Intraday Spotlight: Mindteck India Ltd hits upper circuit in early trade

The company has reported 206.9 per cent YoY growth in net profit.

Mindteck India Ltd is an engineering and technology solutions company that offers services in the medical device, data storage, analytical instrument and semiconductor industries. The company has made a place in BSE top gainers by hitting the upper circuit of 4.85 per cent in the early trade session today.

The company has reported a total income of Rs 76.77 crore during the period ended December 31, 2021, as compared to Rs 73.72 crore during the period ended December 31, 2020, with 4.14 per cent growth. Net profit of the company has grown by 0.91 per cent QoQ and 206.9 per cent YoY. Net profit of the current quarter stands at Rs 4.45 crore. Profit for the nine months ended December 31, 2021, stood at Rs 30.32 crore (includes an exceptional item of Rs 18.18 crore) as against Rs 5.44 crore for the nine months ended December 31, 2020, up by 457 per cent YoY. 

Yusuf Lanewala, Non-Executive Chairman, commented, “We are very pleased to report continued momentum in the third quarter with seven new client wins as well as deepened business with multiple clients across our entire global footprint."

Anand Balakrishnan, Mindteck’s CEO and Managing Director, remarked, “It is particularly gratifying to have witnessed robust activity across multiple verticals in North America, including the start of an engagement with the Canadian subsidiary of a top-tier client. We are especially encouraged to have secured 49 contract extensions – a dramatic increase from recent quarters, potentially signalling renewed confidence and stability in the business environment.” 

In the early trade session on Friday, the stock of Mindteck India Ltd hit its 4.85 per cent upper circuit and trading was halted at Rs 169.8, up by 4.85 per cent or Rs 7.85 per share. The 52-week high of the scrip is recorded at Rs 294.6 and the 52-week low at Rs 40.1 on the BSE.