Happiest Minds Technologies: Transformation Amidst Profit Decline

Happiest Minds Technologies reported a 15.2% decline in net profit for Q2 FY24 despite a 28.2% revenue increase. The IT firm highlights strategic changes, including acquisitions and a new GenAI unit, expected to drive future growth. Eleven new clients and 6,580 employees were noted during this period.

IT firm Happiest Minds Technologies experienced a 15.2% decline in consolidated net profit, falling to Rs 49.52 crore in the September 2024 quarter, as noted in a corporate regulatory filing on Wednesday.

The Bengaluru-based company recorded a revenue increase of 28.2%, reaching Rs 521.64 crore, compared to Rs 406.62 crore in the same quarter the previous year. Despite facing a 2.9% profit dip quarter-on-quarter, revenue grew by 12.4% over the same period.

Executive Chairman Ashok Soota labeled the period as a time of 'best growth results since the last two years', attributing this to transformational changes such as strategic acquisitions and an expanded GenAI Business Unit. The company also added 11 new clients, achieving a total of 281, supported by their advancements in AI, IoT, and cybersecurity. An interim dividend of Rs 2.5 per share was recommended for FY 2024-25.

(With inputs from agencies.)