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HomeTechHappiest Minds records sequential revenue growth of 6.9% in Q1

Happiest Minds records sequential revenue growth of 6.9% in Q1


IT firm Happiest Minds Technologies has recorded sequential revenue growth of 6.9 per cent in constant currency terms, for the quarter ended June 30,2022. 

Further, the company’s operating revenues this quarter stood at $42.2 million, growth of 5.9 per cent quarter-on-quarter (QoQ) and 27.4 per cent year-on-year (YoY). Total income in the quarter was reported to be ₹332.74 crore, which is a growth of 7.2 per cent QoQ and 31.1 per cent YoY. 

The PAT (profit after tax) for the period stood at ₹56.34 crore,a growth of 8.1 per cent QoQ and 57.7 per cent YoY. The firm said  its EBITDA (earnings before interest, taxes, depreciation, and amortisation) for the quarter was ₹ 87.75 crpre, 26.4 per cent of total income, which is a growth of 7.6 per cent QoQ and 32.7 per cent YoY. 

Ashok Soota, Executive Chairman, “We have started fiscal FY23 showing industry leading performance. Our 10-year vision statement is to be a billion-dollar company by 2031. In line with this, based on the growth we are experiencing and continued demand for digital services.”

The firm has raised its revenue guidance for FY23 to 25 per cent and to target compounded annual growth of 25 per cent over the next 5 years.

Venkatraman N, MD & CFO “I am very happy with our performance for the quarter. While we make changes to our revenue guidance reflecting our confidence on our ability to perform, we continue to hold onto our EBITDA margin guidance of 22 per cent to 24 per cent”

The company had a headcount of 4,188 employees at the end of the quarter with a 12 months trailing attrition of 24.4 per cent. Number of clients totalled to 211, with 5 additions in the first quarter. 

Joseph Anantharaju, Executive Vice Chairman, “Our performance continues to lead the industry with results that demonstrate the strategic relevance of our services and our trusted customer and ecosystem partnerships.”

Published on

July 22, 2022



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