Happiest Minds Technologies announces revenue rise in Q1 FY24 results

Happiest Minds Technologies Limited (NSE:HAPPSTMNDS) has reported its first quarter of the fiscal year 2024 (Q1 FY24) results with revenue growth of 3.5% quarter over quarter (q-o-q) and 13.8% year over year (y-o-y). The figures further detailed an operating revenue of $47.6 million, indicating a growth rate of 3.6% q-o-q and 12.7% y-o-y.

In terms of total income, the company witnessed ₹40,453 lakhs, showing a growth of 4.7% q-o-q and a substantial 22.6% y-o-y. With an EBITDA at ₹10,299 lakhs, which is 25.5% of the total income, the growth stood at 2.4% q-o-q and 17.4% y-o-y. Furthermore, the PAT reported was ₹5,833 lakhs (growth of 1.2% q-o-q; 3.5% y-o-y) with a free cash flow of ₹10,133 lakhs and an EPS (diluted) for the quarter standing at ₹4.02.

Clientele Metrics and Growth:

As of June 30, 2023, Happiest Minds Technologies boasted a client base of 243, with 18 new additions for the quarter. The company’s employee count, titled “Happiest Minds”, reached 5,048, with a net addition of 131 in the quarter. Additionally, the trailing 12 months witnessed an attrition rate of 16.6% with a utilization rate of 74.6%.

Key Project Wins for Happiest Minds in Q1 FY24:

Significant project collaborations include partnerships with a next-generation learning platform, a billion-dollar global specialty chemicals company, a leading innovator in the bioscience industry, one of the world’s largest pharmaceutical companies, a digital transformation specialist, a large enterprise software support company, a European high-tech engineering group, a European talent fulfillment enterprise, a Middle East-based petrochemical company, and an Australia-based health insurance and services provider.

Statement from the Executive Chairman:

Ashok Soota, the Executive Chairman of Happiest Minds Technologies, remarked, “We have consistently and yet again delivered industry-leading performance both on revenue growth and profitability. The highly successful run is a result of the continued acceleration of our customer’s digital journey and our ability to stay relevant to their needs…We have set a goal of achieving US$ 1 Billion by 2031 and our guidance of 25% is based on the same…”