Happiest Minds revenue increases on the back of healthcare, BFSI segment growth

Mid-cap IT services company Happiest Minds announced its fourth quarter and financial year results for FY25 on Tuesday. The company reported a revenue increase backed by its move to a vertical structure with accelerated growth, particularly in the Healthcare and the BFSI segments. The Bengaluru-based company said that there is an increase in the share of the healthcare vertical, which saw large new deals totalling $20 million from four customers. 

For the quarter ending March, Happiest Minds recorded a 30.5% increase in revenue to ₹544.5 crore, however, the consolidated net profit plunged by close to 53% to ₹34 crore on a yearly basis. For the entire fiscal year, revenue rose by 26.8%, while the net profit dropped by about 26%.

“Happiest Minds continues to show above-industry-leading growth this fiscal year. The ten strategic transformational changes that we rolled out are shaping Happiest Minds' future. Our strategic initiatives, along with the continued commitment of our teams, have us well-positioned for strong double-digit organic growth in FY26 and beyond,” said Ashok Soota, Chairman & Chief Mentor.

In FY25, the company undertook several transformational initiatives, such as reorganising into five new industry groups (IG), creating an independent business unit for generative AI, and making important executive appointments. It included appointing company veteran  Joseph Anantharaju as the chief executive officer in March. 
Going forward, the company will be developing a private equity company ecosystem and their portfolio companies; address GCC companies’ requirements; and create a large accounts focus strategy which will take about 10 – 15 of $2-3-million-dollar accounts and raise them to $10, $15 and $20 million, the company announced in an earlier media roundtable. 

“The two transformations that we initiated around GenAI BU and the independent NN hunting team have seen a good buildup in the pipeline that should result in revenue growth. Our other initiatives around High Potential accounts, GCC and Private Equity pursuit are beginning to take hold and should start yielding results in the ensuing quarters,” said Anantharaju during the announcement of the financial results. 

Notably, in 2021, the company announced an ambitious goal of achieving $1 billion in revenue by 2031.