Mid-tier IT services firm Happiest Minds Technologies reported a 17.7 per cent year-on-year (YoY) rise in net profit at ₹57.58 crore for the quarter ended December 31. On a sequential basis, the profits dipped 3.1 per cent from 59.4 crore in the last quarter.
The company’s operating revenues stood at ₹366.88 crore, up 3.2 per cent quarter-on-quarter (QoQ) and 29.21 per cent YoY. Total income on a consolidated basis stood at ₹374.68 crore, up by 4.3 per cent QoQ and 28.2 per cent YoY.
Its EBITDA (earnings before interest, taxes, depreciation, and amortization) for the quarter was ₹97.26 crore, 26 per cent of total income. This is growth of 3.1 per cent QoQ and 26.5 per cent YoY.
Venkatraman N, MD and CFO, said, “Happiest Minds’ year-to-date revenue growth and EBITDA continue to be industry-leading and well above the guidance we have given for the year. Accolades that we received for our governance and disclosure practices coupled with our results make the quarter results that much more pleasant”
The company had a headcount of 4,611 employees at the end of the quarter, with net 30 additions. The 12-month trailing attrition rate stood at 20.9 per cent. The number of clients totaled 230, with 9 additions in the third quarter.
Ashok Soota, Executive Chairman, said, “We have delivered yet another quarter of excellent performance on all fronts. On revenue growth and EBITDA, a metric that we closely track, we are at 55.2 per cent, which reflects our ability to drive consistent profitable growth. We are delighted with the recognitions received by Happiest Minds on corporate governance.”