Happiest Minds Q2 Net Profit Up 27.8%
Attendees at an event working on laptop computers. (Photographer: Victor J. Blue/Bloomberg)

Happiest Minds Q2 Net Profit Up 27.8%


Information technology firm Happiest Minds Technologies Ltd. on Wednesday reported a 27.8% rise in consolidated net profit at Rs 34.08 crore for the July - September 2020 quarter.

The company, which listed on BSE and NSE on September 17 this year, had posted a net profit of Rs 26.67 crore in the September 2019 quarter.

Revenue from contracts with customers was at Rs 182.84 crore, up 4.4% versus Rs 175.06 crore in the year-ago period, a regulatory filing said.

Total revenue grew 3.4% to Rs 187.91 crore in the second quarter versus Rs 180.68 crore in the previous quarter.

Happiest Minds Technologies Executive Chairman Ashok Soota said the company has reported a good all-round performance this quarter.

"We are happy to present our first results after going public. In our business we continue to build depth and capabilities in the digital services space results of which are visible," Happiest Minds Technologies Executive Director and Chief Financial Officer Venkatraman Narayanan said.

He added that despite the environment, the company has shown growth in revenues on a sequential basis and bettered its Ebidta - both sequentially and on a year over year basis.

"On profit after tax, in the immediately preceding quarter instead of a provision for income tax, we had a one-time credit for deferred taxes and from the current quarter, we have reverted to normal provisions," he noted.

In dollar terms, the operating revenue stood at $24.7 million, up 5.4% quarter-on-quarter.

The company had 152 clients as of September 30, 2020 reporting an addition of 8 new customers during the quarter.

Its headcount was at 2,721 people, with trailing 12 months attrition at 14.1%.

The company announced its results after market hours. Shares of the company closed 3.17% higher at Rs 349.90 apiece on the BSE on Wednesday.

Watch the interview with Happiest Minds Technologies' management:

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