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Mindteck reports revenue and profit growth for FY 2024

EditorFrank DeMatteo
Published 2024-05-20, 06:48 a/m

BENGALURU, India - Mindteck (India) Limited (BSE: 517344 and NSE: MINDTECK), a global engineering and technology solutions company, has announced its audited financial results for the fiscal year ended March 31, 2024. The company reported a consolidated revenue of Rs. 385.53 crore, marking a year-over-year growth of 14.5%. This is an increase from the previous fiscal year's revenue of Rs. 336.73 crore.

The firm's consolidated net profit also saw a significant rise, with a 31.5% increase to Rs. 27.31 crore for the fiscal year, up from Rs. 20.77 crore the previous year. Similarly, standalone net profit grew by 22.9% to Rs. 18.27 crore.

In the most recent quarter, Mindteck's consolidated revenue stood at Rs. 97.90 crore, showing an improvement from both the previous quarter's Rs. 95.75 crore and the Rs. 88.74 crore reported in the same quarter of the previous year. However, the consolidated net profit for the quarter experienced a slight decline to Rs. 6.48 crore compared to Rs. 7.19 crore in the previous quarter.

The company's chairman, Mr. Yusuf Lanewala, attributed the growth to new business wins and the acquisition of 37 new engagements during the fiscal year. He emphasized the team's hard work and dedication as key factors in the company's success. CEO Anand Balakrishnan echoed these sentiments, expressing pride in the team's collective effort and highlighting the company's healthy liquidity and increased earnings per share (EPS), which rose from Rs. 8.26 in FY 2023 to Rs. 10.97 in FY 2024.

Mindteck's performance indicates its ability to secure new clients and engagements, which reinforces its market position. The company's focus remains on delivering solutions and services that meet the evolving needs of its clients and stakeholders.

The information reported is based on a press release statement from Mindteck.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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