Mindteck reports Financial Results for Q1 2022-23, and announces share Buy-back

Bengaluru (Karnataka) [India], August 12 (ANI/BusinessWire India): Mindteck (India) Limited (BSE: 517344 and NSE: MINDTECK), the global engineering and technology solutions company with niche knowledge and expertise in the storage, medical device, semiconductor and analytical instrument industries, reported its unaudited Financial Results for the first quarter ended June 30, 2022.
Consolidated Revenue for the quarter ended June 30, 2022, stood at Rs 81.26 crore, as against Rs 73.67 crore for the previous quarter ended March 31, 2022, and Rs 73.42 crore for the corresponding quarter ended June 30, 2021. The company reported a consolidated net profit of Rs 5.12 crore for the quarter ended June 30, 2022, as compared to a consolidated net profit of Rs 2.99 crore for the previous quarter ended March 31, 2022, and Rs 21.46 crore (that included an exceptional item of Rs 18.18 crore) for the corresponding quarter ended June 30, 2021.
The Company's Standalone Revenue for the quarter ended June 30, 2022, was Rs 31.38 crore, as against Rs 28.92 crore for the previous quarter ended March 31, 2022, and Rs 27.33 crore for the corresponding quarter ended June 30, 2021. Standalone net profit for the quarter ended June 30, 2022, stood at Rs 3.93 crore as compared to a net profit of Rs 3.90 crore for the previous quarter ended March 31, 2022, and Rs 2.30 crore for the corresponding quarter ended June 30, 2021.
The Board of Directors have approved buyback proposal up to 7,61,111 Equity shares (assuming indicative Maximum Buy-back price of Rs. 180 per Share, representing 10% of total Paid-up-Capital and Free Reserves as at March 31, 2022) from the shareholders of the Company from the open market through stock exchange, at a price not exceeding Rs. 180 per Equity Share for an aggregate amount not exceeding Rs.13.70 crore in accordance with the provisions of the Companies Act, 2013 and the SEBI (Buy-back of Securities) Regulations, 2018 (as amended). However, post buy-back, the number of shares to be bought back may differ depending upon the price at which actual number of equity shares bought under the buy-back.
The Chairman of the Board, Yusuf Lanewala, commenting on the results for the first quarter of 2023 fiscal, said: "The pandemic still raises concerns in parts of the world and the geopolitical situation continues to be uncertain in Europe and Asia, making the supply chain and component availability challenges still very real. Coupled with this, the recession fears in the United States has made businesses more cautious about new investments. However, the year has begun on a very good note and I am optimistic we will continue on this path."
Anand Balakrishnan, the CEO of Mindteck, said: "We have begun the year on a very promising note. We have added 8 new Enterprise clients just in the United States while having expanded our collaboration with many of our existing clients in Europe and APAC. It is very encouraging to see the inroads we are making in Europe with promising new engagements. We continue to invest in developing and retaining our talent while keeping our costs under control."
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