Letter to Shareholders
Yusuf Lanewala
Chairman
Dear Shareholders,
We are pleased to present the financial statements for the fiscal year
ended March 31, 2024.
Consolidated revenue for the year ended March 31, 2024, stood at Rs.
385.53 crore, compared to Rs. 336.73 crore for the previous year ended March 31, 2023,
representing a year-over-year (YoY) growth of 14.5%, driven by strong performance across
all segments. This growth underscores our ability to capture market share and deliver
value added solutions to our clients. Our profitability metrics also improved. Your
company reported a consolidated net profit of Rs. 27.31 crore for the year ended March 31,
2024, compared to a consolidated net profit of Rs. 20.77 crore for the previous year ended
March 31, 2023, marking an increase of 31.5%.
Your Company's Standalone Revenue for the year ended March 31, 2024 was
Rs. 139.69 crore, as against Rs. 129.51 crore for the previous year ended March 31, 2023,
representing a year-over-year (YoY) growth of 7.9%. Standalone Net profit for the year
ended March 31, 2024 stood at Rs. 18.27 crore as compared to a profit of Rs. 14.87 crore
for the previous year ended March 31, 2023, marking an increase of 22.9%.
These achievements are a testament to our disciplined financial
management and strategic investments in key growth areas.
A Message of Gratitude and Appreciation
I write to you with great pride as we reflect on another transformative
year at Mindteck. In the face of global challenges and rapid technological advancements,
we not only persevered, but excelled in delivering value to our customers. We navigated
the economic challenges by refining our strategies, modernizing infrastructure, and
seizing opportunities for expansion. Your company focused on developing cutting-edge
solutions in medical devices, telemedicine, healthcare data analytics, data storage, and
semiconductor technologies to drive digital transformation. Despite the challenging
macroeconomic conditions, Mindteck secured significant new business wins across various
sectors, welcoming 8 new clients in the last quarter alone and acquiring 37 new
engagements for the fiscal year. These achievements are a reflection of Mindteck's ability
to provide comprehensive solutions tailored to the evolving needs of its clients and the
dedication, resilience, and commitment to innovation, sustainability and operational
excellence.
To our clients, we express our heartfelt gratitude for their unwavering
trust and steadfast partnership. Your continued patronage and support have enabled us to
navigate the challenges of the past year and emerge stronger. As we look to the future, we
remain committed to delivering exceptional services, staying at the forefront of
technological advancements, and exceeding your expectations. We are honored to have the
opportunity to serve you and look forward to a prosperous and successful year ahead.
To our shareholders, we express our sincere appreciation for your
continuous trust and enduring support. Your investment in Mindteck has been instrumental
in our growth and success, and we are committed to ensuring that your trust is rewarded
with the highest standards of transparency, governance, and accountability. We will
continue to strive for excellence, innovate relentlessly, and deliver outstanding results,
driven by your confidence in our abilities.
To our employees, we offer our sincere thanks for your steadfast
dedication and hard work over the past year. Your passion for your work and your
willingness to go above and beyond have been instrumental in our success. Despite the
challenges posed by the pandemic, you have consistently delivered high-quality work,
adjusted seamlessly to evolving project timelines, and explored innovative delivery models
to ensure uninterrupted business operations for our clients. Your adaptability,
resilience, and commitment to excellence have been truly inspiring. We are proud to have
such a talented and driven team, and we are confident that with your continued support, we
will reach new heights in the years to come. Thank you for your invaluable contributions
and for being an integral part of the Mindteck family.
A Year of Innovation and Growth
The technology industry is poised for a resurgence in 2024, driven by
the continued adoption of digital transformation and the emergence of new technologies
such as generative AI, cloud computing, and cybersecurity. Despite challenges posed by
supply chain disruptions, workforce dynamics, and macroeconomic uncertainties, the
industry is expected to thrive and evolve.
This year, there will be a renewed focus on innovation, with companies
leveraging technological advancements to drive growth, efficiency, and productivity. The
rise of generative AI will be a key trend, enabling the creation of novel and contextually
relevant content across various domains. The increasing importance of digital
infrastructure and cybersecurity will continue to shape the industry, as companies
prioritize the security and resilience of their systems and data.
To navigate the challenges and opportunities of 2024, the industry will
emphasize adaptability, proactive risk management, and strategic collaborations. The
primary strategic objective remains the establishment of sustainable and resilient
organizations that remain pertinent to clients' needs, while also fostering growth
opportunities for employees, generating profitable returns for investors, and contributing
to the communities in which they operate.
Our Commitment to Innovation, Transformation, and Growth.
We are excited about the prospects for 2024 and are committed to
continuing our journey of innovation, transformation, and growth.
Performance-Driven Culture
Embracing Excellence: We have fortified and widely embraced a
performance-driven culture within our organization, empowering our teams to strive for
excellence.
Training and Development: To enhance the competencies of our workforce,
we have conducted a comprehensive series of leadership and technical training programs
across various teams.
Continuous Learning: These initiatives have equipped our employees with
the necessary skills and knowledge to excel in their roles, fostering a culture of
continuous learning and growth.
As we move forward, we remain dedicated to maintaining this momentum
and achieving new milestones in our journey of success.
Competency Development and Service Expansion:
AI/ML Expertise: Our team has acquired expertise in AI/ML technologies,
including Python-based Deep Learning Models using Convolutional Neural Networks (CNN), to
meet customer demands in the field of Predictive Analytics.
Data Services: We have expanded our knowledge in Data Engineering,
Business Intelligence, Data Visualization & Reporting, and Data Analytics. We offer
support to customers utilizing cutting-edge technologies such as Apache Nifi, Kafka,
Spark, Python, Scala, DataBricks, SnowFlake, Data Lake, and Power BI.
Healthcare Innovations: Our focus spans futuristic connected care
platforms, remote patient monitoring, heart health monitoring, digital care solutions,
value- based healthcare models, cybersecurity, and medical software utilization.
IT Infrastructure Services: We have established a specialized team
solely dedicated to IT infrastructure services, focused on delivering a wide range of
solutions including Remote Infrastructure Support encompassing Data Centre, Network,
Information Security, Desktop, and ITIL compliance management.
Sales and Marketing Enhancements: We have intensified our efforts in
both sales and marketing, strategically investing in lead qualification, closures, sales
coverage, and targeted marketing initiatives.
Delivery Excellence
Client Satisfaction: We have strengthened our unwavering commitment to
client satisfaction by intensifying client-centric initiatives, promptly resolving issues,
and delivering timely solutions. This has been achieved through increased client
interactions, structured reviews, and a notable improvement in Customer Satisfaction
(CSAT) scores.
Project Management: We maintained a relentless focus on meeting project
objectives by prioritizing adherence to Schedule, Cost, and Quality parameters. Our
emphasis on clients' Critical to Quality requirements has ensured successful project
outcomes.
Project Execution: We have significantly enhanced project management
capabilities by implementing robust processes and best practices, including agile
methodologies, resulting in seamless project execution and exceptional client experiences.
Business Continuity: We continuously upheld stringent business
continuity measures, receiving accolades for our outstanding performance during
challenging times, further cementing our reputation as a reliable partner.
Learning and Development: Demonstrating our commitment to continuous
growth and development, we invested in comprehensive Learning and Development sessions.
These initiatives have equipped our teams with advanced business and technical acumen,
enabling them to anticipate clients' evolving needs and provide innovative solutions.
Recruitment Excellence: We streamlined and elevated our hiring
processes by strengthening our recruitment teams at both leadership and operational
levels. This strategic investment has led to attracting top talent, ensuring a highly
skilled workforce.
Collaboration and Synergy: We implemented effective measures to foster
a collaborative work environment, facilitating enhanced synergy and cooperation among
teams. This approach has resulted in increased cross-functional collaboration, driving
efficiency and successful project outcomes.
Mindteck's Commitment to Transparency and Governance
At Mindteck, we are deeply committed to upholding the highest standards
of corporate governance and transparency. As a publicly traded company, we recognize the
importance of safeguarding the interests of our shareholders and all stakeholders.
Our governance framework is built on a foundation of robust policies,
processes, and controls that ensure accountability, integrity, and ethical decision-making
at all levels of the organization. We have a well-defined code of conduct that guides our
employees in maintaining the highest standards of professional and personal conduct.
The Board of Directors provides strong oversight and strategic
direction, with independent members who bring diverse expertise and perspectives to the
table. Our Audit Committee, Nomination and Remuneration Committee, and other
sub-committees work diligently to ensure compliance with all applicable laws and
regulations, as well as the implementation of best practices in corporate governance.
We have also established comprehensive risk management and internal
control systems to identify, assess, and mitigate potential risks to our business. Regular
audits, both internal and external, further reinforce our commitment to transparency and
the protection of shareholder interests.
Mindteck's unwavering dedication to corporate governance and compliance
is a testament to our belief that sustainable growth can only be achieved through ethical
and responsible business practices. We remain steadfast in our pursuit of excellence,
continuously enhancing our governance framework to maintain the trust and confidence of
our shareholders and all stakeholders.
Quality Management Enhancements
The Quality team has been dedicated to enhancing the Quality Management
System (QMS) to ensure it remains current and effective in meeting customer expectations
and complies with the latest international standards and frameworks. A significant
milestone achieved is the upgrade of our QMS to CMMI version 2.0, covering both DEV
(Development) and SVC (Services) models. In September 2023, we successfully completed a
high maturity appraisal, achieving CMMI Maturity Level 5.
Simultaneously, our organization continues to comply with international
standards such as ISO 9001:2015 and ISO 13485:2016.
Our quality journey persists with plans to migrate the QMS to CMMI
version 3.0 in the coming year. We remain committed to continually improving process
capabilities and adapting to evolving customer expectations.
Looking ahead, we are optimistic about the future. The digital
transformation wave is expected to accelerate, presenting abundant opportunities for
growth. We remain focused on innovation, operational efficiency and prudent financial
management to capitalise on these opportunities and deliver sustainable value to our
stakeholders.
In conclusion, I would like to extend my most heartfelt gratitude to
our stakeholders for your unwavering support and trust in Mindteck. Together we have
achieved remarkable milestones and overcome challenges, positioning Mindteck for continued
success in the dynamic technology services landscape.
Thank you for your continued confidence in our vision and leadership.