Mindteck reports financial results for the quarter ended September 30, 2021

Bengaluru (Karnataka) [India], November 16 (ANI/BusinessWire India): Mindteck (India) Limited, 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).

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."

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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