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KRChoksey Report
Happiest Minds Technologies Ltd. is a digital Information Technology and product engineering service provider that positions itself as ‘Born Digital. Born Agile’.
The company focuses on delivering a seamless and end-to-end digital experience to customers.
Its key service offerings include digital business, product engineering services, infrastructure management services and security.
The Company offers solutions across the spectrum of digital technologies including Robotic Process Automation (RPA), Software-Defined Networking/Network Function Virtualisation (SDN/NFV), Big Data and Analytics, Internet of Things (IoT), Cloud, Business Process Management (BPM) and security.
In FY20, 96.9% of company’s revenues came from digital services, which is by far the highest among Indian IT services companies.
Corresponding figure for Q1 FY21 was 96.3%. 87.9% of its projects were delivered through the agile model in FY20, with the figure for Q1 FY21 at 90.1%, reflecting a true digital-focused enterprise.
Happiest Minds Technologies recorded revenue of Rs 6.89 billion, Ebit of Rs 769 million and profit after tax of Rs 717 million in FY20, with corresponding figures for Q1 FY21 at Rs 1.77 billion, Rs 327 million and Rs 502 million, respectively.
The Company has reported robust revenue compound annual growth rate of 22.8% over FY18-FY20, and has steadily improved profitability as well, from 8.5% Ebit margin in FY18 to 11% in FY20 and further to 18.2% in Q1 FY21.
The company’s IPO includes an offer for sale of Rs 5.88 billion to Rs 5.92 billion, and a fresh issue of Rs 1.1 billion, with a post-issue market capitalisation of Rs 24.2 billion to Rs 24.4 billion.
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