Business News | Tech Solutions Provider Mindteck Reports FY20 Loss of Rs 59 Crore

Bengaluru (Karnataka) [India], May 28 (ANI): Engineering and technology solutions provider Mindteck India Ltd on Thursday reported a standalone net loss for the year 2019-20 at Rs 59.24 crore.

It was primarily attributable to a goodwill impairment of the US and Singapore subsidiaries. The standalone profit before taxes and exceptional items stood at Rs 1.12 crore in FY20.

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Its standalone revenue for the year was Rs 92.31 crore as against Rs 107.63 crore in 2018-19. The company serves a top-tier Fortune 1,000 clientele, start-ups, leading universities and government entities around the globe.

Despite a year fraught with stiff competition, increased margin compression and the impact of an unexpected pandemic during the last quarter of the year, the company is adequately capitalised with a robust zero-debt balance sheet supported by a healthy liquidity position, said Non-Executive Chairman Yusuf Lanewala.

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"Our financial strength and enviable client base, together with changes made in the leadership team, puts us on the right footing to meet the challenges of the post-pandemic era," he said in a statement on Thursday. (ANI)

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