Mindteck (India) Limited, the global engineering and technology solutions company announced its unaudited Financial Results for the first quarter ended June 30, 2023, the company announced through an exchange filing.
Consolidated Revenue
Consolidated Revenue for the quarter ended June 30, 2023 stood at Rs 93.41 crore, as against Rs 88.74 crore for the previous quarter ended March 31, 2023 and Rs 81.26 crore for the corresponding quarter ended June 30, 2022. The company reported a consolidated net profit of Rs 6.23 crore for the quarter ended June 30, 2023 as compared to a consolidated net profit of Rs 5.41 crore for the previous quarter ended March 31, 2023 and Rs 5.12 crore for the corresponding quarter ended June 30, 2022.
Standalone Revenue
The Company’s Standalone Revenue for the quarter ended June 30, 2023 was Rs 34.42 crore, as against Rs 33.61 crore for the previous quarter ended March 31, 2023 and Rs 31.38 crore for the corresponding quarter ended June 30, 2022. Standalone net profit for the quarter ended June 30, 2023 stood at Rs 3.96 crore as compared to a net profit of Rs 4.96 crore for the previous quarter ended March 31, 2023 and Rs 3.93 crore for the corresponding quarter ended June 30, 2022.
Financial highlights
Revenue grew by 5.3 percent QoQ and 15.0 percent YoY. EBITDA grew by 10.8 percent QoQ and 15.5 percent YoY. Net profit before tax grew by 19.9 percent QoQ and 22.7 percent YoY. Net profit after tax grew by 15.2 percent QoQ and 21.7 YOY.
Basic EPS Stood at Rs 2.51, grew by 15.1 percent QoQ and 24.3 percent YoY. Company has a liquidity of Rs 104.38 crore as of June 30, 2023.
"We find ourselves in the midst of economic headwinds that cast their shadow over industries at large, with a particular emphasis on the technology sector. Amid these dynamics, technology firms are reaffirming their commitment to refining supply chains, modernizing infrastructure, and seizing expansion prospects," said Yusuf Lanewala, Chairman of the Board.
"We have closed multiple deals with 33 new and existing clients all around the world which spans various industries including Manufacturing, Telecommunications, Finance, Banking, Storage, Enterprise software, Semiconductor, Life Sciences, Energy and Utilities. With a strong Q1 performance marked by 15.0% YoY growth and a healthy liquidity of Rs. 104.38 crore, a record high revenue per quarter, we’ve established a sturdy foundation for growth in the quarters ahead," said Anand Balakrishnan, the CEO of Mindteck.
