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Mindteck Reports Financial Results for the Quarter and Nine Months Ended December 31, 2021

Business Wire IndiaMindteck (India) Limited (BSE: 517344 and NSE: MINDTECK), the global engineering and technology solutions company with niche knowledge and expertise in the storage, medical device, semiconductor and analytical instrument industries, reported its unaudited financial results for the third quarter ended December 31, 2021.

The company’s consolidated revenue for the quarter stood at Rs. 75.72 crores as against Rs. 75.97 crores for the previous quarter ended September 30, 2021, and Rs. 72.72 crores for the corresponding quarter ended December 31, 2020. Consolidated net profit for the quarter stood at Rs. 4.45 crores as against a profit of Rs. 4.41 crores for the previous quarter ended September 30, 2021, and Rs. 1.45 crores for the corresponding quarter ended December 31, 2020.

Furthermore, YTD revenue for the nine months ended December 31, 2021 stood at Rs. 225.11 crores as against Rs. 214.15 crores for the nine months ended December 31, 2020. YTD profit for the nine months ended December 31, 2021 stood at Rs. 30.32 crores (includes an exceptional item of Rs. 18.18 crores) as against Rs. 5.44 crores for the nine months ended December 31, 2020.

Mr. Yusuf Lanewala, Non-Executive Chairman, commented, “We are very pleased to report continued momentum in the third quarter with seven new client wins as well as deepened business with multiple clients across our entire global footprint. This is a welcome boost as we near the close of the fiscal year.” He further added, “On a more reflective note, all of us at Mindteck are proud to have secured three development projects which will ultimately enable our clients to provide: visibility on the locations of electronic devices in enterprise retail stores; performance efficiency for scientific laboratories; and controlled occupational and environmental health risks for health and safety professionals.”

Mr. Anand Balakrishnan, Mindteck’s CEO and Managing Director, remarked, “It is particularly gratifying to have witnessed robust activity across multiple verticals in North America, including the start of an engagement with the Canadian subsidiary of a top-tier client. We are especially encouraged to have secured 49 contract extensions – a dramatic increase from recent quarters, potentially signalling renewed confidence and stability in the business environment.”

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