Mindteck, a global technology company, reported a consolidated net profit of Rs 54.2 million in the quarter ended March 2021 as against net loss of Rs 408.6 million during the previous quarter ended March 2020. Net Sales rose 2.64% to Rs 725.7 million in the quarter ended March 2021 as against Rs 707 million during the previous quarter ended March 2020.

Consolidated Revenue for the year 2020-21 stood at Rs. 2,867.2 million, as against Rs. 2,761.3 million for the previous year ended March 31, 2020. The company reported a Consolidated Net Profit for the year 2020-21 of Rs. 108.6 million as compared to a loss of Rs. 648 million for the previous year ended March 31, 2020. Last year's loss included an exceptional non-cash item amounting to Rs. 594.2 million on account of impairment of goodwill on consolidation of the US and Singapore subsidiaries.

The Company's Standalone Revenue for the year 2020-21 was Rs. 1,039.8 million, as against Rs. 923.1 million for the previous year ended March 31, 2020. Standalone Net profit for the year 2020-21 stood at Rs. 85.3 million as compared to a loss of Rs. 592.4 million for the previous year ended March 31, 2020.Last year's loss included an exceptional non-cash item amounting to Rs. 566.6 million on account of impairment of investment in subsidiaries in the US and Singapore.

Yusuf Lanewala, Non-Executive Chairman, said, "Despite the profound challenges posed by the pandemic, we improved our operating profitability considerably in comparison to the previous year. This was possible on account of expansion in our existing client relationships and increased visibility across multiple regions, in the areas of analytical instruments, storage and product engineering. During the past year, we added a total of 29 logos to our client roster. I am especially pleased to report that this includes leading companies in the medical device, semiconductor and storage industries. This is further testament to the increased recognition of our valued niche knowledge in these domains."

Anand Balakrishnan, CEO and Managing Director, remarked, "I might add that we are also delighted to be working with an existing client’s UK subsidiary on two new interesting projects - one for advanced mass spectroscopy solutions development and the other involving big data analytics. Overall, it appears that the business continuity measures we instituted at the early start of the pandemic helped us to remain ready and able to support our clients throughout the year. We are also very appreciative of the dedication reflected by all our employees every single day."

He added, "Indeed, it is impossible to neglect the current state of the pandemic in India. While the effects of the ravage are challenging, we have been taking extra measures to ensure both seamless delivery and employee well-being. We are hopeful that the year ahead will bring relief and renewal as we continue to pursue a future of predictable, profitable and sustainable growth."

Shares of the company gained Rs 1.15, or 2.02%, to trade at  Rs 58.05.  The total volume of shares traded  was  23,459 at the BSE (1.00 p.m., Monday).