Happiest Minds reports 97% growth in net profit in third quarter

Happiest Minds Technologies reported a 97.1% growth in net profit to Rs 42.15 crore during the quarter to December.

The Bengaluru-headquartered IT solutions and digital transformation company reported a 14.6% growth in revenue to Rs 201.29 crore during the third quarter.

During the corresponding period last year, the company reported a net profit of Rs 21.38 crore on revenues of Rs. 175.57 crore.


“We have a strong deal pipeline on the back of increasing market demand,” said Joseph Anantharaju, executive vice-chairman and chief executive officer, Product Engineering Services, Happiest Minds.

The company reported an operating margin (EBITDA) of 29.7% during the period. In US dollar terms, Happiest Minds reported revenue of $26.2 million, up by 8.8% year on year.

Venkatraman Narayanan, managing director and chief financial officer, Happiest Minds, said: “We continue to maintain and improve on key capital return ratios which are key to increasing our shareholder and stakeholder value.”

The company reported a free cash flow of Rs 59.20 crore for the third quarter.