Happiest Minds Q2 net profit grows 27.8% YoY, sees sequential decline

Happiest Minds Q2 net profit grows 27.8% YoY, sees sequential decline
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5 Nov, 2020

Information technology (IT) services firm Happiest Minds Technologies on Wednesday reported a 27.8% year-on-year (YoY) increase in net profit to Rs 34.08 crore for the quarter ended September 30, 2020.

The company, which launched an IPO on September 17, however, saw its consolidated net profit decline 32% sequentially from Rs 50.18 crore ($6.75 million).

“We are happy to report a good all-round performance this quarter and this is a testimony of our digital focus, agility and commitment to all our stakeholders,” executive chairman Ashok Soota said in a statement. 

This is the second quarter of the financial year 2020-2021 (FY21) for the Bengaluru-based company.

Its total revenue stood at Rs 187.91 crore ($25.29 million) during the quarter, growing 0.5% from the previous quarter and 4% YoY. Of this, the revenue from contracts was Rs 182.84 crore ($24.61 million), up 4.4% from Rs 175.06 crore ($23.56 million) a year ago.

Read: Ashok Soota-led Happiest Minds IPO secures bumper subscription in undemanding economy

“We are happy to present our first results after going public,” Venkatraman Narayanan, Happiest Minds managing director and CFO, said in a company statement. “Despite the environment, we have shown growth in revenues on a sequential basis and improved our EBITDA both sequentially and on a year-over-year basis.”

At the time of writing this report, the shares of the company were trading at Rs 331.90 on the BSE, 5.14% lower than the previous close of Rs 349.90.

In the latest quarter, the IT firm said it has added eight new clients, taking the total count of its business clients to 152. Meanwhile, the total number of company employees stood at 2,721, trailing 12 months attrition at 14.1%.