Information technology firm Happiest Minds Technologies has reported a 7.3 per cent quarter-on-quarter (QoQ) sequential growth in revenue to ₹283.94 crore for the quarter ended December 2021. On a year-on-year (YoY) basis the revenue grew by 47.2 per cent.

The profit after tax (PAT) for the quarter jumped to ₹48.92 crore, a 16.1 per cent increase YoY. On a sequential basis, it spiked 10.1 per cent. Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹76.31 crore, a 8.8 per cent increase QoQ and 27.8 per cent YoY. 

In dollar terms, its operating revenue stood at $37.8 million up by 5.5 per cent QoQ and 44.2 per cent YoY. 

The company had 4,021 employees at the end of the reporting quarter, with a net addition of 225 people in Q3. The trailing 12-months attrition was at 21.1 per cent. Happiest Minds added 11 new clients in the third quarter taking the tally to 195 total clients. 

All-round growth

Venkatraman N, MD & CFO said, “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.”

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

“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,” said Joseph Anantharaju, Executive Vice-Chairman.

Shares of the company traded 0.87 per cent higher as the markets closed yesterday. The shares were up by 9.85 points at ₹1146.15 on the Bombay Stock Exchange (BSE).

The stock of the company closed 1.67 per cent higher at ₹1,143.15 on the NSE on Friday.

Related Topics