Bengaluru-based Happiest Minds on Wednesday reported a net profit of Rs 59.6 crore in Q3FY24, up 2%, quarter-on-quarter. The IT firm posted a revenue of Rs 409 crore in the third quarter of FY24, up 0.8%. In September quarter, the company had reported a revenue of Rs 406 crore. On a year-on-year basis, the revenue was up 11.7% from Rs 367 crore.
The company’s Ebitda (earnings before interest, taxes, depreciation, and amortisation) came down to 24.2% in Q3 from 24.4% in the second quarter. Before Q2, Happiest Minds reported a 25% plus Ebitda margin for 13 quarters in a row.
Executive chairman Ashok Soota said: “Our results reflect the resilience of our business model which has continued to deliver industry-leading revenue growth in a generally difficult quarter for the industry. We have strengthened our sales engine by creating a focused GenAI Business unit.”
“Effective April 2024, we will be creating five industry groups, operating as independent profit centers and led by specialised industry managers. We expect these changes to add significantly towards our FY25 growth,” Soota added.
MD and CFO Venkatraman N said: “We have delivered healthy growth in profits of 12% in the current nine-month period and have beaten profit guidance for the 15th quarter in a row. Our growth in profit numbers is despite considering above industry average pay increase, and continued investments in newer technologies.”
The IT firm saw its attrition falling marginally by 30 basis points to 14.1% in Q3. While the total number of headcount fell by 39 to reach 5,246, its utilization increased 76.7% in Q3 from 75.6% in Q2.