 "Happiest Minds Q3FY25 results: PAT down 16% on higher finance costs")
Happiest Minds Technologies, a mid-tier IT services firm, reported a 16 per cent year-on-year (Y-o-Y) drop in its profit after tax (PAT) for the third quarter of the current financial year (FY25) at Rs 50 crore due to higher finance costs.
However, the revenue for the quarter grew 27.5 per cent to Rs 553 crore compared with the year-ago period.
“During the quarter, we witnessed healthy demand from BFSI, healthcare, CPG, and manufacturing,” said Joseph Anantharaju, executive vice chairman and CEO of Product and Digital Engineering Services (PDES).
Anantharaju’s comments come in the backdrop of larger IT services companies noticing some green shoots in demand after a prolonged period of lull which dampened the mood of the sector.
“The results reflect our continued ability to execute and deliver high-quality digital capabilities to our customers. During the quarter, Happiest Minds accelerated its net new growth opportunities while increasing the number of large customers. Our acquisitions are allowing us to diversify our revenue base across geos and verticals while leveraging synergies to accelerate growth,” he added.
The company also said it would create a GenAI business unit, verticalise into six industry groups, and appoint a chief growth officer to boost growth for the next financial year. “Our goal is to integrate generative AI features into their products, services, and provide them with a competitive advantage. The adoption of this promising technology has picked up speed with our customers embarking on enterprise-wide adoption. Apart from projects already delivered, we have about 15 projects in a proof-of-concept stage which will lead to significant orders/projects in the next financial year,” said executive chairman Ashok Soota.
The company currently has a total revenue of $3 million from GenAI projects.