Happiest Minds’ Net Profit Rises 30% To Rs 44 Cr in Q2

Happiest Minds Technologies recently announced that its consolidated net profit in the September quarter rose 30.4 per cent to Rs 44.44 crore. The IT company's revenue grew 44.7 per cent at Rs 264.53 crore in the quarter under review from Rs 182.84 crore in the same period a year ago and had posted a net profit of Rs 34.08 crore during that period.

"We continue our growth momentum with yet another quarter of stellar growth, driven by a strong demand environment. Given our strong brand recall and razor-sharp focus on delivering high-quality outcomes, we can win new logos and increase our wallet share across our existing customers," said Joseph Anantharaju, Executive Vice Chairman, Happiest Minds. 

In dollar terms, the company's operating revenues stood at USD 35.8 million, a growth of almost 45 per cent year-on-year. Happiest Minds had 186 clients as of September 30, 2021, with eight additions in the quarter under review.

MD and CFO Venkatraman N said, "The company has closed another good quarter with all-round performance. During the first half of the year, we added, on a net basis, 568 happiest minds. We continue to show healthy cash flows and have improved on our capital return ratios prompting us to declare an interim dividend of Rs 1.75 per equity share".

The company had 3,796 employees at the end of the September 2021 quarter, with a net addition of 258 in the three months. Its trailing 12 months attrition was at 18.5 per cent.

The record date for the purpose of interim dividend has been fixed on November 10, 2021, and the dividend will be paid on and after November 18.