Happiest Minds Technologies Q2 FY 24: Impressive revenue growth and key business wins

Indian tech major Happiest Minds Technologies, has announced its financials for the quarter ended September 30, 2023. The data showcases a promising QoQ growth, with revenues jumping to ₹40,662 lakhs, marking a 4.0% increase from the previous quarter and a 14.4% growth YoY.

Financial Highlights for Q2 FY 24

• Total Income Growth: A commendable rise in the company’s total income, clocking in at ₹42,883 lakhs, shows a growth rate of 6.0% QoQ and a significant 19.3% increase YoY.
• Operational Profits: EBITDA stands at ₹10,482 lakhs, translating to 24.4% of the total income, with a growth rate of 1.8% QoQ and 11.1% YoY.
• Profit After Tax: The PAT for the quarter has been reported at ₹5,846 lakhs, indicating a minor growth of 0.2% QoQ, though showing a slight de-growth of 1.6% YoY.
• U.S Revenue Metrics: Operating Revenues in US dollars for the quarter amounted to $49.1 million, which is a 3.3% QoQ growth and a 10.8% YoY increase.

Half-year Financial Metrics (ending September 30, 2023)

As the second quarter wraps up, the half-year financial data reveals:

• Revenue Analysis: A constant currency growth of 12.7% YoY and an operating revenue in US dollars reaching a significant $96.7 million, reflecting an 11.7% YoY growth.
• Income and Profit Metrics: Total income for the half-year stands at ₹83,336 lakhs, a growth of 20.9% YoY. The EBITDA reached ₹20,781 lakhs, making up 24.9% of the total income with a growth of 14.1% YoY. Meanwhile, PAT was reported at ₹11,679 lakhs, indicating a growth of 0.9% YoY.

Business & Client Acquisitions Overview

Happiest Minds has made notable strides in expanding its clientele and securing significant projects:

• Client Data: As of September 30, 2023, the company boasts a roster of 244 clients, with a net addition of 7 in this quarter alone.
• Team Expansion: Happiest Minds has expanded its family, now comprising 5,285 members, with a net addition of 237 individuals this quarter.
• Key Project Wins: The company secured several notable projects this quarter, ranging from designing interactive user interfaces for a global online retailer to offering ASIC Design & Verification services for a semiconductor company specializing in 5G networks.

In summary, the Q2 FY 24 results for Happiest Minds Technologies indicate strong financial performance, client growth, and an expanding portfolio of projects, positioning the firm for further success in the tech landscape.