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Mindteck Reports Financial Results For FY 2023-24

Mindteck, a global engineering and technology solutions company with specialized expertise in the storage, medical device, semiconductor, and analytical instrument industries, has announced its audited financial results for the fiscal year ending March 31, 2024. The company's consolidated revenue for Q4 stood at Rs. 97.90 crore, up from Rs. 95.75 crore in Q3 and Rs. […]

Mindteck, a global engineering and technology solutions company with specialized expertise in the storage, medical device, semiconductor, and analytical instrument industries, has announced its audited financial results for the fiscal year ending March 31, 2024.

The company's consolidated revenue for Q4 stood at Rs. 97.90 crore, up from Rs. 95.75 crore in Q3 and Rs. 88.74 crore in the same quarter last year. Consolidated net profit for Q4 was Rs. 6.48 crore, compared to Rs. 7.19 crore in Q3 and Rs. 5.41 crore in Q4 of the previous year.

For the full fiscal year, consolidated revenue reached Rs. 385.53 crore, a 14.5% increase from Rs. 336.73 crore in FY 2023. Consolidated net profit rose by 31.5% to Rs. 27.31 crore, up from Rs. 20.77 crore in the previous year.

Standalone figures for Q4 showed revenue of Rs. 36.10 crore, up from Rs. 34.67 crore in Q3 and Rs. 33.61 crore in Q4 of the prior year. Standalone net profit for Q4 was Rs. 5.74 crore, compared to Rs. 4.42 crore in Q3 and Rs. 4.96 crore in Q4 of the previous year.

For the full year, standalone revenue was Rs. 139.69 crore, up 7.9% from Rs. 129.51 crore in FY 2023. Standalone net profit increased by 22.9% to Rs. 18.27 crore, compared to Rs. 14.87 crore the previous year.

Chairman of the Board, Yusuf Lanewala, commented on the results: “Mindteck has secured significant new business wins across various sectors, reflecting steady growth. In the last quarter alone, the company welcomed eight new clients, expanding its client base and reinforcing its position as a trusted partner in the industry. Furthermore, we are proud to announce the acquisition of 37 new engagements for the fiscal year 2024. This highlights our ability to provide comprehensive solutions tailored to the evolving needs of our clients.”

Lanewala further added, “We are happy to witness this growth and success, particularly in challenging times. These achievements are a testament to the hard work, dedication, and expertise of our team. We remain committed to delivering exceptional value to our clients and driving innovation in everything we do. As Mindteck continues to expand its presence and offerings in the market, it remains focused on delivering unparalleled solutions and services that drive success for its clients and stakeholders.”

CEO Anand Balakrishnan also shared insights: “I am glad to report significant achievements for FY 2024:

Mindteck's performance is a testament to the dedication, resilience, and unwavering commitment to excellence and innovation that defines us. Each team member has played an integral role in this success, and I am immensely proud of our collective effort. This achievement not only validates our strategic vision but also reinforces our position as a leader in our industry.”

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Financial Year 2023-2024MindteckTDGIndia Herald