Its EBITDA grows YoY by 13.3% to Rs117 Crores
FinTech BizNews Service
Mumbai, 13 August 2024: Happiest Minds Technologies Limited (NSE:HAPPSTMNDS), a ‘Born Digital. Born Agile’, a digital transformation and IT solutions company, today announced its consolidated results for the first quarter ended June 30, 2024, as approved by its Board of Directors.
Ashok Soota, Executive Chairman, said, “Happiest Minds has begun the new fiscal year by setting the foundation for the best performance since our IPO. Establishment of Gen AI business services, BU reorganization with industry groups into profit centers, and two excellent acquisitions have set us on a path of accelerated growth, which will be further manifested in successive quarters.”
Key Financial highlights
· Revenue in constant currency ( CC) grew 11.4% q-o-q and 17.8% y-o-y
· Operating Revenues in US $ stood at $55.5 million growing 10.9% q-o-q and 16.8% y-o-y
· Total Income of Rs 48,926 lakhs growing 10.6% q-o-q and 20.9% y-o-y
· EBITDA of Rs 11,671 lakhs, 23.9% of Total Income (growth of 7.8% q-o-q and 13.3% y-o-y)
· PAT of Rs5,103 lakhs 10.4% of Total Income (decline of 29.1% q-o-q and 12.5% y-o-y)*
· Free cash flows of Rs11,569 Lakhs and EPS (diluted) at ₹ 3.39
*Decline primarily due to non-recurring expense in the current quarter vs a large exception write-back in the previous period, also increased amortization and financing costs arising from recent acquisitions
Venkatraman Narayanan, MD & CFO, said “The quarter was eventful, and our results for the same include that of our two acquisitions: PureSoftware and Aureus. Our revenues in constant currency grew year over year by 17.8% while EBITDA grew by 13.3%. Variation in PBT and PAT are primarily on account of non-recurring expenses in the current quarter versus a large exceptional write-back in the previous, and increased amortization and financing costs arising from acquisitions.”
Joseph Anantharaju, Executive Vice Chairman, said, “Our sustained growth reflects our resilience and agility to adapt to market conditions quickly. We remain laser-focused on our client's needs and are set to leverage our Industry Groups and recent acquisitions to deliver on our client's strategic imperatives. The newly created Generative AI Business Services (GBS) is also helping us create transformative solutions that are helping customers to further extend their digital journeys.”
Clients:
· 279 as of June 30, 2024
· 41 additions in the quarter
Our People - Happiest Minds:
· 6,599 Happiest Minds as of June 30, 2024
· Trailing 12-month attrition of 13.5% (13.0% in the previous quarter)
· Utilization of 78.2%, from 75.1% in last quarter
Key wins
· For world’s leading beverage maker, Happiest Minds is enhancing their sales process through an generative AI enabled chat bot for actionable intelligence and decision making.
· For US based provider of sustainable solutions, this new win entails Happiest Minds to enhance their data platform and visualization.
· For US based professional body in the healthcare sector, Happiest Minds is their strategic partner to migrate to a cloud-based CRM solution.
· For US based professional organization of emergency healthcare providers, this strategic multi-year cyber security engagement entails Happiest Minds to provide managed security services to prevent, detect, and respond to cyber security incidents.
· For one of the largest integrated laboratory system in North America, Happiest Minds will co-partner to implement and manage the Identity and Access Management solutions on a managed service model.
· For the largest Professional Clearing Member in India, Happiest Minds has been chosen to provide managed security services and security operations centre (SOC) services.
· For a leading European on-demand printing and fulfilment company, Happiest Minds is providing IT Services to support their delivery and operations.
· For a leading American multinational investment bank and financial services company, Happiest Minds has been selected to drive their digital transformation program.
