Mindteck (India) Limited (BSE: MDTK), a global Technology and IT Services company, today announced its financial results for the year ended March 31, 2008.

For FY 2007-08, on a standalone basis, the company’s total revenue increased by 38 per cent to Rs 32.50 crore; as compared to Rs 23.57 crore in the previous year. The Net Profit rose by 28 per cent to Rs 2.89 crore; as compared to Rs 2.26 crore in the previous year. The EBITDA margins also increased by 59 per cent; compared to that of the previous year.During FY 07-08, the new ITES segment contributed 12 per cent of total revenue with a 72 per cent operating margin. Further, for FY 2007-08, the EPS (Earnings per Share) stood at Rs 2.52; as compared to Rs 2.33 in the previous year.

The Company’s Board has recommended five per cent dividend on the year-end capital base of approx. Rs 21 crore, a 120 per cent increase in capital due to additional funding and acquisitions made by the company during the year.

On consolidated basis, for FY 2007-08, total revenue increased by 26 per cent to Rs 125.31 crore; as compared to Rs 99.75 crore in the previous year. During FY 07-08, the Company made a Net Profit of Rs 2.06 crore, after incurring Rs 4.09 crore of expenditure on account of amortization of goodwill and merchant banker fees.

Commenting on this occasion; says Mr. Pankaj Agarwal, Managing Director and Group CEO of Mindteck, “We are very excited on the successful completion of multiple acquisitions in USA, consolidation of two sister companies and infusion of US $7.47 million as part of our ‘Go Global’ strategy. The new Mindteck with a much larger revenue base, expanded clientele and global reach will grow the business significantly in coming quarters and years, and create substantial Shareholder value.”

As a result of the recent acquisitions and consolidations, the Company has further strengthened its presence in the US market and expanded its operations to three new countries in Europe. The Company acquired two new service lines through its acquisitions in the US and expanded its service offerings to become a full scale IT & Engineering service provider. The new expanded service portfolio includes Business Applications Consulting, Embedded Systems, SAP Enterprise Consulting, and Security, Infrastructure and Managed Services.

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