Results: Happiest Minds Q4 profit zooms to Rs 36 cr; announces maiden dividend of Rs 3

IT firm Happiest Minds Technologies Ltd has reported a manifold growth in consolidated net profit at Rs 36.05 crore in the March 2021 quarter.

The company, which got listed on BSE and NSE last year, had posted a net profit of Rs 5.30 crore in the year-ago period.

Its revenue was at Rs 220.71 crore in the quarter under review, up 18.4 percent from Rs 186.35 crore in the year-ago period, a regulatory filing said.

On a quarter-on-quarter basis the net profit fell 14.5 percent, from Rs 42.15 crore in the December 2020 quarter. Its revenue grew 14.5 percent from Rs 192.84 crore in the third quarter of FY' 2021.

"The highlight for the year FY21 was our successful IPO... As we begin FY22, we will look to achieving 20 percent organic growth as indicated at the time of our IPO," Happiest Minds Technologies Executive Chairman Ashok Soota said.

In dollar terms, the revenue stood at $30.2 million, up 18 percent year-on-year and 15.4 percent sequentially.

The company's net profit more than doubled to Rs 162.46 crore, while revenue was higher by 10.8 percent to Rs 773.41 crore in FY 2021 from the previous fiscal.

"Our fiscal year revenue growth of 6.3 percent in USD terms is reflective of our business model which positions us as a go-to player for customers building a digital ready enterprise," Happiest Minds Technologies MD and CFO Venkatraman N said.

He added that revenues for the quarter grew sequentially by 15.4 percent, which includes Pimcore Global Services (PGS) that was acquired earlier during the quarter.

"Our growth for the quarter even on a standalone basis has been robust. Considering our performance, strong cash generation and capital allocation priorities, I am happy to highlight the maiden dividend of Rs 3 per share recommended by the Board," he said.

The company had 173 clients as of March 31, 2021 with addition of 23 new customers during the quarter. Its headcount was at 3,228 people, with trailing 12 months attrition at 12.4 per cent.

The company announced its results late night on Wednesday.

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