Mindteck records fivefold increase in Q1 profits

Bangalore, July 31 (UNI) Mindteck (India) Ltd, a global IT services company, has registered a turnover of Rs 27.48 crore in the first quarter of the current fiscal as against Rs 8.34 crore in the corresponding period of the previous year.

The company, in a release here, said the net profit for the quarter was Rs 2.09 crore compared to Rs 39.9 lakhs recorded in the same period last year.

Commenting on the positive results, company CEO P A Ananthanarayanan said ''the consolidated results for the first quarter incorporates the results of ISS Consultants Inc, the company acquired by Mindteck USA Inc, and is a validation of our strategy of augmenting organic growth with profitable acquisitions.'' UNI VK GD GM1830