Happiest Minds’ Q1 profits drops 13 pc to Rs 51 cr

New Delhi, Aug 13 (PTI) IT company Happiest Minds Technologies has reported 12.5 per cent decline in consolidated net profit at Rs 51.03 crore for June quarter FY25.

It posted a net profit of Rs 58.33 crore for the year-ago period.

Revenue from operations came in at Rs 463.82 crore, up 18.7 per cent from Rs 390.87 crore in Q1FY24.

While revenue saw a rise of 11.15 per cent, net profit was down 29.10 per cent month-on-month.

“Variation in PBT and PAT is primarily on account of non-recurring expenses in the current quarter versus a large exceptional write-back in the previous, and increased amortization and financing costs arising from acquisitions,” said MD and CFO Venkatraman Narayanan.

During the quarter, Happiest Minds signed definitive agreements to acquire 100 per cent of equity share capital of PureSoftware Technologies for Rs 779 crore.

The Bengaluru-headquartered company also executed an agreement to acquire 100 per cent stake in US-based Aureus Tech Systems LLC through Happiest Minds’ American subsidiary, for USD 8.5 million (about Rs 71 crore).

With 41 client additions in the quarter, the company’s customer tally stood at 279 as of June 30, 2024.

Executive Chairman Ashok Soota called the Q1 results as the company’s “best performance” since its IPO.

“Establishment of Gen AI business services, BU reorganisation with industry groups into profit centers, and two excellent acquisitions have set us on a path of accelerated growth, which will be further manifested in successive quarters,” he said.

As of June 30, 2024, Happiest Minds’ headcount stood at 6,599.

Shares of Happiest Minds Technologies were trading 2.28 per cent lower at Rs 755 apiece on BSE.