Mindteck, a global engineering and technology solutions company, on Friday, swung to a net profit for the quarter ended September 2020. The company has made a net profit of Rs. 23.2 million in the quarter, against a net loss of Rs. 15.5 million in the same period last fiscal.

The company's revenue rose 6.78% to Rs 728.1 million in the quarter ended September 2020 as against Rs. 680.6 million during the previous quarter ended September 2019.

Total expenses increased 1.26% to Rs 706 million in the quarter ended September 2020 as against Rs 697.2 million in the same quarter last fiscal.

Commenting on the earnings, Yusuf Lanewala, Non-Executive Chairman, commented, "During the quarter, the company continued to face challenges posed by the pandemic.  However, we are pleased to have made significant inroads with existing clients spanning multiple industries, including life sciences, utilities, semiconductor and storage. We are also currently engaged in a software product validation project with a new client that provides solutions for coronavirus research and detection systems. Other new clients include a multinational insurance provider and a semiconductor company. For the latter, we have executed a crucial proof of concept project requiring the integration of a legacy automation system to a new factory system gateway as part of a fab-wide Industry 4.0 initiative roll out."

Anand Balakrishnan, CEO and Managing Director, remarked, "Additional highlights of current engagements include: two hardware product design and development projects for a company focused on connected technologies; two new projects for an existing storage client; and support to an IT services company on an IoT-based project for professional sporting venues.

"He further commented, "Our commitment to ensuring business continuity and stakeholder care during this unprecedented time remains strong. I am proud to report that our delivery team has received some client accolades for performance during these unusual times. Also, our quality team has upheld its dedication to continuous improvement. Appraised at CMMI Level 5, the highest form of third-party validation, we stand out among industry peers for process capability and maturity."

Shares of the company gained Rs 1.45, or 4.96%, to trade at  Rs 30.70.  The total volume of shares traded  was  698 at the BSE (12.04 p.m., Friday).