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

Article By : Mindteck (India) Ltd

Mindteck has reported its unaudited financial results for the third quarter ended December 31, 2021.

Embedded systems expert Mindteck (India) Ltd has reported its unaudited financial results for the third quarter ended December 31, 2021. The company’s consolidated revenue for the quarter stood at Rs75.72 crores as against Rs75.97 crores for the previous quarter ended September 30, 2021, and Rs72.72 crores for the corresponding quarter ended December 31, 2020.

Consolidated net profit for the quarter stood at Rs4.45 crores as against a profit of Rs4.41 crores for the previous quarter, and Rs1.45 crores compared with the same period in the previous fiscal year.

Furthermore, YTD revenue for the nine months ended December 31, 2021 stood at Rs225.11 crores as against Rs214.15 crores for the nine months ended December 31, 2020. YTD profit for the nine months ended December 31, 2021 stood at Rs30.32 crores (includes an exceptional item of Rs18.18 crores) as against Rs5.44 crores for the nine months ended December 31, 2020.

“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,” said Yusuf Lanewala, Non-Executive Chairman. “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.”

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 signaling renewed confidence and stability in the business environment.”

Mindteck is a global engineering and technology solutions company with niche knowledge and expertise in the storage, medical device, semiconductor and analytical instrument industries.

 

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