Happiest Minds Technologies Limited (NSE:HAPPSTMNDS), a ‘Born Digital. Born Agile’, digital transformation and IT solutions company, today announced its consolidated results for the first quarter ended June 30, 2023 as approved by its Board of Directors.
Ashok Soota, Executive Chairman, said “We have consistently and yet again delivered industry-leading performance both on revenue growth and profitability. The highly successful run is a result of the continued acceleration of our customer’s digital journey and our ability to stay relevant to their needs. The performance wouldn’t have been possible without the commitment and dedication of our Happiest Minds team which has crossed 5,000 during the quarter.
We have set a goal of achieving US$ 1 Billion by 2031 and our guidance of 25% is based on the same. We remain on target for achieving the goal. In our guidance of 25%, we have not been making a distinction between organic and inorganic growth. In the current year, we have been expecting to do significant acquisitions which we have not been able to close so far. We will update our guidance target in October based on the M&A progress.”
Financial highlights
Quarter ended June 30, 2023
- Revenue in constant currency grew by 3.5% q-o-q and 13.8% y-o-y
- Operating Revenues in US$ stood at $47.6 million (growth of 3.6% q-o-q: 12.7% y-o-y)
- Total Income of ₹ 40,453 lakhs (growth of 4.7% q-o-q; 22.6% y-o-y)
- EBITDA of ₹ 10,299 lakhs, 25.5% of Total Income (growth of 2.4% q-o-q; 17.4% y-o-y)
- PAT of ₹ 5,833 lakhs (growth of 1.2% q-o-q; growth of 3.5% y-o-y)
- Free cash flows of ₹ 10,133 lakhs
- EPS (diluted) for the quarter of ₹ 4.02
Venkatraman N, MD & CFO, said “I am extremely happy to report on our thirteenth quarter of 25% plus EBITDA and ahead of our guidance which is a validation of our value proposition and disciplined execution. The successful closure of our Qualified Institutions Placement(QIP) of ₹ 500 crores confirms the strong investor commitment to us and our growth aspirations.”
Joseph Anantharaju, Executive Vice Chairman, said “Our clients remain focused on executing compressed transformations to drive efficiency, stronger growth, more agility, and to achieve greater resilience faster. Our ability to advise, shape and deliver value-led digital transformation, leveraging the breadth of technical capabilities in digital technologies and deep domain expertise is the key differentiator for Happiest Minds.”
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