Happiest Minds’ Q1 FY24: 17.8% Revenue Surge, PAT Dips 29.1%”

On August 12, 2024, Happiest Minds Technologies Limited, a company focused on digital transformation and IT solutions, announced its consolidated financial results for the first quarter ending June 30, 2024.

Happiest Minds Technologies reported strong financial performance for the first quarter ending June 30, 2024. The company’s revenue in constant currency grew by 11.4% quarter-on-quarter (q-o-q) and 17.8% year-on-year (y-o-y). Operating revenues in US dollars reached $55.5 million, reflecting a growth of 10.9% q-o-q and 16.8% y-o-y.

The total income stood at ₹48,926 lakh, marking a 10.6% q-o-q and 20.9% y-o-y increase. EBITDA was ₹11,671 lakh, representing 23.9% of the total income, with a growth of 7.8% q-o-q and 13.3% y-o-y. However, the Profit After Tax (PAT) was ₹5,103 lakh, accounting for 10.4% of the total income, which declined by 29.1% q-o-q and 12.5% y-o-y. The company generated free cash flows of ₹11,569 lakh, and the diluted Earnings Per Share (EPS) stood at ₹3.39.

Ashok Soota, Executive Chairman, said, “Happiest Minds has begun the new fiscal year by setting the foundation for the best performance since our IPO. Establishment of Gen AI business services, BU reorganisation with industry groups into profit centres, and two excellent acquisitions have led us to accelerate growth, which will be further manifested in successive quarters.”

Key Wins

Happiest Minds is helping a leading global beverage company improve their sales process by using a generative AI-powered chatbot that provides actionable insights and supports decision-making. Additionally, for a U.S.-based provider of sustainable solutions, Happiest Minds is enhancing its data platform and visualisation capabilities through a new project.

About Happiest Minds Technologies Limited

Happiest Minds Technologies is an IT company that focuses on enabling digital transformation for businesses and technology providers. They offer services that enhance customer experiences, improve business efficiency, and provide valuable insights by using advanced technologies like artificial intelligence, blockchain, cloud computing, digital process automation, the Internet of Things, robotics, security, and virtual/augmented reality.

On August 13, 2024, Happiest Minds Technologies Limited’s share price opened at ₹765.00, touching the day’s low at ₹751.00, as of 09:46 AM on the NSE.

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