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 first quarter ended June 30, 2020.
The company’s consolidated revenue for the quarter stood at Rs. 68.62 crores as against Rs. 70.70 crores for the previous quarter ended March 31, 2020. Consolidated net profit for the quarter stood at Rs. 1.67 crores as against a loss of Rs. 40.86 crores for the previous quarter.
Mr. Yusuf Lanewala, Non-Executive Chairman, commented, “Though global enterprises remain cautious amidst the lingering impacts of the pandemic, there were some positive signs of improvement towards quarter’s end. Specifically, in early June we announced a high-value, full development project win from what is now our fifth semiconductor client. Later in the month, we received a proof of concept requirement for a smart watch productivity solution from an existing semiconductor client.” He added, “We were also pleased to have secured a two-year contract with one of the largest public sector manufacturing companies in the Middle East.”
Mr. Anand Balakrishnan, Mindteck’s CEO and Managing Director who took over the helm on March 1, 2020, added, “Despite the extraordinary climate, business from existing customers appears to be slowly returning to a steady state. There are a number of global Tier 1 MSAs in the works and the pipeline is growing, too. We are very thankful to see such activity, and particularly grateful for the unwavering focus and dedication of our employees during such unprecedented times.” He further commented, “The harm caused by COVID-19 and the continued uncertainty is definitely troubling. Let’s all stay safe and hope for the best for everyone far and wide.”
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 Data Services, Cloud and IoT. 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, Philippines, Germany and United Kingdom Development Centers: Kolkata and Bengaluru, India.