Bengaluru, India – November 14, 2022: 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, 2022.
The company’s consolidated revenue for the quarter stood at Rs. 84.07 crores as against Rs. 81.26 crores for the previous quarter ended June 30, 2022, and Rs. 75.97 crores for the corresponding quarter ended September 30, 2021. Consolidated net profit for the quarter stood at Rs. 4.73 crores as against a profit of Rs. 5.12 crores for the previous quarter ended June 30, 2022, and Rs. 4.41 crores for the corresponding quarter ended September 30, 2021. Furthermore, YTD consolidated revenue for the six months ended September 30, 2022 stood at Rs. 165.33 crores as against Rs. 149.39 crores for the six months ended September 30, 2021. YTD consolidated profit for the six months ended September 30, 2022 stood at Rs. 9.85 crores as against Rs. 25.87 crores for the six months ended September 30, 2021 (that included an exceptional item of Rs. 18.18 crores).
The company’s standalone revenue for the quarter stood at Rs. 32.96 crores as against Rs. 31.38 crores for the previous quarter ended June 30, 2022, and Rs. 30.48 crores for the corresponding quarter ended September 30, 2021. Standalone net profit for the quarter stood at Rs. 2.95 crores as against a profit of Rs. 3.93 crores for the previous quarter ended June 30, 2022, and Rs. 2.52 crores for the corresponding quarter ended September 30, 2021. Furthermore, YTD revenue for the six months ended September 30, 2022 stood at Rs. 64.34 crores as against Rs. 57.81 crores for the six months ended September 30, 2021. YTD profit for the six months ended September 30, 2022 stood at Rs. 6.88 crores as against Rs. 4.82 crores for the six months ended September 30, 2021(that included a provision for an exceptional item of Rs. 0.62 crores).
The Chairman of the Board, Mr. Yusuf Lanewala, commenting on the results for the second quarter of the 2023 fiscal, said: “It is heartening to note that we are on the right track. In spite of the challenges posed by the global headwinds, we have been able to maintain our growth trajectory. These headwinds appear to be getting stronger as the year progresses, with looming uncertainties in the market, but I am confident that our reputation to deliver innovative solutions and our ability to ensure significant value to our clients, will only enable us grow further.”
Mr. Anand Balakrishnan, the CEO of Mindteck, said: “During the year, in the post-pandemic business environment, we have had to now tackle the severe challenges posed by geo-political developments that led to businesses being cautious about investments. Regardless, we have won numerous projects against stiff competition, adding 29 new logos in the past 6-months. We have a focused team, cohesive in their mission to take this company to even greater heights in the coming years.”
For more information, contact preetham.u@mindteck.com.
About Mindteck
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 are 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. Mindteck continues to be compliant to ISO International standards for QMS & ISMS while utilizing CMMI version 1.3 Dev framework for high maturity engineering & support processes.