Bengaluru, NFAPost: Happiest Minds Technologies Ltd, one of the leading digital transformation and IT solutions companies, reported a 16.1% jump in consolidated net profit to Rs 48.92 crore for December 2021 quarter. The company had posted a net profit of Rs 42.15 crore in the year-ago period.
The company’s stellar performance comes in the backdrop of the covid-19 impacted economic order. The mid-size IT company’s revenue during October-December 2021 grew 47.2% to Rs 283.94 crore as compared with Rs 192.84 crore in the year-ago period, a regulatory filing said. The company’s EBITDA registered 27.8% growth on a yearly comparison.
Commenting on the company’s performance, Happiest Minds Technologies Ltd Executive Vice-Chairman Joseph Anantharaju said the company’s compelling offerings have made it 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,” said Happiest Minds Technologies Ltd Executive Vice-Chairman Joseph Anantharaju.
Happiest Minds Technologies Ltd Managing Director and chief financial officer Venkatraman N said the company continues 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 utilisation levels, we are well-positioned to address the strong demand environment for digital services,” said Happiest Minds Technologies Ltd Managing Director and chief financial officer Venkatraman N.
While the company has a total number of 195 clients as of December 31, 2021, it added 11 new additions during the 3rd quarter. The company’s attrition rate for the year stood at Trailing 21.1% for the whole calendar year and total headcount reached 4021, registering an addition of 225 for the third quarter.
On contract winning side, the company stated that third-quarter witnessed a multi-year, multi-million-dollar managed service contract to a telecom partner on their transformational and operational excellence journey. For a global EduTech SaaS company, Happiest Minds has won a multi-year, multi-million-dollar deal to provide End to End Infrastructure and Security Services by leveraging Microsoft Azure.
It is interesting to hgilight the fact that Happiest Minds is ranked among India’s Top 25 Best Workplaces in IT & IT-BPM 2021 by Great Place to Work® Institute.
