Happiest Minds Technologies announces strong Q2 2023 performance and strategic initiatives


Happiest Minds Technologies Limited, renowned for its prowess in digital transformation and IT solutions, has unveiled its Q2 results ending September 30, 2023. The standout figures include:

  • Operating Revenues at $49.1 million, indicating growth of 3.3% q-o-q and 10.8% y-o-y.
  • Total Income surged to ₹42,883 lakhs, marking a growth of 6.0% q-o-q and 19.3% y-o-y.
  • EBITDA landed at ₹10,482 lakhs, constituting 24.4% of the total income.
  • PAT reached ₹5,846 lakhs, a modest q-o-q growth of 0.2% but a slight y-o-y dip of 1.6%.

Ashok Soota’s Take on Performance & Future Directions

Ashok Soota, the Executive Chairman, reflected, “Happiest Minds consistently outperforms on growth and profitability metrics. We’re celebrating a quarter of exceptional results on all parameters. As we commemorate our 12th anniversary, I extend my heartfelt gratitude to every Happiest Mind and stakeholder.” He added, “After forecasting a revenue growth of 25%, we’re recalibrating our revenue growth outlook to 12% on an organic level. We remain steadfast in our EBITDA guidance between 22%-24% and our vision of becoming a billion-dollar enterprise by 2031.”

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Soota also unveiled a significant organizational shift with the inception of a Generative AI business unit (GBS). The extant PES and DBS units will merge into the PDES unit. The company will, henceforth, pivot around three primary BUs: PDES, IMSS, and GBS.

Clientele, Employees, and Key Project Wins

The company’s client base as of September 30, 2023, stands strong at 244 with the addition of seven new clients this quarter. The Happiest Minds family has expanded to 5,285 members, registering a net addition of 237 this quarter, with an attrition rate of 14.4%.

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Q2 FY24 was remarkable in terms of project acquisitions. Happiest Minds secured contracts with global online retailers, semiconductor companies, utilities firms in the US, and many more. These projects span areas like user interface design, data engineering, ASIC design, security assessments, business intelligence, and automation services.

A Closer Look at the Half-Year Financials

For the half-year concluding on September 30, 2023:

  • Revenue in constant currency showcased a growth of 12.7% y-o-y.
  • Operating Revenues in US$ were reported at $96.7 million.
  • The total income was pegged at ₹83,336 lakhs, reflecting a y-o-y growth of 20.9%.
  • EBITDA registered at ₹20,781 lakhs, making up 24.9% of the total income.
  • The PAT amounted to ₹11,679 lakhs, marking a growth of 0.9% y-o-y.
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