Mindteck Reports Financial Results for the Financial Year 2021-22

23 May 2022 , 12:20 PM

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 audited financial results for the year ended March 31, 2022.
 
Consolidated Revenue for the year ended March 31, 2022 stood at Rs. 298.78 crores, as against Rs. 286.72 crores for the previous year ended March 31, 2021. The company reported a consolidated net profit of Rs. 33.31 crores (includes an exceptional item of Rs. 18.18 crores) for the year ended March 31,2022 as compared to a consolidated net profit of Rs. 10.86 crores for the previous year ended March 31, 2021.
 
The Company’s Standalone Revenue for the year ended March 31, 2022 was Rs. 114.25 crores, as against Rs. 103.98 crores for the previous year ended March 31, 2021. Standalone Net profit for the year ended March 31, 2022 stood at Rs. 10.98 crores as compared to a profit of Rs. 8.53 crores for the previous year ended March 31, 2021.
 
The Chairman of the Board, Mr. Yusuf Lanewala, commenting on the results said, “This has been a year of challenges and opportunities. While the pandemic and geo-political situation affected some of our business lines on account of a lack of components, as well as challenging our attrition management program, this period also helped us establish scalable systems and processes that helped us manage contract fulfillment even when almost all of our resources were working remote. It has been an encouraging year with the win of 29 new clients globally, a return to the growth path with the highest profitability (without exceptional items) in the past 5 years coupled with an all-time high liquidity. Most importantly, our stability and consistency in delivering value to our clients during the pandemic year, with little or no disturbance, has helped establish ourselves as a trusted long-term, reliable value-contributor to their business.”
 
Adding to this, Anand Balakrishnan, the CEO of Mindteck, has this to say, “During the year, as we were looking at moving out of the pandemic affected business environment, it is encouraging to see that we have added 8 new Enterprise clients just in the United States, which by far contributes the largest to our global revenue, expanded our engagements with many of our existing clients, and have also shown a growth of over 27% in the business from the rest of the world. We have managed attrition well during a tough year, where there is a big flux in the hiring space, kept our costs in visible control and built competencies in new areas.”
 
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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. Appraised at Level 5 of the CMMI Institute’s Capability Maturity Model Integration (CMMI)®.