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Happiest Minds Technologies Achieves 11.7% YoY Revenue Growth, Beats EBITDA Guidance for 15th Quarter

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Happiest Minds Technologies Limited announced its consolidated results for the third quarter that ended December 31, 2023 as approved by its Board of Directors.

Ashok Soota, Executive Chairman, Happiest Minds Technologies
Mr. Ashok Soota, Executive Chairman, Happiest Minds Technologies

Mr. Ashok Soota, Executive Chairman, Happiest Minds Technologies said, “Our results reflect the resilience of our business model which has continued to deliver industry-leading revenue growth in a generally difficult quarter for the industry.  We have strengthened our sales engine by creating a focused Gen-AI Business unit.  Effective April 2024, we will be creating five Industry Groups, operating as independent profit centers and led by specialized industry managers. We expect these changes to add significantly towards our FY25 growth.”

Financial highlights

Quarter ended December 31, 2023

  • Revenue in constant currency grew by 0.8% q-o-q and 9.4% y-o-y
  • Operating Revenues in US$ stood at $49.4 million (growth of 0.5% q-o-q: 9.0% y-o-y)
  • Total Income of ₹ 43,417 lakhs (growth of 1.2% q-o-q; 15.9% y-o-y)
  • EBITDA of ₹ 10,519 lakhs, 24.2% of Total Income (growth of 0.4% q-o-q; 8.2% y-o-y)
  • PAT of ₹ 5,962 lakhs (growth of 2.0% q-o-q; 3.6% y-o-y)
  • Free cash flows of ₹ 9,894 Lakhs
  • EPS (diluted) for the quarter at ₹ 3.96

Nine months ended December 31, 2023

  •  Revenue in constant currency grew by 11.5% y-o-y
  •  Operating Revenues in US$ stood at $146.1 million (growth of 10.8% y-o-y)
  • Total Income of ₹ 1,26,753 lakhs (growth of 19.1% y-o-y)
  • EBITDA of ₹ 31,300 lakhs, 24.7% of Total Income (growth of 12.0% y-o-y)
  • PAT of ₹ 17,641 lakhs (growth of 1.8% y-o-y)
  • Free cash flows of ₹ 30,323 Lakhs
  • EPS (diluted) for nine months at ₹ 11.89
Mr. Venkatraman Narayanan, MD & CFO, Happiest Minds Technologies
Mr. Venkatraman Narayanan, MD & CFO, Happiest Minds Technologies

Mr. Venkatraman N, MD & CFO, Happiest Minds Technologies said, “We have delivered healthy growth in profits of 12% in the current nine-month period and have beaten profit guidance for the fifteenth quarter in a row. I would like to reiterate that our growth in profit numbers is despite considering above industry average pay increase, and continued investments in newer technologies.” 

Mr. Joseph Anantharaju, Executive Vice Chairman, Happiest Minds Technologies
Mr. Joseph Anantharaju, Executive Vice Chairman, Happiest Minds Technologies

Mr. Joseph Anantharaju, Executive Vice Chairman, Happiest Minds Technologies said, “With a strong value proposition across cloud, data, analytics, AI, intelligent automation, and cyber security, we are at the center of our customer’s strategic imperatives. This is evidenced by the ten customer additions for the quarter, with our billion-dollar customer count increasing to 59. Being recognized among Top 50 India’s Best Workplaces in IT & IT-BPM 2023 by Great Place To Work® Institute, we remain committed to sustaining a strong, diverse, equitable & inclusive culture for our team.”

Covered By: NCN MAGAZINE / Happiest Minds Technologies

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