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Mindteck reports financial results for the third quarter

Feb 15, 2020 by The Passage Team
Mindteck reports financial results for the third quarter

Mindteck (India) Limited (BSE: 517344 and NSE: MINDTECK), a global engineering and technology solutions company, today reported its unaudited financial results for the third quarter ending December 31, 2019.

The company’s consolidated revenue for the quarter stood at Rs. 68.83 crores as against Rs. 68.06 crores for the previous quarter ended September 30, 2019. Net loss for the quarter (before tax, exceptional and/or extraordinary items) stood at Rs. 1.15 crores against a loss of Rs. 1.27 crores for the previous quarter. Total loss for the quarter was Rs. 21.83 crores, including an exceptional non-cash item of Rs. 21.57 crores relating to impairment of Goodwill of one of its subsidiaries, as against a loss of Rs. 0.57 crores for the previous quarter.

Yusuf Lanewala, Non-Executive Chairman, commented, “Despite contending with ongoing market competition and margin compression, the company continues to have the financial strength to explore growth opportunities, invest in newer technologies, and build a more robust talent pool.”

Sanjeev Kathpalia, CEO and Managing Director, added, “We are also fortunate to be seeing continued momentum in the areas of cloud analytics, IoT and automation. The pipeline spans across geographies and beyond the transactional deal type that so predominates the current environment.”

During the meeting held earlier today, the Board also announced that Mr. Sanjeev Kathpalia, CEO and Managing Director, will leave at the end of his contract period. Mr. Anand Balakrishnan, COO and Interim CFO, will take the helm of steering the future growth of Mindteck effective March 1, 2020. Additionally, Mr. Ramachandra M.S., Mindteck’s current Vice President -- Finance, has been appointed Chief Financial Officer effective March 1, 2020.

Speaking on behalf of the Board, Mr. Yusuf Lanewala, Non-Executive Chairman, commented, “Over the past three years, Sanjeev’s contributions have served the company well. During his three-year term, Sanjeev led two restructurings and accelerated client interactions, notably paving the way for improved competitive advantage and business alignment around the expectations of our clients for years to come.”

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