Mid-tier IT firm Happiest Minds Technologies recorded a 3.5 per cent year-on-year (y-o-y) rise in profit at ₹59.62 crore in the third quarter. Sequentially, it rose by 2 per cent.

Revenue from operations stood at ₹409.8 crore, a 11.7 per cent y-o-y increase, and a 2 per cent quarter-on-quarter increase.

Ashok Soota, Executive Chairman, 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.”

5 industry groups

Effective April, the company will create five Industry Groups, operating as independent profit centers and led by specialised industry managers. These changes are expected to add significantly towards FY25 growth, he added.

EBITDA stood at ₹ 10,519 lakhs, 24.2 per cent of total income, translating to a growth of 0.4 per cent q-o-q; 8.2 per cent y-o-y.

Venkatraman N, MD & CFO, 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.”

Happiest Minds had 245 clients as of December 31, 2023, with 10 additions in the quarter. Total employee headcount stood at 5,246. Trailing 12 months attrition was at 14.1 per cent. Utilisation improved to 76.7 per cent, from 75.6 per cent in last quarter.