Happiest Minds Q2 net profit up 27.8% to Rs 34.08 crore

NEW DELHI: IT firm Happiest Minds Technologies Ltd on Wednesday reported a 27.8 per cent rise in consolidated net profit at Rs 34.08 crore for September 2020 quarter.

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

Its revenue from contracts with customers was at Rs 182.84 crore in the quarter under review, up 4.4 per cent from Rs 175.06 crore in the year-ago period, a regulatory filing said.

Total revenue grew 3.4 per cent to Rs 187.91 crore in the quarter under review from Rs 180.68 crore in July-September 2019 quarter, it added. 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 CFO Venkatraman Narayanan said.

He added that despite the environment, the company has shown growth in revenues on a sequential basis and bettered its EBITDA – both sequentially and on a year over year basis. “On PAT, 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 USD 24.7 million, up 5.4 per cent quarter-on-quarter. The company had 152 clients as of September 30, 2020 with addition of 8 new customers during the quarter. Its headcount was at 2,721 people, with trailing 12 months attrition at 14.1 per cent. The company announced its results after market hours. Shares of the company closed 3.17 per cent higher at Rs 349.90 apiece on the BSE on Wednesday.

Happiest Minds announces appointments of Executive Vice Chairman and Managing Director

Happiest Minds Technologies Limited, a ‘Born Digital . Born Agile’, digital transformation and IT solutions company, today announced that the Board of Directors of the Company has approved the following at its meeting held on November 4th, 2020.

– Appointment of Joseph Anantharaju as Executive Vice Chairman
– Appointment of Venkatraman Narayanan as Managing Director & CFO

The Board has accepted the resignation of Avneet Singh Kochar, Non-Executive Director with effect from closing hours of November 4th, 2020. He was a Director representing CMDB II, erstwhile investor in the Company.

Ashok Soota, Executive Chairman, Happiest Minds Technologies said “We are thankful for Avneet’s valuable contributions on the Board particularly for supporting Happiest Minds through the IPO process and we wish him the very best.”

With the above changes, the composition of the Happiest Minds Board of Directors is as follows:

– Anita Ramachandran: Independent Director
– Ashok Soota: Executive Chairman
– Joseph Anantharaju: Executive Vice Chairman
– Rajendra Kumar: Independent Director
– Shubha Rao Mayya: Independent Director
– Venkatraman Narayanan: Managing Director & CFO

The Key Management Personnel (KMPs) of the company are Ashok Soota, Joseph Anantharaju, Venkatraman Narayanan and Praveen Kumar Darshankar, Vice President & Head of Legal, Company Secretary & Compliance Officer.

 

 

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