Happiest Minds spurts after Q3 PAT rises 23% QoQ to Rs 42 cr

Happiest Minds Technologies jumped 4.1% to Rs 370.50 after the company's consolidated net profit rose 23.7% to Rs 42.15 crore on 5.47% increase in revenue to Rs 192.84 crore in Q3 December 2020 (Q3 FY21) over Q2 September 2020 (Q2 FY21).

The company's consolidated net profit has grown by 97% and revenue has risen by 12.4% in Q3 FY21 over Q3 FY20. The IT company revenue in dollars grew by 6% quarter on quarter to $26.2 million in Q3 FY21 over Q2 FY21.

Profit before tax (PBT) in Q3 FY21 stood at Rs 53.27 crore, up by 24.84% from Rs 42.67 crore in Q2 FY21. Tax expense spiked 62% to Rs 11.05 crore in Q3 FY21 over Q2 FY21.

EBITDA grew by 20.9% quarter on quarter to Rs 59.69 crore in Q3 FY21 from Rs 49.39 crore in Q2 FY21. EBITDA margin improved to 29.7% in Q3 FY21 from 26.3% in Q2 FY21.

Joseph Anantharaju, Exec. Vice Chairman and CEO - Product Engineering Services, Happiest Minds Technologies said, "We have a strong deal pipeline on the back of increasing market demand and are thankful to all our customers for the trust they have reposed in us. Our people are our key strength and they continue to play a critical role in our growth and ensuring customer delight."

Venkatraman Narayanan, Managing Director & CFO, Happiest Minds Technologies said, "We are indeed happy to deliver another successful quarter showing good growth in revenue and profits. Revenues in US dollar terms grew YoY by 8.8% and QoQ by 6.0% while our profits after tax have grown YoY by 97.1% and QoQ by 23.7%. We continue to maintain and improve on key capital return ratios which are key to increasing our shareholder and stakeholder value."

The company added 6 new customers in the quarter and total client based now stands at 155 as of 31 December 2020. The IT major's attrition rate (on TTM basis) stood at 13.1% in Q3 FY21.

Bengaluru-based Happiest Mind Technologies is an IT services provider. It leverages a spectrum of technologies such as: Big Data Analytics, AI & Cognitive Computing, Internet of Things, Cloud, Security, SDN-NFV, Blockchain, Automation including RPA, etc.

Powered by Capital Market - Live News