Happiest Minds Technologies posted a 10.7% growth in net profit at Rs. 57.7 crores in the March quarter on the back of robust growth across business units and robust demand for digital deals.
The company reported revenue of Rs. 378 crores in the quarter, with a rise of 25.8% year-on-year. It guided the revenue growth guidance at 25 % in constant currency for the year 2024.
On a sequential basis, the net profit remained flat. The revenue of the company grew 3% from Rs. 366.9 crores in the last quarter of the previous financial year.
Ashok Soota, Executive Chairman at Happiest Minds, talking during the earnings call, said, "IT is a strategic business and everyone has to explore new opportunities. That is what digital is all about. I can't remember any initiative being taken which is other than to grow clients' market or sustain businesses."
The company management also said, unlike peers, most of their clients' spending is core and critical due to its digital nature and it does not come under the "discretionary" budgets.
Happiest Minds Technology Quarterly Results 2023
Happiest Minds achieved 23.7% constant currency revenue growth in the financial year 2023, lower than its guided range of 25%.
The company's net profit was up 27.5% at Rs. 231 crores, while revenue was higher by 30.7%, to Rs. 1429.3 crores in FY 2022 from the previous year.
The operating margin for the reporting period was down 30 basis points to 26%. It also clocked 26.2% for FY2023, exceeding the 22-24% guided range for the year.
The total headcount of Happiest Minds Technology was at 4917, adding nearly 749 people for the year on a net basis.
The attrition rate was 19.8% from 20.9% sequentially.
The company plans to add 1300 jobs in the current financial year which includes 450 freshers.
