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EBITDA grows YoY by 13.3% to ₹ 117 Crores
BENGALURU, India and SEATTLE and LONDON, Aug. 13, 2024 /PRNewswire/ — Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a ‘Born Digital. Born Agile’, a digital transformation and IT solutions company, today announced its consolidated results for the first quarter ended June 30, 2024, as approved by its Board of Directors.
Ashok Soota, Executive Chairman, said, “Happiest Minds has begun the new fiscal year by setting the foundation for the best performance since our IPO. 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.”
Key Financial highlights
*Decline primarily due to non-recurring expense in the current quarter vs a large exception write-back in the previous period, also increased amortization and financing costs arising from recent acquisitions
All amounts in ₹ Lakhs unless stated otherwise. |
||||||
Particulars |
Q1 FY25 |
Q4 FY24 |
QoQ |
Q1 FY24 |
YoY |
|
Revenues |
46,383 |
41,729 |
11.2 % |
39,087 |
18.7 % |
|
Other Income |
2,543 |
2,521 |
1,366 |
|||
Total Income |
48,926 |
44,250 |
10.6 % |
40,453 |
20.9 % |
|
EBITDA |
11,671 |
10,822 |
7.8 % |
10,299 |
13.3 % |
|
% |
23.9 % |
24.5 % |
25.5 % |
|||
Finance Cost |
1,983 |
1,033 |
1,007 |
|||
Depreciation |
914 |
840 |
702 |
|||
Amortization |
1,290 |
629 |
723 |
|||
Non Recurring Exp/(Inc) |
643 |
(1,295) |
– |
|||
Profit Before Tax (PBT) |
6,841 |
9,615 |
(28.9) % |
7,868 |
(13.1) % |
|
% |
14.0 % |
21.7 % |
19.4 % |
|||
Tax |
1,738 |
2,417 |
2,035 |
|||
% |
3.6 % |
5.5 % |
5.0 % |
|||
Profit After Tax (PAT) |
5,103 |
7,198 |
(29.1) % |
5,833 |
(12.5) % |
|
% |
10.4 % |
16.3 % |
14.4 % |
|||
Revenues ($’000) |
55,547 |
50,077 |
10.9 % |
47,566 |
16.8 % |
|
Growth in Constant Currency |
11.4 % |
17.8 % |
Venkatraman Narayanan, MD & CFO, said, “The quarter was eventful, and our results for the same include that of our two acquisitions: of PureSoftware and Aureus. The former’s results have been consolidated from May 22, and that of the latter from May 24th. Our revenues in constant currency grew year over year by 17.8% while EBITDA grew by 13.3%.Variation in PBT and PAT are primarily on account of non-recurring expenses in the current quarter versus a large exceptional write-back in the previous, and increased amortization and financing costs arising from acquisitions.”
Joseph Anantharaju, Executive Vice Chairman, said, “Our sustained growth reflects our resilience and agility to adapt to market conditions quickly. We remain laser-focused on our client’s needs and are set to leverage our Industry Groups and recent acquisitions to deliver on our client’s strategic imperatives. The newly created Generative AI Business Services (GBS) is also helping us create transformative solutions that are helping customers to further extend their digital journeys.”
Clients:
Our People – Happiest Minds:
Key wins
Awards
Analyst Mentions
For further details please refer to the Investors presentation hosted on the company website
– – Investorssection
About Happiest Minds Technologies:
Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a Mindful IT Company, enables digital transformation for enterprises and technology providers by delivering seamless customer experiences, business efficiency and actionable insights. We do this by leveraging a spectrum of disruptive technologies such as: artificial intelligence, blockchain, cloud, digital process automation, internet of things, robotics/drones, security, virtual/ augmented reality, etc. Positioned as ‘Born Digital . Born Agile’, our capabilities span Product & Digital Engineering Services (PDES), Generative AI Business Services (GBS) and Infrastructure Management & Security Services (IMSS). We deliver these services across industry groups: Banking, Financial Services & Insurance (BFSI), EdTech, Healthcare & Life Sciences, Hi-Tech and Media & Entertainment, Industrial, Manufacturing, Energy & Utilities, and Retail, CPG & Logistics. The company has been recognized for its excellence in Corporate Governance practices by Golden Peacock and ICSI. A Great Place to Work Certified™ company, Happiest Minds is headquartered in Bengaluru, India with operations in the U.S., UK, Canada, Australia, and the Middle East.
Safe harbor
This release may contain certain forward-looking statements, which involves risks and uncertainties that could cause our future results to differ materially from those in such forward-looking statements. The COVID-19 pandemic could decrease our customers’ technology spend, delaying prospective customers’ purchasing decisions, and impact our ability to provide services; all of which could adversely affect our future revenue, margin, and overall financial performance. Our operations could also be negatively impacted by a range of external factors not within our control including those due to the pandemic. We do not undertake to update any of our forward-looking statements that may be made from time to time by us or on our behalf.
For more information, contact:
Kiran Veigas
Media Contact: media@happiestminds.com
Investors Relations: IR@happiestminds.com
Logo: https://digitalmedianet.com/wp-content/uploads/2024/08/Happiest_Minds_Logo-1.jpg
SOURCE Happiest Minds Technologies Limited
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