Saturday, July 20, 2024

Happiest Minds Reports 25% Increase in Q4 Net Profit

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Happiest Minds Technologies, an IT company, announced on Tuesday a significant 25% increase in its net profit for the fourth quarter (Q4), reaching Rs 72 crore, while revenue surged by 10% to Rs 417 crore. Ashok Soota, the Executive Chairman of Happiest Minds, expressed confidence in the company’s trajectory, affirming its commitment to achieving $1 billion in revenues by FY31.

The company’s full fiscal year (FY24) performance also demonstrated growth, with net profit rising by 7.5% to Rs 248.39 crore, supported by a 13.7% increase in sales to Rs 1,624 crore. Reflecting its financial strength, the board recommended a final dividend of Rs 3.25 per equity share of face value of Rs 2 for the financial year 2023-24.

Soota highlighted the strategic initiatives driving Happiest Minds’ growth, including the establishment of the GenAI business unit and the creation of six new Industry Groups. Additionally, the successful closure of two acquisitions, including the recent acquisition of Noida-based PureSoftware Technologies for Rs 779 crore, has positioned the company on the path to achieving its long-term revenue goal.

Venkatraman Narayanan, MD and CFO of Happiest Minds.

MD and CFO of Happiest Minds, Venkatraman Narayanan, emphasized the value proposition of recent acquisitions, stating that PureSoftware Technologies and Macmillan Learning acquisitions are expected to contribute significantly to the company’s growth trajectory while delivering value to stakeholders.

The acquisition of PureSoftware Technologies, focused on strengthening domain capabilities in banking, financial services, insurance (BFSI), and healthcare and life sciences verticals, aligns with Happiest Minds’ strategic objectives of expanding its market presence and enhancing domain expertise.

Happiest Minds’ robust financial performance in Q4 and FY24 underscores its resilience and strategic vision amid a dynamic business landscape. With a strong focus on innovation, strategic acquisitions, and business expansion, the company remains poised to achieve its ambitious revenue target of $1 billion by FY31.

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