Mindteck reports strong numbers for Q3FY22; stock zooms ~5%

11 Feb 2022 , 11:15 AM

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 third quarter ended December 31, 2021.

Mr. Anand Balakrishnan, Mindteck’s CEO and Managing Director, remarked, “It is particularly gratifying to have witnessed robust activity across multiple verticals in North America, including the start of an engagement with the Canadian subsidiary of a top-tier client. We are especially encouraged to have secured 49 contract extensions — a dramatic increase from recent quarters, potentially signaling renewed confidence and stability in the business environment.”

The company’s consolidated revenue for the quarter was reported at Rs75.72 crore as against Rs75.97 crore for the previous quarter ended September 30, 2021, and Rs72.72 crore for the corresponding quarter ended December 31, 2020, reflecting a growth of 4.13% yoy.

Consolidated net profit for the quarter stood at Rs4.45 crore as against a profit of Rs4.41 crore for the previous quarter ended September 30, 2021, and Rs1.45 crore for the corresponding quarter ended December 31, 2020, registering a growth of 207% yoy.

Furthermore, YTD revenue for the nine months ended December 31, 2021, stood at Rs225.11 crore as against Rs214.15 crore for the nine months ended December 31, 2020, up by 5.12% yoy.

YTD profit for the nine months ended December 31, 2021, stood at Rs30.32 crore (includes an exceptional item of Rs18.18 crore) as against Rs5.44 crore for the nine months ended December 31, 2020, up by 457% yoy.

At around 11.12 AM, Mindteck was trading at Rs170, up by 4.97% or Rs8.05 against its previous closing price of Rs161.95. It touched day’s high and low of Rs170 and Rs161.95 respectively.