Happiest Minds Q2 net profit rises 13.4% to Rs 50 crore

Happiest Minds Technologies reported a net profit of Rs 50 crore in the second quarter ended September 2024, an increase of 13.4 per cent over the same period of last fiscal year.

The mid-tier IT services company posted a revenue of Rs 522 crore in Q2 of FY25, which was a rise of 28.3 per cent over the same period a year ago.

Its operating margin in the second quarter was at 17.9 per cent, a dip of 190 basis points over the previous quarter.

Its operating revenues in US dollar term stood at $62.4 million, a growth of 12.3 per cent quarter-on- quarter.

Commenting on the second quarter performance, Ashok Soota, Executive Chairman of Happiest Minds said, “Happiest Minds has delivered our best growth results since the last two years with 12.7 per cent QoQ growth and 28.2 per cent YoY growth. The transformational changes we initiated this year are all gathering momentum. These changes include the acquisition of PureSoftware and Aureus, the creation of our GenAI Business Unit (GBS), hiring a senior leader to expand net new (NN Sales), and creating six industry groups, each headed by an Industry Manager. The full impact of all these changes on revenue and growth will become visible in the quarters ahead.”

Employee strength of Happiest Minds at the end of second quarter stood at 6,580, while its attrition was at 14.4 per cent. Its employee utilisation rate was at 76.3 per cent as compared to 78.2 per cent in the previous quarter.