Mindteck Reports 31.5 Percent Increase in Annual Net Profit for FY 2024

Mindteck Reports 31.5 Percent Increase in Annual Net Profit for FY 2024

Dil Bar Irshad | May 20, 2024 | 04:08 PM IST | Breaking News | Follow on Google News

Mindteck Reports 31.5 Percent Increase in Annual Net Profit for FY 2024

Mindteck Reports 31.5 Percent Increase in Annual Net Profit for FY 2024

Key Highlights:

1. Annual revenue grew by 14.5% year-over-year to Rs. 385.53 crore.
2. Annual net profit increased by 31.5% year-over-year to Rs. 27.31 crore.
3. Secured 37 new engagements and welcomed 8 new clients in the last quarter.

Bengaluru (Karnataka) [India], May 20: Mindteck (India) Limited (BSE: 517344 and NSE: MINDTECK), a global engineering and technology solutions company, reported strong financial results for the fiscal year ended March 31, 2024. The company saw significant growth across various metrics, demonstrating its robust performance and market position.

For the quarter ending March 31, 2024, Mindteck’s consolidated revenue reached Rs. 97.90 crore, up from Rs. 95.75 crore in the previous quarter and Rs. 88.74 crore in the corresponding quarter of the previous year. The consolidated net profit for the quarter was Rs. 6.48 crore, compared to Rs. 7.19 crore in the prior quarter and Rs. 5.41 crore for the same period last year.

Annually, Mindteck’s consolidated revenue surged to Rs. 385.53 crore, marking a 14.5% year-over-year increase from Rs. 336.73 crore. The consolidated net profit for the year was Rs. 27.31 crore, reflecting a 31.5% rise from Rs. 20.77 crore in the previous year.

On a standalone basis, the company reported revenue of Rs. 36.10 crore for the quarter, up from Rs. 34.67 crore in the prior quarter and Rs. 33.61 crore for the corresponding quarter last year. The standalone net profit for the quarter was Rs. 5.74 crore, compared to Rs. 4.42 crore in the previous quarter and Rs. 4.96 crore in the same quarter last year. For the full year, standalone revenue was Rs. 139.69 crore, up 7.9% from Rs. 129.51 crore, and standalone net profit was Rs. 18.27 crore, a 22.9% increase from Rs. 14.87 crore the previous year.

Chairman Yusuf Lanewala highlighted the company’s steady growth, securing significant new business wins and expanding its client base with 8 new clients in the last quarter and 37 new engagements for the fiscal year 2024. He emphasized the team’s dedication and the company’s commitment to innovation and client satisfaction.

CEO Anand Balakrishnan noted the remarkable annual achievements, with revenue growing by 14.5%, net income by 31.5%, and EPS increasing to Rs. 10.97 from Rs. 8.26. He praised the team’s effort and reiterated Mindteck’s strategic vision and industry leadership.

For more information, contact [email protected].

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Dil Bar Irshad

Dil Bar Irshad is a seasoned journalist, hails from Jammu Kashmir's Doda, covers political, social, business stories, index stories.