Happiest Minds Technologies Q3 net profit rises 16 per cent to Rs 49 cr

Bengaluru, 29 January Mid-tier IT services company, Happiest Minds Technologies posted a 16.1 per cent jump in consolidated net profit to Rs 48.92 crore for the December 2021 quarter.

Revenues during the third quarter grew 47.2 per cent to Rs 283.94 crore as compared with Rs 192.84 crore in the year-ago period. Operating revenue in dollar terms was at $37.8 million, a growth of 5.5 per cent quarter-on-quarter and 44.2 per cent year-on-year basis.

"We continue to deliver all-around healthy financial and business performance. Revenue growth of 47.2 per cent, EBIDTA at 26.1 per cent, robust cash generation and healthy capital return ratios are testimony to this," said Venkatraman N, MD and chief financial officer of Happiest Minds Technologies.

"Coupled with onboarding talent and healthy utilisation levels, we are well-positioned to address the strong demand environment for digital services," he added.

The company added 11 clients in the quarter, taking the total number to 195 at the end of the December 2021 quarter. Its headcount stood at 4,021 by the end of December quarter, with a net addition for the quarter at 225. Its trailing 12-month attrition stood at 21.1 per cent during this period.

Joseph Anantharaju, Executive Vice Chairman said, "Our compelling offerings have made us the partner of choice for our customers in their Experience, Data and Cloud initiatives. The stellar results validate the value proposition that we offer our customers and the critical role we play in their strategic digital initiatives."