Happiest Minds Q3 profit up 97 pc to Rs 42 cr

IT firm Happiest Minds Technologies has reported 97.1 per cent rise in consolidated net profit at Rs 42.15 crore for December quarter 2020-21.

The company, which got listed on BSE and NSE in September last year, had posted a net profit of Rs 21.38 crore in the year-ago period.

Total income was at Rs 201.29 crore in the quarter under review, up 14.6 per cent from Rs 175.57 crore in the year-ago period, the company said in a late-night regulatory filing on Wednesday.

On a sequential basis, net profit grew 23.7 per cent from Rs 34.08 crore, while revenue was higher by 7.1 per cent from Rs 187.91 crore in September quarter 2020-21.

Managing Director and CFO Venkatraman Narayanan said the company delivered another successful quarter showing good growth in revenue and profits. "We continue to maintain and improve on key capital return ratios which are key to increasing our shareholder and stakeholder value," he said.

Operating revenue in US dollar terms grew year-on-year by 8.8 per cent and quarter-on-quarter by 6 per cent (to USD 26.2 million), he added.

"We have a strong deal pipeline on the back of increasing market demand and are thankful to all our customers for the trust they have reposed in us," company's Executive Vice Chairman and CEO (Product Engineering Services) Joseph Anantharaju said.

The company had 155 clients as of December 31, 2020 with addition of 6 new customers during the quarter.

Its headcount was at 2,885, with net addition of 164 people during the quarter. The trailing 12 months attrition was at 13.1 per cent.

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Free Press Journal