Press Release

Mindteck Reports Financial Results for the Quarter Ended September 30, 2020

Business Wire India
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, 2020.

The company’s consolidated revenue for the quarter stood at Rs. 72.81 crores as against Rs. 68.62 crores for the previous quarter ended June 30, 2020. Profit for the quarter stood at Rs. 2.32 crores as against a profit of Rs. 1.67 crores for the previous quarter. Furthermore, YTD revenue as at September 2020 stood at Rs. 141.43 crores against YTD revenue of Rs. 136.6 crores as at September 2019. YTD profit as at September 2020 stood at Rs. 3.99 crores against YTD loss of Rs. 1.20 crores as at September 2019.

Mr. Yusuf Lanewala, Non-Executive Chairman, commented, “During the quarter, the company continued to face challenges posed by the pandemic. However, we are pleased to have made significant inroads with existing clients spanning multiple industries, including life sciences, utilities, semiconductor and storage. We are also currently engaged in a software product validation project with a new client that provides solutions for coronavirus research and detection systems. Other new clients include a multinational insurance provider and a semiconductor company. For the latter, we have executed a crucial proof of concept project requiring the integration of a legacy automation system to a new factory system gateway as part of a fab-wide Industry 4.0 initiative roll out.”

Mr. Anand Balakrishnan, Mindteck’s CEO and Managing Director, remarked, “Additional highlights of current engagements include: two hardware product design and development projects for a company focused on connected technologies; two new projects for an existing storage client; and support to an IT services company on an IoT-based project for professional sporting venues.”

He further commented, “Our commitment to ensuring business continuity and stakeholder care during this unprecedented time remains strong. I am proud to report that our delivery team has received some client accolades for performance during these unusual times. Also, our quality team has upheld its dedication to continuous improvement. Appraised at CMMI Level 5, the highest form of third-party validation, we stand out among industry peers for process capability and maturity.”

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