Happiest Minds Technologies Q4 PAT advances 7% QoQ to Rs 52 cr

On a sequential basis, the company's net profit rose 6.52% to Rs 52.11 crore while net sales gained 5.86% to Rs 300.57 crore in Q4 FY22 as compared to Q3 FY22.

Profit before tax stood at Rs 69.88 crore in the fourth quarter, up by 6.80% from Rs 65.43 crore in Q3 FY22.

The EBITDA rose 6.1% QoQ and 39% YoY to Rs 81.58 crore in Q4 March 2022. EBITDA margin stood at 26.3% in Q4 FY22 from 26.2% in Q4 FY21 while the margin remained flat during Q4 FY22 as compared to Q3 FY22.

In dollar terms, its operating revenue stood at $39.9 million during the quarter, rising 5.5% QoQ and 31.9% YoY. Free cash flows during Q4 FY22 was at Rs 81.06 crore.

The company had 4,168 employees at the end of the reporting quarter, with a net addition of 147 people in Q4 FY22 and 940 people for FY22. The trailing 12-months attrition was at 22.7%. The utilization rate in Q4 FY22 stood at 79.4% as against 81% during the last quarter. Happiest Minds added 11 new clients in the fourth quarter taking the tally to 206 total clients.

Meanwhile, the IT firm's consolidated net profit surged to 44.5% to Rs 52.11 crore on 36.2% increase in net sales to Rs 300.57 crore in Q4 FY22 over Q4 FY21. On full year basis, the company reported a 14.3% increase in net profit to Rs 185.69 crore on a 41.4% rise in net sales to Rs 1,093.65 crore in FY22 over FY21.

Ashok Soota, the executive chairman of Happiest Minds Technologies, said, With a growth of 40.9% in constant currency, we have delivered industry-leading growth with a superior margin profile. The performance validates our efforts over the years to scrupulously stitch a culture of innovation, collaboration and being mindful to the needs of our customers and stakeholders.

' Venkatraman N, the managing director (MD) and chief financial officer (CFO) of Happiest Minds Technologies, said, I am very happy with our financial results while remaining cautiously optimistic of the future. Focus will be on maintaining growth, both organic and in-organic while not taking our eyes off profitability, cash flows and leverage.

Meanwhile, the board of directors of the company recommended a final dividend of Rs 2 per share for the year ended 31 March 2022.

Happiest Minds Technologies, an IT solutions company, enables digital transformation for enterprises and technology providers by delivering seamless customer experiences, business efficiency and actionable insights.

Shares of Happiest Minds Technologies were trading 2.20% lower to Rs 968.20 on BSE.

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