Happiest Minds Technologies shares fall on Q1FY25 results, down 16% YTD

During Q1FY25, the company's net profit dropped 12.5 per cent Year-on-Year (Y-O-Y) to Rs 51.03 crore, compared to Rs 58.33 crore reported in Q1FY24

Happiest Minds shares fall: Shares of digital transformation and IT solutions company Happiest Minds Technologies dropped 2.80 per cent to Rs 752.80 on the BSE during intra-day deals on Tuesday. The decline in the share price came after the company posted its financial results for the first quarter of FY25, which were released yesterday.

During Q1FY25, the company's net profit dropped 12.5 per cent Year-on-Year (Y-O-Y) to Rs 51.03 crore, compared to Rs 58.33 crore reported in the corresponding quarter of the previous fiscal year, according to the company's regulatory filings.

Meanwhile, Happiest Minds Technologies' revenue from operations witnessed a jump of 18.7 per cent Y-O-Y to Rs 463.83 crore during the quarter under review, compared to Rs 390.87 crore reported in Q1FY24.

Ashok Soota, Executive Chairman, said, “Happiest Minds has begun the new fiscal year by setting the foundation for the best performance since our IPO. The establishment of Gen AI business services, BU reorganization with industry groups into profit centers, and two excellent acquisitions have set us on a path of accelerated growth, which will be further manifested in successive quarters.”

Happiest Minds Technologies, a Mindful IT Company, enables digital transformation for enterprises and technology providers. The company leverages a spectrum of disruptive technologies such as artificial intelligence, blockchain, cloud, digital process automation, internet of things, robotics/drones, security, and virtual/augmented reality.

As of August 13, 2024, Happiest Minds enjoys a market capitalisation of Rs 11,000 crore on the BSE and is a constituent of the BSE 500 index. 

Company shares have plunged 16.74 per cent year to date, according to BSE analytics.

Shares of Happiest Minds have a 52-week range of Rs 969.95 to Rs 738.05 on the BSE.

At around 1:10 PM, Happiest Minds shares were quoted trading at Rs 752.80, down 2.57 per cent from their previous close of Rs 772.65 on the BSE.