Bengaluru-based IT firm Happiest Minds revenues grew 3% quarter-on-quarter (qoq) to Rs 377.9 crore in the last quarter of FY23. The midcap IT firm also reported a net profit of Rs 57.6 crore in the March quarter, up just 0.1% qoq.

For FY23, the IT firm reported a revenue of Rs 1,429 crore, up 30.7% year-on-year (yoy) against Rs 1,093.6 crore in FY22. The net profit was Rs 231 crore in FY23, up 27.5% yoy. The company recommends a final dividend of Rs 3.4 per share on Monday.

On the Ebidta of more than 25% for the twelfth successive quarter, Ashok Soota, Executive Chairman of Happiest Minds, said that they are not affected by the market and therefore should not be tarred with the same brush because of some larger players’ performance .

Soota said, “We have missed our revenue growth target by 1.3% due to the right-shifting of some Q4 revenues. This has been more than compensated by delivering an Ebitda that exceeded the upper band of our guidance of 22-24%. In view of our strong business pipeline, we are planning a record of 1,300 people. Accordingly, we are retaining our FY24 revenue guidance growth at 25%.”

He added: “If a $10-billion size IT company wants to grow at even 5%, it has to create more than one Happiest Minds in a year. That’s a challenge. Luckily we don’t have that challenge and we won’t have that for a long time. We are a company of $200 million, if we have to grow at 25%, we have to just add $50 million business in a year. And that is not a function of whether the market is expanding or slowing down. It is the ability of our organization that we have built to go and get that size of business. And that is why we are looking at future with so much confidence.”

The IT company added 16 clients during the fourth quarter of FY23, taking the total number of clients to 237 as of March 2023. The total employee head count of the company was at 4,917 at the end of the March quarter, with a net addition of 306 employees. Attrition for the company was at 19.8% and utilization was at 74.6%, down from 80.1% in the last quarter.

Source link

By admin

Leave a Reply

Your email address will not be published. Required fields are marked *