Scripscan:Mindteck (India) Ltd
cmp:21
Code:517344
Story:Bangalore-based Mindteck India, (formerly known as Hinditron Informatics) was incorporated in 1991.It offers business and engineering solutions to enterprises across the world. The company provides end-to-end IT services, IT infrastructure, security and managed services, consulting services and product engineering in the embedded space.Mindteck's customer base is spread across various industry segments including public sector, high technology and manufacturing. Mindteck has four development centres across the US, India and Singapore. Over 80% of its revenue comes from the US market.In FY09, the company brought all its subsidiaries including Mindteck Singapore, Mindteck UK, Chendle and Primetech Solutions USA under the same umbrella by acquiring 100% stake.The move was a strategic decision in order to strengthen its revenue and delivery capabilities across North America, Europe, and the Middle East and Asia Pacific regions.Mindteck last year has entered into a strategic partnership with Microsoft in the segments of business intelligence, Windows 7 operating system, and IT infrastructure related technologies, including virtualisation and cloud computing.The alliance has improved Mindteck's visibility and reach in the US as well as the Indian market.The company has also started leveraging its alliance with short-distance wireless platform ZigBee. The alliance enables Mindteck to provide solutions in smart energy network management systems.In the past 2 years, the company has reorganised its senior management team by making key appointments in global delivery, finance and legal divisions. This is expected to assist in the long-term sustainable growth.At the current market price of Rs 21, the scrip is trading at less than 4 times its expected fy12 earnings.Last year it ended with 240crs of turnover with a PAT of 9crs(consolidated earnings).The company expects to cross Rs 320-350 crore of topline in FY12 with a net margin of 5%.At present prices one should hold on to the counter with a close check on the upcoming quarterly numbers.
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