Happiest Minds records sequential revenue growth of 6.9% in Q1 2022

Indian IT firm Happiest Minds Technologies has recorded a sequential revenue growth of 6.9% in constant currency terms, for the quarter ended June 30.

The company’s operating revenues this quarter stood at $42.2 million, growth of 5.9% quarter-on-quarter (Q-o-Q) and 27.4% year-on-year (YoY). Total income in the quarter was reported to be ₹332.74 crore, a growth of 7.2% Q-o-Q and over 31% YoY.

The PAT (profit after tax) for the period stood at ₹56.34 crore, a growth of 8.1% Q-o-Q and 57.7% YoY. The firm said its EBITDA for the quarter was ₹87.75 crore, 26.4% of total income, which is a growth of 7.6% Q-o-Q and 32.7% Y-o-Y.  

Ashok Soota, Executive Chairman, said, “We have started fiscal FY23 showing industry leading performance. Our ten-year vision statement is to be a billion-dollar company by 2031. In line with this, based on the growth we are experiencing and continued demand for digital services.”

The firm has raised its revenue guidance for FY23 to 25% and to target compounded annual growth of 25% over the next five years.

 “While we make changes to our revenue guidance reflecting our confidence on our ability to perform, we continue to hold onto our EBITDA margin guidance of 22% to 24%,” Venkatraman Narayanan, Managing Director and CFO, said.

The company has 4,188 employees at the end of the quarter with a 12 months trailing attrition of 24.4%. Number of clients totalled to 211, with five additions in the first quarter, it said.

Joseph Anantharaju, Executive Vice Chairman, said, “Our performance continues to lead the industry with results that demonstrate the strategic relevance of our services and our trusted customer and ecosystem partnerships.”