Mindteck Reports Financial Results for the Quarter Ended December 31, 2020

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 third quarter ended December 31, 2020.

The company’s consolidated revenue for the quarter stood at Rs. 72.72 crores and profit for the quarter stood at Rs. 1.45 crores. Furthermore, YTD revenue as at December 2020 stood at Rs. 214.15 crores against YTD revenue of Rs. 205.43 crores as at December 2019. YTD profit as at December 2020 stood at Rs. 5.44 crores against YTD loss of Rs. 23.94 crores as at December 2019.

Mr. Yusuf Lanewala, Non-Executive Chairman, commented, “Although pandemic-related challenges persisted during the quarter, we are very pleased to have generated new business that further validates our valued niche knowledge and expertise in the medical device industry. For example, we won multiple high-value digital transformation projects with a new medical device client who specialises in oncology-related solutions. These projects, which will ultimately improve the client’s patient care management platform, are being conducted with both onsite and offshore teams across the US, Canada, Europe and India. Additionally, we secured a new high-tech photonics client to deliver a few projects involving cloud consulting, software development and testing, as well as Computer-Integrated Manufacturing (CIM) application development. Separately, I am pleased to report that Mindteck’s 2020 Zinnov Zones ratings improved considerably in the ER&D (Traditional) Services category. We were also rated in two new categories: ER&D (Digital) Services and IoT Services.”

Mr. Anand Balakrishnan, CEO and Managing Director, noted that the company’s Leadership Team was strengthened with the appointment of Mr. Harish Nair as Senior Vice President – Global Sales, who is specifically responsible for overall sales performance for the India, APAC and the Middle East regions. In discussing business highlights, Mr. Balakrishnan said, “As an outgrowth of the pandemic, we began an interesting IoT application development project for an existing workforce management solutions client. It entails the enhancement of an intelligent and touchless time clock product to be used by companies wishing to have employees return to the workplace without the risk of germs and fevers.” He added, “We also began an engagement with a new global data storage client. Our team is involved in software development of the client’s entry offering in the public cloud storage domain. It is massively scalable object storage that will be available on leading cloud platforms. Lastly, I am pleased to report that, along with signing a new self-driving, ride-hauling service company as a US client, we also won one new logo in the Middle East and eight new logos in APAC.”