Happiest Minds reported its quarterly results for the October to December quarter (Q3FY22) on January 28, 2022. The company reported a 16% YoY (year on year) jump in its consolidated profit after tax (PAT) at Rs 48.9 crore from Rs 42.1 crore in the year ago period. On a sequential basis, the PAT jumped 10% from Rs 44.4 crore in the previous quarter.
The company’s total revenue jumped 45% YoY to Rs 2,922 crore in the quarter under review from Rs 2,012 crore in Q3 FY21 whereas the total revenue increased by 6.6% QoQ from Rs 2,741 crore in Q2 FY22. However, Happiest Minds reported a marginal dip in its other income by 1% YoY and 13% QoQ to Rs 8.3 crore from Rs 8.4 crore in the year ago period and Rs 9.5 crore in the previous quarter.
The company’s total expenses was up 53% YoY to Rs 2,268 crore from Rs 1,480 crore in the corresponding quarter in the previous financial year. Employee benefits expense increased to Rs 1,604 crore from Rs 1,102 crore in the year ago period amidst the attrition rate.
Happiest Minds Technologies’ stock closed in the green at Rs 1,140.5 per share after gaining 1.44% at the end of the intraday session on January 28, 2022 ahead of the company’s quarterly results.
What the Management says
Joseph Anantharaju, Executive Vice Chairman, Happiest Minds said, “Our compelling offerings have made us the partner of choice for our customers in their Experience, Data and Cloud initiatives. The stellar results validate the value proposition that we offer our customers and the critical role we play in their strategic digital initiatives.”
Venkatraman N, MD & CFO, Happiest Minds said, “We continue to deliver all-around healthy financial and business performance. Revenue growth of 47.2%, EBITDA at 26.1%, robust cash generation and healthy capital return ratios are testimony to this. Coupled with onboarding talent and healthy utilization levels, we are well-positioned to address the strong demand environment for Digital services.”
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Research Analyst: Bavadharini KS