Mindteck (India) Ltd — Interim / Quarterly Report 2021

Feb 11, 2021

www.mindteck.com

(CIN: L30007KA1991PLC039702) AMR Tech Park, Block 1, 3rd Floor #664, 23/24, Hosur Road, Bommanahalli Bengaluru - 560068. India

Tel: +91 80 4154 8000/4154 8300 Fax: +91 80 4112 5813

Ref: MT/SSA/2020-21/40 Scrip Code: 517344 February 11, 2021 Symbol: "Mindteck"

To,	To,
BSE Limited	National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers	Exchange Plaza, C-1, Block G,
Dalal Street	Bandra Kurla Complex,
Mumbai- 400001	Bandra (E)
	Mumbai – 400 051

Dear Sir/Madam,

Subject: Submission of Financial Results pursuant to Regulation 33 and Outcome of Board Meeting held on February 11, 2021 pursuant to Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

We would like to inform you that the Board of Directors of the Company have approved the Unaudited Financial Results for the Quarter and Nine months ended December 31, 2020 at its meeting held on February 11, 2021.

Further, we hereby intimate that Mr. Guhan Subramaniam is re-appointed as an Independent Director of the Company for a further period of five (5) years w.e.f. May 20, 2021 subject to the approval of shareholders in the ensuing Annual General Meeting. The details of the re-appointment are as under:

1.	Name of the Director	Mr. Guhan Subramaniam
2.	Date of Re-appointment	May 20, 2021
3.	Term of Re-appointment	Five (5) years
4.	Brief Resume and nature ofexpertise in specific functionalareas	Mr. Guhan Subramaniam is an independent professional consultant who advisesselect enterprises on growth strategies and capital infusion. Earlier in his career,Guhan was Managing Partner at IL&FS Private Equity, one of the largest privateequity fund managers in India.Guhan's experience spans over 40 years in advisory and consulting services,private equity investments and multi-functional, multi-industry operations rolespredominantly in information technology and software solutions.He held senior management and leadership positions with leading corporationsin India, with a successful career extending across functions such as businessplanning, strategy, sales, marketing, business development, human resourcesdevelopment and operations. He was also an active participating member onthe Boards of 14 companies, including three listed on India stock exchanges.Guhan received a bachelor's degree in Economics from Nowrosjee WadiaCollege of the University of Pune (India). He also completed a postgraduateprogramme in Business Management at the university's Symbiosis Institute ofManagement.
5.	Relationship with other directorsof the Company	NIL

Mindteck (India) Limited

(CIN: L30007KA1991PLC039702) AMR Tech Park, Block 1, 3rd Floor #664, 23/24, Hosur Road, Bommanahalli Bengaluru - 560068. India

Tel: +91 80 4154 8000/4154 8300 Fax: +91 80 4112 5813

www.mindteck.com

Please find the enclosed:

• 1. Unaudited Standalone Financial Results for the Quarter and Nine months ended December 31, 2020.
• 1. Unaudited Consolidated Financial Results of the Company and its Subsidiaries for the Quarter and Nine months ended December 31, 2020.
• 1. Copy of the Limited Review Report by Statutory Auditor for Standalone Financial Results for the Quarter and Nine months ended December 31, 2020.
• 1. Copy of the Limited Review Report by Statutory Auditor for Consolidated Financial Results for the Quarter and Nine months ended December 31, 2020.
• 1. Copy of Press Release.

Thanking you, Yours Truly,

S

For Mindteck (India) Limited Shivarama Adiga

Digitally signed by Shivarama Adiga S DN: cn=Shivarama Adiga S, o=Mindteck (India) Limited, ou=Legal and Secretarial Department, email=shivarama.adiga@mindteck.com, c=IN Date: 2021.02.11 16:23:40 +05'30'

Shivarama Adiga S. VP, Legal and Company Secretary

MINDTECK (INDIA) LIMITED
A.M.R TECH PARK, BLOCK I, 3RD FLOOR, # 664, 23/24, HOSUR MAIN ROAD
	BOMMANAHALLI, BANGALORE 560 068
	CIN:L30007KA1991PLC039702
	STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2020
							(Rs. in Lakhs, except per share data)
		Year to date figures for nine monthsQuarter endedYear endedended
Sl.No.	Particulars	December 31.	September 30.	December 31,	December 31,	December 31,	March 31, 2020
		2020	2020	2019	2020	2019
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
1	Income
	a) Revenue from operations	2,840	2,802	2,250	8,171	6,868	9,231
	b) Other income	73	63	53	257	141	184
	Total income (a+b)	2,913	2,865	2,303	8,428	7,009	9,415
$\mathbf 2$	Expenses
	a) Cost of technical sub-contractors	42	63	52	166	170	218
	b) Employee benefits expense	1,915	1,780	1.677	5,333	5,082	6,624
	c) Finance costs	25	38	47	107	142	187
	d) Depreciation and amortisation expense	141	157	165	455	453	615
	c) Other expenses (Refer Note 5)	386	326	399	1,019	1,167	1,659
	Total expenses $(a+b+c+d+e)$	2,509	2,364	2,340	7,080	7,014	9,303
$\overline{3}$	Profit/(Loss) before tax and exceptional items (1-2)	404	501	(37)	1,348	(5)	112
$\overline{4}$	Exceptional items
	- Provision for impairment of investment in subsidiaries (Refer			(2,157)	×	(2,157)	(5,666)
	Note $6(a)$ )
	- Provision for expected losses under service concession						(159)
	arrangement (Refer Note 6(b))
	- Provision for impairment of loan (Refer Note $6(c)$ )			(168)		(168)	(168)
5	Profit/(Loss) before tax (3+4)	404	501	(2, 362)	1,348	(2, 330)	(5,881)
$\ddot{\mathbf{0}}$	Tax expense (net)
	Current tax	120	177		438	44	114
	Tax relating to earlier years (Refer Note 7)	148			202
	Deferred tax charge/(credit)	(26)	(80)	(11)	(133)	(14)	(71)
	Total tax expense	242	97	(11)	507	30	43
$7\phantom{.0}$	Profit/(Loss) for the period/year (5-6)	162	404	(2, 351)	841	(2,360)	(5, 924)
8	Other comprehensive income/(loss)
	Items that will not be reclassified subsequently to profit or loss
	Remeasurement gain/(loss) on defined benefits plan	(14)	(5)	(4)	(2)	(3)	(3)
	Income tax relating to items that will not be reclassed to profit or	$\overline{4}$	$\mathbf{I}$		1	$\mathbf{1}$	$\mathbf{I}$
	lossOther comprehensive income/(loss) for the period/year net of	(10)	(4)	(3)	(1)	(2)	(2)
	taxes
9	Total comprehensive income/(loss) for the period/year (7+8)	152	400	(2, 354)	840	(2, 362)	(5,926)
	Paid-up equity share capital (Face value of Rs. 10 per share)	2,562	2,562	2,562	2,562	2,562	2,562
10
11	Other equity	÷	×,	٠	Î.	$\tilde{\phantom{a}}$	9,627
12	Earnings/(Loss) per share (Not annualised in the case of the
	interim period)
	Basic (in Rs.)	0.63	1.58	(9.18)	3.28	(9.21)	(23.12)
	Diluted (in Rs )	0.63	157	(918)	3.28	(971)	(2312)

See accompanying notes to the financial results.

	MINDTECK (INDIA) LIMITEDA.M.R TECH PARK, BLOCK I, 3RD FLOOR, # 664, 23/24, HOSUR MAIN ROADBOMMANAHALLI, BANGALORE 560 068CIN:L30007KA1991PLC039702
	STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2020
Notes:	1 The above statement of unaudited standalone financial results ('the Statement') of Mindteck (India) Limited ('the Company') for the quarter and nine months ended December 31, 2020, havebeen reviewed by the Audit Committee and thereafter approved by the Board of Directors in their meeting held on February 11, 2021.
	2 These standalone financial results have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standards ('Ind AS') prescribed underSection 133 of the Companies Act, 2013, read with the relevant rules thereunder and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015, as amended.
	3 In accordance with Ind AS 108, Operating segments, segment information has been provided in the consolidated financial results of the Company and therefore no separate disclosure onsegment information is given in these standalone financial results.
$\overline{4}$	The full impact of COVID - 19 still remains uncertain and could be different from the estimates considered while preparing these standalone financial results. The Company shall continueto closely monitor any material changes to future economic conditions.
5	'Other expenses' include Rs. 131 lakhs cross charged by Mindteck Inc. for the period April 01, 2020 to December 31, 2020 pursuant to on intercompany arrangement entered during thequarter ended December 31, 2020 for sharing of certain expenses.
	6 Exceptional Items:(a) During the quarter ended December 31, 2019, the management had carried out an impairment assessment in respect of investment in a subsidiary and basis valuation carried out by anexternal valuation expert, had made an impairment provision of Rs. 2,157 lakhs towards carrying value of investment in such subsidiary. During the quarter ended March 31, 2020, as a partof year end impairment evaluation and considering the COVID-19 pandemic, impairment assessment was carried out in respect of investment in subsidiaries and basis valuation carried outby an external valuation expert, an additional impairment of Rs. 3,509 lakhs towards carrying value of investment in certain subsidiaries was recorded. Accordingly, an impairment provisiontotalling to Rs. 5,666 lakhs had been recorded for the year ended March 31, 2020. The management has reassessed its projections and assumptions and accordingly has concluded that thecarrying value of investment in subsidiaries as at December 31, 2020 is appropriate.
	(b) During the year ended March 31, 2020, the management had reassessed recoverability of investment in assets and amounts receivables from Bhopal Municipal Corporation (BMC) as atMarch 31, 2020 and had created provision amounting to Rs. 159 lakhs. Subsequently, during the quarter ended September 30, 2020, the Company terminated the contract with BMC andaccordingly, reversed all the assets and liabilities created as per Appendix D of Ind AS 115. The net impact of such termination on the results for the quarter ended September 30, 2020 wasnot material.
	(c) Mindteck Employee Welfare Trust (MEWT) was created to administer the Employee Share Incentive Scheme 2000 for the benefit of its employees. For this purpose, the MEWT hadborrowed funds from the Company and subscribed to 416,000 equity shares renounced in its favour by the Company's promoters/directors in the Company's earlier rights issue. During thequarter ended December 31, 2019 and for the year ended March 31, 2020, due to significant difference in the purchase price of these shares and average prevailing share price, the Companyhad made a provision of Rs. 168 lakhs.
	7 The Company has availed Vivad-Se-Vishwas Scheme issued by the Central Government to close certain pending income tax disputes in respect of AY 10-11. Accordingly, a sum of Rs. 148lakhs representing provision (reversal of taxes paid) made during the quarter ended December 31, 2020.
	8 The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code hasbeen published in the Gazette of India. However, the date on which the Code will come into effect has not been notified and the final rules/interpretation have not yet been issued. TheCompany will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
	for and on behalf of the Board of Directors ofMindteck (India) LimitedBanAnand RaakrishnanCEO and Managing Director

$\pm$

Place : BengaluruDate : February 11, 2021

Page

MINDTECK (INDIA) LIMITEDA.M.R TECH PARK, BLOCK I, 3RD FLOOR, #664, 23/24, HOSUR MAIN ROADBOMMANAHALLI, BANGALORE 560 068
	CIN:L30007KA1991PLC039702STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2020
	(Rs. in Lakhs, exc ept per share data)Year to date figures for nine monthsQuarter ended					Year ended
Sl.No.	Particulars	December 31,	September 30,	December 31,	endedDecember 31,	December 31,	March 31, 2020
		2020Unaudited	2020Unaudited	2019Unaudited	2020Unaudited	2019Unaudited	Audited
$\mathbf{I}$	Income
	a) Revenue from operations	7,272	7,281	6,883	21,415	20,543	27,613
	b) Other income	100	95	50	410	123	175
	Total income (a+b)	7,372	7,376	6,933	21,825	20,666	27,788
$\overline{2}$	Expenses
	a) Cost of technical sub-contractors	1,328	1,127	1,054	3,587	3,142	4,171
	b) Employee benefits expense	4,921	5,04644	5,05057	14,815133	14,791	19,924
	c) Finance costsd) Depreciation and amortisation expense	35143	172	184	491	172523	226704
	c) Other expenses	549	671	703	1,792	2,197	3,069
	Total expenses (a+b+c+d+e)	6,976	7,060	7,048	20,818	20,825	28,094
3	Profit/(Loss) before tax and exceptional items (1-2)	396	316	(115)	1,007	(159)	(306)
$\overline{4}$	Exceptional items
	- Impairment of goodwill (Refer Note 7(a))	$\blacksquare$		(2,157)	$\blacksquare$	(2,157)	(5,942)
	- Provision for expected losses under service concession arrangement (Refer Note 7(b))		×,		$\overline{a}$		(159)
5	Profit/(Loss) before tax $(3+4)$	396	316	(2, 272)	1,007	(2, 316)	(6, 407)
6	Tax expense (net)
	Current tax	129	172	13	462	92	172
	Tax relating to earlier years (Refer Note 8)	148	(8)		134		(28)
	Deferred tax charge/(credit)	(26)	(80)	(11)	(133)	(14)	(71)
	Total tax expense	251	84	$\overline{2}$	463	78	73
7	Profit/(Loss) for the period/year (5-6)	145	232	(2, 274)	544	(2, 394)	(6, 480)
8	Other comprehensive income/(loss)
	Items that will be reclassified subsequently to profit or loss
	Net exchange difference on translation of foreign operation	18	(110)	94	(67)	178	352
	Items that will not be reclassified subsequently to profit or loss
	Re-measurement gain/ (loss) on defined benefit plans	(14)	(5)	(4)	(2)	(3)	(3)
	Income tax relating to items that will not be reclassed to profit or loss	$\overline{4}$			1	1
	Other comprehensive income/(loss) for the period/year, net of taxes	8	(114)	91	(68)	176	350
9	Total comprehensive income/(loss) for the period/year $(7+8)$	153	118	(2, 183)	476	(2, 218)	(6, 130)
10	Paid-up equity share capital (Face value of Rs. 10 per share)	2,521	2,521	2,521	2,521	2,521	2,521
11	Other equity	×.		×	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	10,442
12	Earnings/ (Loss) per share (Not annualised in case of interim periods)
	Basic (in Rs.)	0.58	0.92	(9.02)	2.16	(9.50)	(25.71)
	Diluted (in Rs.)	0.56	0.90	(9.02)	2.12	(9.50)	(25.71)

See accompanying notes to the financial results

		BOMMANAHALLI, BANGALORE 560 068	CIN:L30007KA1991PLC039702
	STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2020
lotes :
	1 The above statement of unaudited consolidated financial results ('the Statement') of Mindteck (India) Limited ('the Company') for the quarter and nine months ended December 31, 2020, have been reviewed by the Audit Commithereafter approved by the Board of Directors in their meeting held on February 11, 2021.
	2 These consolidated financial results have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Act,with the relevant rules thereunder and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
	3 The Company has consolidated the financial statements of the Mindteck Employees Welfare Trust ('the Trust) with that of its consolidated financial statements. As a result, the Company's paid up equity shares stand reduceshares. To give effect to the consolidation of the Trust, Rs. 41 lakhs has been reduced from equity share capital, Rs. 362 lakhs has been reduced from securities premium account and Rs. 32 lakhs has been adjusted in reservheld by the Trust were reduced from outstanding number of shares for computation of basic EPS of the Company.
	4 The Mindteck Group's operations predominantly relate to providing software services to external customers and providing IT-enabled services to subsidiaries within the Group.
	Since IT-enabled services are rendered to subsidiaries which are consolidated, the disclosure of a separate IT-enabled services segment as a separate primary segment is not applicable. The Group is therefore considered tosingle primary business segment and accordingly primary segment disclosures have not been presented.
	Based on the "management approach" as defined in Ind AS 108 - Operating Segments, the Chief Operating Decision Maker also evaluates the Group performance and allocates resources based on an analysis of various performanceindicators by geographical areas. Accordingly, information has been presented in respect of such geographical segments.
	The accounting principles consistently used in the preparation of the consolidated financial statements are also consistently applied to record income and expenditure in the individual segments.
	Geographical segments						(Rs. in Lakhs)
			Ouarter ended		Nine months ended		Year ended
	Revenue from external customers by location of customers	December 31, 2020	September 30,2020			December 31, 2019 December 31, 2020 December 31, 2019	March 31, 2020
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
	$\Lambda$ 211.	3.008	4.078	4.022	11.010	11.631	15.770

MINDTECK (INDIA) LIMITED A M D TECH BABLE BLOCK L 3BB ELOOP #664 33/34 HOSTIB MAIN BOAR

5 The consolidated financial results includes balances of its direct and indirect subsidiaries namely Mindteck Inc., Mindteck Singapore Pte Ltd., Mindteck Solutions Philippines Inc.(under closure), Mindteck LiK Limited, Mi
Netherlands BV (closed w.e.f. January 14, 2020), Mindteck Germany GmbH, Mindteck Middle East Limited SPC, Mindteck Software Malaysia SDN BHD, Chendle Holdings Ltd, Hitech Parking Solutions Pvt. Ltd, Mindteck Canada Inc.
and Mindteck Employees Welfare Trust.

995

2,208

7,281

2,655

6,841

21,415

806

2,055

6,883

2,736

6,176

20,543

3,582

8,252

27,613

$\frac{1}{774}$

2,500

7,272

6 The full impact of COVID - 19 still remains uncertain and could be different from the estimates considered while preparing these consolidated financial results. The Group shall continue to closely monitor any material ch economic conditions

7 Exceptional Items:

• India

Total

• Rest of the world

• (a) During the quarter ended December 31, 2019, the management had earried out an impairment assessment in respect of earrying value of goodwill and basis valuation carried out by an external valuation expert, had made an respect of carrying value of goodwill and basis valuation carried out by an external valuation expert, an additional impairment of Rs. 3.785 lakhs towards carrying value of goodwill has been recorded for the year ended Mar

• (b) During the year ended March 31, 2020, the management had reassessed recoverability of investment in assets and amounts receivables from Bhopal Municipal Corporation (BMC) as at March 31, 2020 and had the sessets and ha created as per Appendix D of Ind AS 115. The net impact of such termination on the results for the quarter ended September 30, 2020 was not material.

• 8 The Company has availed Vivad-Se-Vishwas Scheme issued by the Central Government to close certain pending income tax disputes in respect of AY 10-11. Accordingly, a sum of Rs. 148 lakhs representing provision (reversal o paid) made during the quarter ended December 31, 2020.

• 9 The Code on Social Security, 2020 ("Code") relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. the period the Code becomes effective.

for and on behalf of the Board of Directors of Mindteck (India) Limited Anand Bala rishnan CEO and M aging Director

Place: BengaluruDate: February 11, 2021

S.R. BATL/BOI & ASSOCIATES LLP

Chart ered Accountant s

12th Floor "UB City" Canberra Bloc\1 No. 24, Vittal Mallya Road Bengaluru - 560 001, India Tel : +91 80 6648 9000

Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Repo11 to The Board of Directors Mindteck (India) Limited

• I. We have reviewed the accompanying statement of unaudited standalone financial results of Mindtcck (India) Limited (the "Company") for the quarter ended December 31, 2020 and year to date from April 0 I, 2020 to December 31 , 2020 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
• 1. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) " Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, ''Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
• 1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (' Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in wh ich it is to be disclosed, or that it contains any material misstatement.

For S.R.Batliboi & Associates LLP Chartered Accou ntants ICA I Finn Registration Number: I 0 I 049WiE300004

... ~~~,;; ...... _ ~~~-""-

Partne..C ~ Membership No.: 213803

UDIN: 212 13803AAAAAY4268

Place: Bengaluru Date : February I I, 2021

S.R. BATL/801 & ASSOCIATES LLP

Chartered Accountants

12th Floor "UB City" Canberra Block No. 24, Vittal Mallya Road Benga \uru - 560 001, India Tel : +91 80 6648 9000

Independent Auditor's Review Report on the Quarterly and Year to Da te Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regu lations, 2015, as amended

Review Report to The Board of Directors Mindteck (India) Limited

• I. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Mindteck (India) Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together refen-ed to as "the Group") for the quarter ended December 31, 2020 and year to date from April 01 , 2020 to December 31 , 2020 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "'Listing Regulations").
• 1. This Statement, which is the responsibility of the Holding Company's Management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) " Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 24 10, "'Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute ofChaiiered Accountants oflndia. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the Circul ar No. CIR/CFD/CMDl /44/20 19 dated March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.

• 1. The Statement includes the results of the Holding Company and the following entities:
  • a. Mindteck Inc., USA
  • b_ Mindteck Software Malaysia SON. Bl-ID, Malaysia
  • c. Mindteck Middle East Limited SPC. Kingdom of Bahrain
  • d. Mindteck (UK) Limited, United Kingdom
  • e. Mindteck Singapore Pte. Limited, Singapore
  • f. !\11 indteck Canada lnc., Canada
  • g. Mindteck Germany Gmbl-1, Germany
  • h. Chendle Holdings Ltd, BY!
  • LHitech Parking Solutions Private Limited
  • j. iviindteck Solutions Philippines Inc . (under closure)
  • k. Mindteck Employees We lfare Trust

S.R. BATL/801 & ASSOCIATES LLP

Chart ered Accountant s

1. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For S.R.Batliboi & Associates LLP Chartered Accountants ICAI Firm Registration Number: 101049W/E300004

per Rajee Partner

Membership No.: 213803

UDIN: 21213803AAAAAZ7606

Place: Bengaluru Date: February 11, 2021

Mindteck (India) Limited AMR Tech Park, Block 1, 3rd Floor #664, 23/24, Hosur Main Road Bommanahalli, Bengaluru – 560068, India (CIN: L30007KA1991PLC039702)

Tel: +91 80 4154 8000/4154 8300 Fax: +91 80 4112 5813

www.mindteck.com

Mindteck Reports Financial Results for the Quarter Ended December 31, 2020

Bengaluru, India – February 11, 2021: Mindteck (India) Limited (BSE: 517344 and NSE: MINDTECK), the global engineering and technology solutions company with niche knowledge and expertise in the storage, medical device, semiconductor and analytical instrument industries, reported its unaudited financial results for the third quarter ended December 31, 2020.

The company's consolidated revenue for the quarter stood at Rs. 72.72 crores and profit for the quarter stood at Rs. 1.45 crores. Furthermore, YTD revenue as at December 2020 stood at Rs. 214.15 crores against YTD revenue of Rs. 205.43 crores as at December 2019. YTD profit as at December 2020 stood at Rs. 5.44 crores against YTD loss of Rs. 23.94 crores as at December 2019.

Mr. Yusuf Lanewala, Non-Executive Chairman, commented, "Although pandemic-related challenges persisted during the quarter, we are very pleased to have generated new business that further validates our valued niche knowledge and expertise in the medical device industry. For example, we won multiple highvalue digital transformation projects with a new medical device client who specialises in oncology-related solutions. These projects, which will ultimately improve the client's patient care management platform, are being conducted with both onsite and offshore teams across the US, Canada, Europe and India. Additionally, we secured a new high-tech photonics client to deliver a few projects involving cloud consulting, software development and testing, as well as Computer-Integrated Manufacturing (CIM) application development. Separately, I am pleased to report that Mindteck's 2020 Zinnov Zones ratings improved considerably in the ER&D (Traditional) Services category. We were also rated in two new categories: ER&D (Digital) Services and IoT Services."

Mr. Anand Balakrishnan, CEO and Managing Director, noted that the company's Leadership Team was strengthened with the appointment of Mr. Harish Nair as Senior Vice President – Global Sales, who is specifically responsible for overall sales performance for the India, APAC and the Middle East regions. In discussing business highlights, Mr. Balakrishnan said, "As an outgrowth of the pandemic, we began an interesting IoT application development project for an existing workforce management solutions client. It entails the enhancement of an intelligent and touchless time clock product to be used by companies wishing to have employees return to the workplace without the risk of germs and fevers." He added, "We also began an engagement with a new global data storage client. Our team is involved in software development of the client's entry offering in the public cloud storage domain. It is massively scalable object storage that will be available on leading cloud platforms. Lastly, I am pleased to report that, along with signing a new self-driving, ride-hauling service company as a US client, we also won one new logo in the Middle East and eight new logos in APAC".

For more information, contact Athira Suresh at athira.suresh@mindteck.com.

About Mindteck

Mindteck is a global engineering and technology solutions company devoted to delivering knowledge that matters to help clients compete, innovate and propel forward along the digital continuum. The company's legacy expertise in Embedded Systems, Enterprise Applications and Testing are a powerful complement to competencies in Data Services, Cloud and IoT. Since its establishment in 1991, Mindteck's clientele has included top-tier Fortune 1000 companies, start-ups, leading universities, and government entities. The company is publicly traded on the Bombay Stock Exchange (BSE 517344) and the National Stock Exchange (NSE Mindteck). Founding Member: 'The Atlas of Economic Complexity' for the Center for International Development (CID) at Harvard University. Office Locations: India, United States, Canada, Singapore, Malaysia, Bahrain, Philippines, Germany and United Kingdom. Development Centers: Kolkata and Bengaluru, India. Appraised at Level 5 of the CMMI Institute's Capability Maturity Model Integration (CMMI)®.