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Monday, March 16, 2009

Mindteck (India) Limited:-Management"s guidance

q)Your consolidated profit after tax (PAT) went up more than 2 times for the Q3 FY08-09. How do you see the business growing, and what sort of financials can we expect in the forthcoming quarter?
ans)It is a challenging time for the entire IT industry. Mindteck is not out of it. We are expecting a slow quarter ahead, primarily due to the sluggish demand. The business will continue to grow through the next year, but perhaps not at the rate of the current financial year. We are internally reorganizing and repositioning ourselves to better respond to the external challenges posed by the week global economy and drive growth.

q)Considering the acquisitions made in the year 2008, are you looking for more M&A in the current fiscal amid deepening global slowdown?
ans)Presently we are not eyeing any new acquisitions. Mindteck has recently completed all the legal and transfer formalities related to the previous acquisitions. It is quite an effort. As a result of the recent acquisitions Mindteck is well equipped with a comprehensive portfolio of IT and engineering services. We want optimally leverage these acquisitions and cross sell our new capabilities to the existing set of customers, further strengthen our practice and global delivery capabilities.However, if we come across a good match to complement our existing focus areas, we might consider.

q)What are the areas of focus for Mindteck?
ans)Our focus area always has been the ‘Customer’ and it will continue to remain the same. We have several large fortune 1000 customers. As the global economy remains unpredictable, Mindteck will focus on nurturing these existing accounts and grow within them. We had gone back to our drawing room and figured out most of our relationships are under explored. We will continue to invest our time and energy strengthening this area. Currently our global sales and delivery efforts are being streamlined to support this goal.

q)Could you throw light on your hiring and recruitment strategies in the current scenario of layoffs across the globe?
ans)We have temporarily suspended all our hiring globally. Any new recruitment will be closely scrutinized against requirement and the hiring managers have to justify the same.

q)What is your outlook for IT and BPO industry in India?
ans)IT services and BPO segment will continue to grow as there will be even more pressure on companies to remain competitive without adding additional headcounts. Every CEO has a clear task in hand to optimize its operational and sustenance expenses and maintain a slim bottom line. Offshore service providers based in India and elsewhere will play a key role in bearing and managing some of these responsibilities. But vendor selection process will be tough. Companies will demand more for less.

q)What impact the rupee-dollar fluctuations could have on the IT industry according to you?
ans)Historically rupee-dollar fluctuation always saw a significant impact on the IT industry. As the dollar moving northwards for last few weeks, we see a potential benefit for us.

q)Have you been approached by Satyam Computer Services` clients?
ans)No.

q)Would you like to convey any message to the shareholders and investors of the company?
ans)Mindteck has successfully completed all the acquisitions last year. We are a cash positive profitable company and have been delivering strong/steady financial results for last 3 to 4 quarters. Though it is a difficult time for the industry, Mindteck has an excellent growth opportunity in the coming quarters and we are confident to sustain the momentum.The company has a strong clientele and most of our customers are financially strong. Our competencies and capabilities are even stronger now. We have strong sales and delivery teams globally and we are well poised for growth.

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