Mindteck has reported its audited financial results for the first quarter ended June 30, 2012. The Company’s consolidated revenues for the quarter stood at Rs. 63.75 crore as against Rs. 52.50 crore for the corresponding quarter of the previous year ended June 30, 2011, registering a growth of 21.41% over the previous year’s quarter.
In addition, Due to forex loss provisioning of Rs. 89.67 lakh, a net loss of Rs. 253.44 lakh for the quarter was recorded as against a net loss of Rs. 24.22 lakh in the corresponding quarter of last year.
Wayne Berkowitz, CEO & MD, said, “Despite the unsatisfactory numbers this quarter, there are distinct signs of improvement. I’m focused on the future, and confident about producing results through several new organization-wide initiatives that have been undertaken to grow top-line revenue and reduce expenses. In order to grow the top-line, we are investing in sales, pre-sales, marketing, and delivery consultant skills. Based on the initial investments that we already made, we are seeing very positive results at a number of large clients and attracting new clients as well. Specifically, business has increased in Life Sciences, EDS, our HP partnership, and our Professional Services business. From a cost/expense standpoint, we are looking at every expense line item to determine where and how much we can save.”