Happiest Minds revealed their quarterly numbers late on Wednesday night (27 Oct 2021). The company’s revenues climbed to Rs 264.5 crores registering a 44.7% year on year (YoY) growth. With an 89.5% growth, other incomes stood at Rs 9.59 crores.
Operating revenues, i.e, revenue from primary business activities in terms of US dollars grew 44.9% (YoY) and at the close of the quarter stood at $35.8 million.
Profit after tax (PAT) for the quarter totalled Rs 44.44 crores surging 30.4% (YoY).
The company in its filing with NSE reported free cash flows of Rs 67.43 crores; having such handsome free cash in its balance sheet is a big achievement especially for a company that was listed only a year ago.
Marching along with the growing total income, EBITDA margins also posted a 42.5% y-o-y rise and stood at Rs 70.12 crores.
Happiest Minds added 8 more clients to its client base taking the overall tally to 186. Out of these clients, 65.9% are based in the US while 13% are Indian clients. This quarter the company added 3 more clients to the above $ 5 million categories. The company has set aside Rs 3.41 crores for Provisions & Deferred tax liability in the quarter. The company announced an interim dividend of Rs 1.75 per equity share of face value Rs 2 per share.
The company’s MD & CFO, Venkatraman N, briefly commented on the quarterly numbers. He said “ the company is maintaining healthy free cash flows, and according to him the company posted an all-around performance throughout the quarter. He also added that the company has added 568 new faces to its workforce in the last 6 months. He was pleased to announce Rs 1.75/ equity share as an interim dividend guided by healthy capital return ratios.
Joseph Anantharaju, Executive Vice Chairman, Happiest Minds Technologies said the company, inspired by its strong demand-oriented environment, was able to capitalize on most of its existing clients while winning new logos as well.