Tech solutions provider Mindteck reports FY20 loss of Rs 59 crore

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.

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.

"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.

( With inputs from ANI )