Happiest Technologies posts 17.7 pc growth in profit during third quarter

Bengaluru (Karanataka) [India], January 19 (ANI): Happiest Minds Technologies on Thursday posted a 17.7 per cent growth in its profit after tax to Rs 5,758 lakh in the third quarter (October-December), against Rs 4,892 lakh in the year-ago period.

The IT firm also said its total income was at Rs 37,468 lakh in the third quarter, which is a growth of 4.3 per cent over last year’s figure. It also posted earnings before interest, taxes, depreciation, and amortisation (Ebitda) of Rs 9,726 lakh, which is a 26.5 per cent growth. According to the statement shared by the company with the exchanges on Thursday, operating revenues in American dollar stood at USD 45.3 million, showing a 2.1 per cent growth.

Ashok Soota, Executive Chairman, said “We have delivered yet another quarter of excellent performance on all fronts. On revenue growth + Ebitda, a metric that we closely track, we are at 55.2 per cent, which reflects our ability to drive consistent profitable growth…The ICSI award in this quarter was preceded by the Golden Peacock award for corporate governance in the previous quarter.”

Venkatraman N, Managing Director and Chief Financial Officer (CFO), said”Happiest Minds’ year-to-date revenue growth of 26 per cent in constant currency and Ebitda of 26.3 per cent continue to be industry-leading and well above the guidance we have given for the year. Accolades that we received for our governance and disclosure practices coupled with our results make the quarter results that much more pleasant”

For a US-based workforce development company, Happiest Minds without naming the firm’s name said it was selected to build their next-generation mentorship platform which is among the deals during the quarter. Happiest Minds also said it is providing cloud, security and network management services, according to the statement.

Joseph Anantharaju, Executive Vice-Chairman, said “Our clients are investing heavily in cloud, experience and analytics as part of their strategic Digital initiatives. They continue to see us as a strategic and differentiated partner, given our positioning as a ‘Born Digital. Born Agile’ company and our technology depth. This has resulted in a strong pipeline of large deals, many of them with Fortune 500 companies.”