Happiest Minds spurts on new vertical structuring

Happiest Minds Technologies rallied 4.84% to Rs 874.75 after the company announced its new vertical organization structure comprising six new industry groups.

The six new industries groups are Industrial, Manufacturing and Energy & Utilities, Healthcare & Life Sciences, Retail, CPG and Logistics, Banking, Financial Services, and Insurance (BFSI), Hi-Tech and Media & Entertainment, and EdTech.

Ashok Soota, executive chairman, said The potential of this new structure is immense and will be the bedrock of new growth engines, enabling us to compete better in the global markets and realize our vision of reaching $ 1 billion in revenues by 2031.

Joseph Anantharaju, executive vice chairman & CEO (PDES), said This verticalization is a major event in the evolution and growth of Happiest Minds changing the foundations of our organization structure, while significantly augmenting our sales prowess and accelerating growth. Each industry group (IG) will have dedicated teams with deep domain expertise, allowing for customized solutions, and faster response times thus enhancing our agility and driving innovation leading to increased customer happiness and sustainable growth.

Each new industry group is led by an IG Head, and is responsible for the P&L, selling generative AI business services (GBS) to existing and potential accounts, along with product & digital engineering services (PDES) and infrastructure management & security services (IMSS), the company stated.

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.

The IT company's consolidated net profit rose 2% to Rs 59.62 crore in Q3 FY24 as against Rs 58.46 crore recorded in Q2 FY24. Compared to Q2 FY24, revenue from operations rose marginally to Rs 406.62 crore in Q3 FY24.

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