After weeks of subdued performance, shares of Mindteck (India) hit their 10 percent upper circuit at Rs 272.85, marking a continuation of the previous session's rally. This surge comes after a period of five consecutive losing sessions.
Year-to-date, Mindteck shares have gained 43 percent, significantly outperforming the Nifty 50, which has risen 12 percent during the same period.
In the company's Q2FY25 earnings, announced on November 12, its consolidated profit after tax (PAT) rose nearly 19 percent QoQ and 2 percent YoY to Rs 7.6 crore. Revenue from operations remained flat sequentially but grew nearly 10 percent YoY to Rs 108 crore.
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"Our second quarter performance has been marked by strong growth metrics and promising innovation. Through strategic initiatives, we optimised our operations and improved our cost structure, allowing us to maintain healthy margins even in challenging conditions," said Anand Balakrishnan, CEO of Mindteck.
Echoing the optimism, Yusuf Lanewala, Chairman of the Board, said, "Despite facing inflationary pressures, supply chain disruptions, and shifting market dynamics, our company has demonstrated remarkable strength and growth quarter on quarter. Our commitment to innovation and adaptability has allowed us to navigate these turbulent waters effectively and continue our growth trajectory."
Mindteck is a global engineering and technology solutions provider. The company specialises in embedded systems, enterprise applications, testing, digital engineering (including cloud, IoT, and cybersecurity), and data engineering services like AI, machine learning, and analytics. Established in 1991, Mindteck serves a diverse clientele, including Fortune 1000 companies, start-ups, universities, and government entities.
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