Mindteck Reports Financial Results for the Quarter and Nine Months Ended December 31, 2024

BusinessWire India

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Bengaluru (Karnataka) [India], February 6: 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, 2024.

The company's consolidated revenue for the quarter stood at Rs. 104.02 crore as against Rs. 108.23 crore for the previous quarter ended September 30, 2024, and Rs. 95.75 crore for the corresponding quarter ended December 31, 2023. Consolidated net profit for the quarter stood at Rs. 7.93 crore as against a profit of Rs. 7.57 crore for the previous quarter ended September 30, 2024, and Rs. 7.19 crore for the corresponding quarter ended December 31, 2023.

YTD revenue for the nine months ended December 31, 2024, stood at Rs. 320.40 crore as against Rs. 287.63 crore for the nine months ended December 31, 2023 - a growth of 11.4%. YTD profit for the nine months ended December 31, 2024 stood at Rs. 23.61 crore (before exceptional item) as against Rs. 20.83 crore for the nine months ended December 31, 2023 - a growth of 13.3%. The Basic EPS of the company stood at Rs. 6.90 per share for the nine months ended December 31, 2024, as against Rs. 6.70 per share for the nine months ended December 31, 2023.

The company's standalone revenue for the quarter stood at Rs. 35.87 crore as against Rs. 39.17 crore for the previous quarter ended September 30, 2024, and Rs. 34.67 crore for the corresponding quarter ended December 31, 2023. Standalone's net profit for the quarter stood at Rs. 3.29 crore as against a profit of Rs. 4.41 crore for the previous quarter ended September 30, 2024, and Rs. 4.42 crore for the corresponding quarter ended December 31, 2023.

YTD standalone revenue for the nine months ended December 31, 2024 stood at Rs. 116.48 crore as against Rs. 103.59 crore for the nine months ended December 31, 2023 - a growth of 12.4%. YTD profit for the nine months ended December 31, 2024 stood at Rs. 11.56 crore as against Rs. 12.53 crore for the nine months ended December 31, 2023. The Basic EPS of the company stood at Rs. 3.63 per share for the nine months ended December 31, 2024, as against Rs. 3.96 per share for the nine months ended December 31, 2023.

The Chairman of the Board, Mr. Yusuf Lanewala, commented on the results: "We are pleased to report another strong quarter, with solid performance and profitability. The IT industry continues to evolve rapidly, driven by cloud computing, AI, and cybersecurity advancements. Despite market challenges, our strategic focus keeps us ahead of the curve. We remain committed to innovation, operational excellence, and delivering long-term value to our stakeholders."

Adding to this, Anand Balakrishnan, the CEO, said, "The Company has delivered a strong performance for the quarter and successfully secured 10 new business deals. These results highlight the growing demand for our solutions and our ability to adapt in an evolving industry. As we look ahead, we remain committed to pushing boundaries, forging new opportunities, and delivering even greater value."

For more information, contact gnana.murthy@mindteck.com.

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