Mindteck posts 23.82 pc growth in Q3 profit

BENGALORE: Mindteck (India) on Monday posted a 23.82 per cent surge in its net profit to Rs 5.51 crore for the quarter ended December 2022, against Rs 4.45 crore for the corresponding quarter ended December 31, 2021. Sequentially, the company had posted a 16.49 per cent jump in its net profits.

The global engineering and technology solutions company with niche expertise in the storage, medical device, semiconductor and analytical instrument industries said in a release that revenue for the reviewed quarter surged 9.16 per cent to Rs 82.66 crore, against Rs 75.72 crore for the corresponding quarter ended December 31, 2021. Its revenue was Rs 84.07 crore for the previous quarter ended September 30, 2022.

Year-to-date (YTD) revenue for the nine months ended December 31, 2022, stood at Rs 247.99 crore, against Rs 225.11 crore in the year-ago period. YTD profit for the nine months ended December 31, 2022, was Rs 15.36 crore, against Rs 30.32 crore for the corresponding nine months in 2021 including an exceptional item of Rs 18.18 crore.

The company also said standalone net profit for the quarter stood at Rs 3.03 crore, against a profit of Rs 2.95 crore for the previous quarter ended September 30, 2022, and Rs 2.26 crore for the corresponding quarter ended December 31, 2021.

Chairman of the company's Board, Yusuf Lanewala, said: "Despite the ongoing uncertainty in the global economy, we remain optimistic about the future. We believe that technology will continue to play a critical role in driving economic growth and improving people's lives, and we are well-positioned to capitalise on these trends."

The chairman also said precision medicine and telemedicine are becoming increasingly prevalent in the medical space. "The semiconductor industry is being shaped by the rollout of 5G networks, the growth of the Internet of Things, and the development of AI..."

In the storage industry, cloud storage, flash storage, and edge computing were driving new trends and innovations, the chairman said, adding, "We have made significant advancement in the offerings across technology stacks and have expanded our ability to better serve our customers."