Happiest Minds Technologies second quarter profit up 30% to Rs 44 cr

Happiest Minds Technologies on Thursday said its consolidated net profit in September quarter rose 30.4 per cent to Rs 44.44 crore.

The IT company had posted a net profit of Rs 34.08 crore in the year-ago period.

Revenue grew 44.7 per cent at Rs 264.53 crore in the quarter under review from Rs 182.84 crore in the same period a year ago, a regulatory filing said.

"We continue our growth momentum with, yet another quarter of stellar growth, driven by a strong demand environment. Given our strong brand recall...and razor-sharp focus on delivering high quality outcomes, we are able to win new logos and increase our wallet share across our existing customers, company's Executive Vice Chairman Joseph Anantharaju said.

MD and CFO Venkatraman N added that the company has closed another "good quarter with all-round performance".

"...during the first half of the year, we added, on a net basis, 568 happiest minds. We continue to show healthy cash flows and have improved on our capital return ratios prompting us to declare an interim dividend of Rs 1.75 per equity share, he said.

The record date for the purpose of interim dividend has been fixed on November 10, 2021 and the dividend will be paid on and after November 18, the statement said.

The company's operating revenues in dollar terms stood at USD 35.8 million, a growth of almost 45 per cent year-on-year. Happiest Minds had 186 clients as of September 30, 2021 with 8 additions in the quarter under review.

The company had 3,796 employees at the end of September 2021 quarter with net addition of 258 in the three-month period.

Its trailing 12 months attrition was at 18.5 per cent.