IT service provider, Happiest Minds, on Friday reported a 44.5% jump in its profit after tax (PAT) to `52.11 crore on a year-on-year (YoY) basis during the January-March period, driven by strong demand which led to an increase in its topline.
The company generated an operating revenue of Rs 300.57 crore during the period, a 36.2% jump from a year ago. For the full year, the PAT stood at Rs 181.20 crore, a 11.5% increase from the previous financial year’s Rs 162.46 crore.
“Our deep expertise in the building blocks of digital such as IoT, AI, cloud, and RPA, along with next-gen technologies such as blockchain, AR/VR, and robotics has made us a strategic partner of choice to many of these companies, leading to robust demand and deep long-lasting relationships,” said Joseph Anantharaju, executive vice chairman, Happiest Minds Technologies.
Like many companies across sectors, Happiest Minds too is facing the challenge of employees quitting for a higher pay, other opportunities and better career prospects. Its trailing 12 month attrition stood at 22.7% in the quarter – a 160 basis points increase sequentially – but was still lower than other players in the space. India’s fourth-largest software services company, Wipro, reported an attrition rate of 23.8% and Infosys’ voluntary attrition rate stood at 27.7% at the end of March 31, 2022. Across the board, the IT services behemoth, Tata Consultancy Services, had the lowest attrition rate of 17.4% in the quarter, while Cognizant had the highest – north of 30%.
Happiest Minds reported a total workforce of 4,168 people as of March 31, 2022, a net addition of 147 employees in the quarter, helping it strengthen its headcount by 940 pax in the entire year. The regulatory filing also showed the company had 206 clients as on end-year out of which 11 were added in the last quarter.
Further, a dividend of Rs 2 per equity share was announced in the press release.