EBITDA grows YoY by 13.3% to ₹ 117 Crores
BENGALURU, India and SEATTLE and LONDON, Aug. 13,
2024 /PRNewswire/ -- Happiest Minds Technologies
Limited (NSE: HAPPSTMNDS), a 'Born Digital. Born Agile', a digital
transformation and IT solutions company, today announced its
consolidated results for the first quarter ended June
30, 2024, as approved by its Board of
Directors.
Ashok Soota, Executive
Chairman, said, "Happiest Minds has begun the new fiscal
year by setting the foundation for the best performance since
our IPO. Establishment of Gen AI business services, BU
reorganization with industry groups into profit centers, and two
excellent acquisitions have set us on a path of accelerated growth,
which will be further manifested in successive quarters."
Key Financial highlights
- Revenue in constant currency grew 11.4% q-o-q and 17.8%
y-o-y
- Operating Revenues in US $ stood at $55.5 million growing 10.9% q-o-q and 16.8%
y-o-y
- Total Income of ₹ 48,926 lakhs growing 10.6% q-o-q and 20.9%
y-o-y
- EBITDA of ₹ 11,671 lakhs, 23.9% of Total Income (growth of 7.8%
q-o-q and 13.3% y-o-y)
- PAT of ₹ 5,103 lakhs 10.4% of Total Income (decline of 29.1%
q-o-q and 12.5% y-o-y)*
- Free cash flows of ₹ 11,569 Lakhs and EPS (diluted) at ₹
3.39
*Decline primarily due to non-recurring expense in the
current quarter vs a large exception write-back in the previous
period, also increased amortization and financing costs arising
from recent acquisitions
All amounts in ₹ Lakhs unless stated
otherwise.
|
Particulars
|
Q1
FY25
|
Q4
FY24
|
QoQ
|
Q1
FY24
|
YoY
|
Revenues
|
46,383
|
41,729
|
11.2 %
|
39,087
|
18.7 %
|
|
|
|
|
|
|
Other
Income
|
2,543
|
2,521
|
|
1,366
|
|
|
|
|
|
|
|
Total
Income
|
48,926
|
44,250
|
10.6 %
|
40,453
|
20.9 %
|
|
|
|
|
|
|
EBITDA
|
11,671
|
10,822
|
7.8 %
|
10,299
|
13.3 %
|
%
|
23.9 %
|
24.5 %
|
|
25.5 %
|
|
|
|
|
|
|
|
Finance
Cost
|
1,983
|
1,033
|
|
1,007
|
|
Depreciation
|
914
|
840
|
|
702
|
|
Amortization
|
1,290
|
629
|
|
723
|
|
Non Recurring
Exp/(Inc)
|
643
|
(1,295)
|
|
-
|
|
|
|
|
|
|
|
Profit Before Tax
(PBT)
|
6,841
|
9,615
|
(28.9) %
|
7,868
|
(13.1) %
|
%
|
14.0 %
|
21.7 %
|
|
19.4 %
|
|
Tax
|
1,738
|
2,417
|
|
2,035
|
|
%
|
3.6 %
|
5.5 %
|
|
5.0 %
|
|
Profit After Tax
(PAT)
|
5,103
|
7,198
|
(29.1) %
|
5,833
|
(12.5) %
|
%
|
10.4 %
|
16.3 %
|
|
14.4 %
|
|
|
|
|
|
|
|
Revenues
($'000)
|
55,547
|
50,077
|
10.9 %
|
47,566
|
16.8 %
|
Growth in Constant
Currency
|
|
|
11.4 %
|
|
17.8 %
|
Venkatraman Narayanan, MD
& CFO, said, "The quarter was eventful, and our results
for the same include that of our two acquisitions: of PureSoftware
and Aureus. The former's results have been consolidated from
May 22, and that of the latter from
May 24th. Our revenues in
constant currency grew year over year by 17.8% while EBITDA grew by
13.3%.Variation in PBT and PAT are primarily on account of
non-recurring expenses in the current quarter versus a large
exceptional write-back in the previous, and increased amortization
and financing costs arising from acquisitions."
Joseph Anantharaju, Executive
Vice Chairman, said, "Our sustained growth reflects our
resilience and agility to adapt to market conditions quickly. We
remain laser-focused on our client's needs and are set to leverage
our Industry Groups and recent acquisitions to deliver on our
client's strategic imperatives. The newly created Generative AI
Business Services (GBS) is also helping us create transformative
solutions that are helping customers to further extend their
digital journeys."
Clients:
- 279 as of June 30, 2024
- 41 additions in the quarter
Our People - Happiest Minds:
- 6,599 Happiest Minds as of June 30,
2024
- Trailing 12-month attrition of 13.5% (13.0% in the previous
quarter)
- Utilization of 78.2%, from 75.1% in last quarter
Key wins
- For world's leading beverage maker, Happiest Minds is
enhancing their sales process through an generative AI enabled chat
bot for actionable intelligence and decision making.
- For US based provider of sustainable solutions, this new
win entails Happiest Minds to enhance their data platform and
visualization.
- For US based professional body in the healthcare sector,
Happiest Minds is their strategic partner to migrate to a
cloud-based CRM solution.
- For US based professional organization of emergency
healthcare providers, this strategic multi-year cyber security
engagement entails Happiest Minds to provide managed security
services to prevent, detect, and respond to cyber security
incidents.
- For one of the largest integrated laboratory system
in North America, Happiest
Minds will co-partner to implement and manage the Identity and
Access Management solutions on a managed service model.
- For the largest Professional Clearing Member in India, Happiest Minds has been chosen to
provide managed security services and security operations centre
(SOC) services.
- For a leading European on-demand printing and fulfilment
company, Happiest Minds is providing IT Services to support
their delivery and operations.
- For a leading American multinational investment bank and
financial services company, Happiest Minds has been selected to
drive their digital transformation program.
Awards
- Happiest Minds is recognized among '50 Best Firms for Data
Scientists to Work For in 2024' by Analytics India Magazine
(AIM)
- Happiest Minds was selected as a WINNER at
'CNBC-TV18 India Risk Management Awards 2024'
- Happiest Minds was awarded 'Best Save Water Initiative of
the Year – 2024' at Global CSR, Sustainability and ESG
Awards
- Happiest Minds' Arttha solution was awarded 'Best
Banking-as-a-Service Platform of the Year' at the 14th Africa
Bank 4.0 Summit
Analyst Mentions
- Happiest Minds is 'Product Challenger' for Design &
Development, Platform & App Services and Integrated CX-UX –
ISG
- Happiest Minds is 'Cybersecurity - Solutions and Services
2024' - ISG Provider Lens™ Study - Australia, U.K., U.S. for market standing
- Happiest Minds is 'Innovators' and 'High Achievers'
- NelsonHall's End-to-End Cloud Infrastructure Management
Services 2024
- Happiest Minds is in 'Execution Zone' in Generative AI
Services for Intelligent Automation (IA) - Mid Tier Service
Providers 2024 - Zinnov Zones
For further details
please refer to the Investors presentation hosted on the company
website
– – Investorssection
About Happiest Minds Technologies:
Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a
Mindful IT Company, enables digital transformation for
enterprises and technology providers by delivering seamless
customer experiences, business efficiency and actionable insights.
We do this by leveraging a spectrum of disruptive technologies such
as: artificial intelligence, blockchain, cloud, digital
process automation, internet of
things, robotics/drones, security, virtual/
augmented reality, etc. Positioned as 'Born Digital . Born
Agile', our capabilities span Product & Digital Engineering
Services (PDES), Generative AI Business Services (GBS) and
Infrastructure Management & Security Services (IMSS). We
deliver these services across industry groups: Banking, Financial
Services & Insurance (BFSI), EdTech, Healthcare & Life
Sciences, Hi-Tech and Media & Entertainment, Industrial,
Manufacturing, Energy & Utilities, and Retail, CPG &
Logistics. The company has been recognized for its excellence in
Corporate Governance practices by Golden
Peacock and ICSI. A Great Place to Work
Certified™ company, Happiest Minds is headquartered in
Bengaluru, India with operations
in the U.S., UK, Canada,
Australia, and the Middle
East.
Safe harbor
This release may contain certain forward-looking statements,
which involves risks and uncertainties that could cause our future
results to differ materially from those in such forward-looking
statements. The COVID-19 pandemic could decrease our customers'
technology spend, delaying prospective customers' purchasing
decisions, and impact our ability to provide services; all of which
could adversely affect our future revenue, margin, and overall
financial performance. Our operations could also be negatively
impacted by a range of external factors not within our control
including those due to the pandemic. We do not undertake to update
any of our forward-looking statements that may be made from time to
time by us or on our behalf.
For more information, contact:
Kiran Veigas
Media Contact: media@happiestminds.com
Investors Relations: IR@happiestminds.com
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SOURCE Happiest Minds Technologies Limited