Happiest Minds Q2 Results: Net Profit Down 3% Sequentially, Dividend Announced
The company will pay an interim dividend of Rs 2 per equity share, with the record date being Nov. 26, according to an exchange filing.
IT firm Happiest Minds Technologies Ltd. posted a 3% sequential fall in its net profit to Rs 50 crore in the quarter ended Sept. 30, 2024. In the June quarter, the company had logged a net profit of Rs 51 crore.
The company's revenue during the second quarter rose 12% sequentially to Rs 522 crore, from Rs 464 crore from the previous quarter.
Operating margin for the quarter was at 13.2%, while earnings before taxes and interest stood at Rs 69 crore, an increase of 9% quarter-on-quarter from Rs 63 crore.
Happiest Minds Q2 Results: Key Highlights (QoQ)
Revenue up 12% at Rs 522 crore versus Rs 464 crore.
Net profit fell 3% at Rs 50 crore versus Rs 52 crore.
Ebit up 9% at Rs 69 crore versus Rs 63 crore.
Margin flat at 13.2% versus 13.5%. (Estimate: 16.3%).
The company will pay an interim dividend of Rs 2 per equity share, with the record date being Nov. 26, according to an exchange filing.
The company also raised Rs 500 crore through qualified institutional placement on Jul. 14, 2023.
The funds have been used for investment in subsidiaries, funding working capital requirements, funding inorganic growth and for general corporate purposes, stated the IT firm.
Ashok Soota, Executive Chairman of the company, said, "Happiest Minds has delivered our best growth results since the last two years with 12.7% quarter-on-quarter growth and 28.2% year-on-year growth. The transformational changes we initiated this year are all gathering momentum."
"These changes include the acquisition of PureSoftware and Aureus the creation of our GenAI Business Unit, hiring a senior leader to expand net new (NN Sales), and creating six Industry Groups, each headed by an Industry Manager. The full impact of all these changes on revenue and growth will become visible in the quarters ahead," he said.
On Wednesday, the company's shares fell 0.81% to Rs 749.85 apiece on the NSE even as the benchmark Nifty 50 ended the day 1.36% lower at 23,559 points. The quarterly results were declared after market hours.
