audited financial results for the year ended March 31, 2012 and unaudited results for the last quarter ended March 31, 2012. The Company’s consolidated revenues for the quarter stood at Rs. 57.74 crores as against Rs. 51.46 crores for the corresponding quarter of the previous year, registering a growth of 12% over the previous year’s quarter. Loss for the quarter was Rs. 1.41 crores as against profit of Rs. 0.02 crores in the corresponding quarter of last year. The revenue for the year 2011-12 stood at Rs. 222.62 crores. Loss for the year, occasioned mainly by impact of the depreciating Indian Rupee on forward exchange contracts, was Rs. 5.05 crores.
Wayne Berkowitz, CEO and Managing Director, said, “Though the numbers are disappointing, with the traction in several key areas, including life sciences, smart energy, cloud, enterprise mobility, and electronic design, we are confident of turnaround in the coming quarters. The main focus for 2012-2013 is to return to profitable growth that we will accomplish by rebuilding the sales force, increasing investment in marketing and focusing on optimizing operational efficiency. We remain steadfast in our commitment to doing all that we can do to consistently create value for our shareholders, and to ensure our customers achieve positive outcomes.”
