Happiest Minds Technologies Q2 results: Net profit falls 15% to Rs 49.52 cr

IT firm Happiest Minds Technologies has posted a 15.2 per cent on-year decline in consolidated net profit to Rs 49.52 crore in the September 2024 quarter.

It reported a net profit of Rs 58.46 crore in the year-ago period, according to a regulatory filing on Wednesday.

Revenue from operations during the quarter under review came in at Rs 521.64 crore, an increase of 28.2 per cent from Rs 406.62 crore in Q2 FY24.

Seen quarter-on-quarter, profit dipped 2.9 per cent but revenue rose 12.4 per cent.

Terming it as the "best growth results since the last two years", company Executive Chairman Ashok Soota said the transformational changes the company initiated this year are gathering momentum.

"These changes include the acquisition of PureSoftware and Aureus, the creation of our GenAI Business Unit (GBS), hiring a senior leader to expand net new (NN Sales), and creating six industry groups, each headed by an industry manager. The full impact of all these changes on revenue and growth will become visible in the quarters ahead," he said.

The Bengaluru-based firm saw 11 client additions during the quarter, bringing the total client tally to 281.

"Backed by our strong capabilities in Data, AI, GenAI, Automation, IoT and Cyber Security, the quarter was marked by solid new wins and expanding our base into existing client relationships through our strong account mining practices," Joseph Anantharaju, its Executive Vice Chairman, said.

As of September 30, 2024, the firm has 6,580 employees.

The company's board recommended an interim dividend of Rs 2.5 per equity share with a face value of Rs 2 for financial year 2024-25.