New Delhi: IT firm Happiest Minds Technologies has reported a 19.56 per cent decline in consolidated net profit to Rs 40.3 crore in the October-December quarter, primarily weighed down by the one-time impact of the new Labour Code implementation. The company had posted a net profit of Rs 50.1 crore in the year-ago period, the company said in a regulatory filing.
The company's revenue from operations rose 10.69 per cent to Rs 587.56 crore in Q3 FY26, as compared to Rs 530.81 crore in Q3 FY25. Seen sequentially, revenue rose 2.43 per cent, while profit fell 25.39 per cent. Happiest Minds Technologies accounted for an exceptional impact of Rs 22.03 crore from the implementation of the new Labour Codes.
"Supported by robust cash flows and a steadfast focus on long-term value creation through our AI First approach, we remain well-positioned to drive sustainable growth, profitability, and returns for our stakeholders. "We plan to double down on our AI/GenAI investments and build a dedicated 1,000+ team by the end of FY27," company MD Venkatraman Narayanan said.
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