Happiest Minds Technologies, a mid-tier IT services firm, reported a 16% year-on-year drop in its profit after tax (PAT), which fell to ₹50 crore. The decrease was mainly due to higher finance costs.
Despite the lower PAT, the company’s revenue grew by 27.5%, reaching ₹553 crore compared to the same quarter last year.
Joseph Anantharaju, Executive Vice Chairman and CEO of Product and Digital Engineering Services (PDES) noted strong demand from sectors such as BFSI, healthcare, consumer packaged goods (CPG), and manufacturing. He also mentioned that even larger IT services companies are beginning to see improvements after a prolonged downturn.
Happiest Minds emphasises its focus on delivering high-quality digital services. The company is working on increasing its net new growth opportunities and expanding its large customer base. It is also diversifying its revenue through recent acquisitions, which help spread its business across different regions and industries.
Looking ahead, the firm plans to establish a GenAI business unit, organise its operations into 6 industry-specific groups, and appoint a Chief Growth Officer. Executive Chairman Ashok Soota mentioned that the company aims to integrate generative AI features into its products and services, providing a competitive edge. Currently, Happiest Minds has generated revenue of $3 million from GenAI projects and has about 15 projects in the proof-of-concept stage, which are expected to result in significant orders in the next financial year.
The company provides intellectual property and specialised expertise in Digital Transformation & Enterprise Solutions, Product Engineering, Infrastructure Management, Security, Testing, and Consulting. It concentrates on Security, M2M, and Mobility solutions in the solutions arena. Additionally, the company is an authorised partner of leading global IT firms, helping to deploy their services and develop custom solutions.
On 6 February at 11:02 AM, Happiest Minds Technologies share price (NSE: HAPPSTMNDS) was trading at ₹688.75, down by ₹11.35 (1.62%). The stock opened at ₹701.00, reached a high of ₹707.05, and dropped to a low of ₹686.40. The company has a market capitalisation of ₹10.32K Cr, a P/E ratio of 44.64, and a dividend yield of 0.83%, with its 52-week high at ₹956.00 and the 52-week low at ₹665.50.
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Published on: Feb 6, 2025, 11:25 AM IST
Kusum Kumari
Kusum Kumari is a Content Writer with 4 years of experience in simplifying financial market concepts. Currently crafting insightful content at Angel One, She specialise in breaking down complex topics into easy-to-understand pieces, blending expertise in market fundamentals and technical analysis.
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