Bengaluru, India – November 15, 2021: Mindteck (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 second quarter ended September 30, 2021.
The company’s consolidated revenue for the quarter stood at Rs. 75.97 crores as against Rs. 73.42 crores for the previous quarter ended June 30, 2021, and Rs. 72.81 crores for the corresponding quarter ended September 30, 2020. Consolidated net profit for the quarter stood at Rs. 4.41 crores as against a profit of Rs. 21.46 crores (that included an exceptional item of Rs. 18.18 crores) for the previous quarter ended June 30, 2021, and Rs. 2.32 crores for the corresponding quarter ended September 30, 2020. Furthermore, YTD revenue for the six months ended September 30, 2021 stood at Rs. 149.39 crores as against Rs. 141.43 crores for the six months ended September 30, 2020. YTD profit for the six months ended September 30, 2021 stood at Rs. 25.87 crores (that includes an exceptional item of Rs. 18.18 crores) as against Rs. 3.99 crores for the six months ended September 30, 2020.
Consolidated cash and bank balance stood at Rs. 91.84 crores as at September 30, 2021 as compared to Rs. 77.80 crores as at March 31, 2021 (Rs. 62.91 crores as at September 30, 2020).
Mr. Yusuf Lanewala, Non-Executive Chairman, commented, “We are very pleased to witness significant improvement in our overall performance compared to a year ago. The continued market confidence and momentum certainly puts us on better footing in our pursuit of a future of predictable, profitable and sustainable growth.”
Mr. Anand Balakrishnan, Mindteck’s CEO and Managing Director, commented, “I am pleased to report that we won 18 new logos during the quarter. Two important additions include MedTech companies in Europe and the US. An engagement for an innovator in computer-assisted and image-guided surgery encompasses the design and development of two applications. Another engagement with a leader in cardiac rhythm management solutions includes simulator software development for a leadless pacemaker and programming head, as well as patient simulation. Furthermore, we won a Kubernetes-related development and testing project with a longstanding data storage client.”
He added, “As a reflection of our continuing commitment to provide service and delivery excellence, we also took steps to strengthen our practice, delivery and sales teams – for now, and in the post-pandemic period to come.”
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Mindteck is a global engineering and technology solutions company devoted to delivering knowledge that matters to help clients compete, innovate and propel forward along the digital continuum. The company’s legacy expertise in embedded systems, enterprise applications and testing is a powerful complement to competencies in digital engineering, including cloud, IoT and cybersecurity, as well as data engineering services such as AI/ML and analytics. Since its establishment in 1991, Mindteck’s clientele has included top-tier Fortune 1000 companies, start-ups, leading universities, and government entities. The company is publicly traded on the Bombay Stock Exchange (BSE 517344) and the National Stock Exchange (NSE Mindteck). Founding Member: ‘The Atlas of Economic Complexity’ for the Center for International Development (CID) at Harvard University. Office Locations: India, United States, Canada, Singapore, Malaysia, Bahrain, Germany and United Kingdom. Development Centers: Kolkata and Bengaluru, India. Appraised at Level 5 of the CMMI Institute’s Capability Maturity Model Integration (CMMI)®.