Buy Happiest Minds Technologies, target price Rs 1120 : Rajesh Palviya

Rajesh Palviya of Axis Securities has buy call on Happiest Minds Technologies with a target price of Rs 1120. The current market price of Happiest Minds Technologies is Rs 995.25. Rajesh Palviya recommended to keep stoploss at Rs 945.

Happiest Minds Technologies, incorporated in the year 2011, is a Small Cap company (having a market cap of Rs 14574.74 Crore) operating in IT Software sector.

Happiest Minds Technologies key Products/Revenue Segments include Sale of services for the year ending 31-Mar-2021.


Financials
For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 386.43 Crore, up 3.14 % from last quarter Total Income of Rs 374.68 Crore and up 24.46 % from last year same quarter Total Income of Rs 310.48 Crore. Company has reported net profit after tax of Rs 57.66 Crore in latest quarter.

The company’s top management includes Mr.Ashok Soota, Mr.Joseph Anantharaju, Mr.Venkatraman Narayanan, Mrs.Anita Ramachandran, Mr.Rajendra Kumar Srivastava, Ms.Shubha Rao Mayya. Company has Deloitte Haskins & Sells LLP as its auditors. As on 31-03-2023, the company has a total of 15 Crore shares outstanding.

Investment Rationale
Weekly ‘multiple resistance’ breakout at 945 levels with rising volumes.

Promoter/FII Holdings
Promoters held 53.24 per cent stake in the company as of 31-Mar-2023, while FIIs owned 4.15 per cent, DIIs 1.26 per cent.