Mindteck Reports Strong Q1 2023-24 Performance Marked by 5.3 Percent QoQ and 15.0 Percent YoY Growth

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 first quarter ended June 30, 2023.

Consolidated Revenue for the quarter ended June 30, 2023 stood at Rs. 93.41 crore, as against Rs. 88.74 crore for the previous quarter ended March 31, 2023 and Rs. 81.26 crore for the corresponding quarter ended June 30, 2022. The company reported a consolidated net profit of Rs. 6.23 crore for the quarter ended June 30, 2023 as compared to a consolidated net profit of Rs. 5.41 crore for the previous quarter ended March 31, 2023 and Rs. 5.12 crore for the corresponding quarter ended June 30, 2022.

The Company’s Standalone Revenue for the quarter ended June 30, 2023 was Rs. 34.42 crore, as against Rs. 33.61 crore for the previous quarter ended March 31, 2023 and Rs. 31.38 crore for the corresponding quarter ended June 30, 2022. Standalone net profit for the quarter ended June 30, 2023 stood at Rs. 3.96 crore as compared to a net profit of Rs. 4.96 crore for the previous quarter ended March 31, 2023 and Rs. 3.93 crore for the corresponding quarter ended June 30, 2022.

Financial highlights

The Chairman of the Board, Mr. Yusuf Lanewala, commenting on the results for the first quarter of the 2024 fiscal, said: “We find ourselves in the midst of economic headwinds that cast their shadow over industries at large, with a particular emphasis on the technology sector. Amid these dynamics, technology firms are reaffirming their commitment to refining supply chains, modernizing infrastructure, and seizing expansion prospects. Our recent efforts in prioritizing intelligent automation, modernizing legacy architectures, harnessing cloud computing, and strengthening infrastructure not only underscore our commitment but also reaffirm our unwavering dedication to innovation, excellence, and value creation, which remains resolute as ever.”

Mr. Anand Balakrishnan, the CEO of Mindteck, said: “We have closed multiple deals with 33 new and existing clients all around the world which spans various industries including Manufacturing, Telecommunications, Finance, Banking, Storage, Enterprise software, Semiconductor, Life Sciences, Energy and Utilities. With a strong Q1 performance marked by 15.0% YoY growth and a healthy liquidity of Rs. 104.38 crore, a record high revenue per quarter, we’ve established a sturdy foundation for growth in the quarters ahead. We are steadfastly driving robust sales, delivering solutions, fostering technological advancement, and ensuring delivery excellence. Through strategic investments in the growth and retention of our skilled professionals, we ensure that our capabilities continue to lead the industry.”