Key takeaways
- Happiest Minds Technologies achieved a significant net profit growth of over 580% year on year in the latest quarter.
- The company offers services in IoT, analytics, AI, and digital process automation to support digital transformation.
- Happiest Minds has a diverse client base of 173 and employs over 3,228 people as of March 2021.
- AI and data science are crucial for the company's growth, contributing over 13% to revenue increases.
- The firm was recognised for its positive workplace culture by Great Place to Work in 2020.
Happiest Minds Technologies has recorded a whopping net profit of INR 36.05 crores-- a 580.19% year on year growth -- in the latest quarter. The IT company's sales for the same period stood at INR 220.71 crore--an 18.44% spurt.
Headquartered in Bengaluru and with offices in Pune and Delhi NCR, Happiest Minds Technologies helps businesses in their digital transformation journey. The company offers Internet of Things (IoT), analytics/artificial intelligence, and digital process automation services.
The company has 173 clients as of March 31, 2021. Currently, it employs more than 3,228 people. Last year, the company was recognised among India's Best Companies to Work for 2020 by Great Place to Work. This global authority certifies organisations (with employee strength of more than 500) for their workplace culture.
AI and data science contribution
Happiest Minds said AI and data science play a pivotal role in empowering their customers. The firm's Analytics Center leverages the latest deep learning and machine learning techniques to extract insights from data to drive customers' revenues and optional efficiencies.
"Analytics offers a healthy 13 plus percent of direct contribution to the growth of our organisation growing at about 30 plus percent year-on-year (YoY)," said Ajay Agrawal, senior VP and Head of Analytics/AI CoE at Happiest Minds.
Further, he said, artificial intelligence and machine learning, alongside data science, are game-changers. "With exciting times ahead, we are expecting robust growth across various verticals. We are working on enabling products and transformation, leveraging advanced NLP, vision analytics and AI at scale," he added.
The company is investing in growth and has added the latest breed of tools and technologies to its artillery. "We are focusing on cross-skilling and multi-skilling and working with customers on delivering digital-ready solutions built on most differentiated and niche technologies like deep learning, artificial intelligence, machine learning and data science," said Agrawal.
Happiest Mind's 96.6% of revenue came from digital services in the 2020 fiscal.
Other factors
"The highlight for FY21 was our successful IPO. We will look to achieve 20 percent organic growth as we begin FY22," said Ashok Soota, executive chairman at Happiest Minds Technologies. Happiest Minds Technologies got listed (NSE: HAPPSTMNDS) in September 2020.
Happiest Minds Technologies CFO Venkatraman N credited the latest fiscal growth to its business model, which positions itself as a go-to player for customers to build digital-ready enterprises. Revenues for the quarter grew sequentially by 15.4 percent (Pimcore Global Services (PGS) acquired earlier during the quarter contributed), he added.
Earlier this week, Happiest Minds successfully executed a digital transformation project for Coca Cola Bottling Company United. The company streamlined Coca Cola’s order management with robotic process automation (RPA) in Microsoft Power Automate. Also, the company signed a deal with information security company CyberArk to deliver access management services to customers across the globe.
