Bengaluru (Karnataka) [India], May 23 (ANI/BusinessWire 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 (including 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, 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 five years coupled with 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 eight 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 per cent 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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