Happiest Minds Q2 net profit up 27.8% to Rs 34.08 crore

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November 4, 2020 11:04 PM

The company, which got listed on BSE and NSE on September 17 this year, had posted a net profit of Rs 26.67 crore in September 2019 quarter.

Happiest Minds, Happiest Minds results, Happiest Minds Q2 results, Happiest Minds latest, Bombay Stock Exchange, BSE, Q2 resultsIts revenue from contracts with customers was at Rs 182.84 crore in the quarter under review.

IT firm Happiest Minds Technologies Ltd on Wednesday reported a 27.8 per cent rise in consolidated net profit at Rs 34.08 crore for September 2020 quarter. The company, which got listed on BSE and NSE on September 17 this year, had posted a net profit of Rs 26.67 crore in September 2019 quarter. Its revenue from contracts with customers was at Rs 182.84 crore in the quarter under review, up 4.4 per cent from Rs 175.06 crore in the year-ago period, a regulatory filing said.

Total revenue grew 3.4 per cent to Rs 187.91 crore in the quarter under review from Rs 180.68 crore in July-September 2019 quarter, it added. Happiest Minds Technologies Executive Chairman Ashok Soota said the company has reported a good all-round performance this quarter. “We are happy to present our first results after going public. In our business we continue to build depth and capabilities in the digital services space results of which are visible,” Happiest Minds Technologies Executive Director and CFO Venkatraman Narayanan said.

He added that despite the environment, the company has shown growth in revenues on a sequential basis and bettered its EBITDA – both sequentially and on a year over year basis. “On PAT, in the immediately preceding quarter instead of a provision for income tax, we had a one-time credit for deferred taxes and from the current quarter, we have reverted to normal provisions,” he noted.

In dollar terms, the operating revenue stood at USD 24.7 million, up 5.4 per cent quarter-on-quarter. The company had 152 clients as of September 30, 2020 with addition of 8 new customers during the quarter. Its headcount was at 2,721 people, with trailing 12 months attrition at 14.1 per cent. The company announced its results after market hours. Shares of the company closed 3.17 per cent higher at Rs 349.90 apiece on the BSE on Wednesday.

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