New Delhi, IT firm Happiest Minds Technologies reported a 24.83 per cent rise in consolidated net profit to Rs 71.98 crore for the quarter ended March 2024, and said it expects to make money from its newly launched GenAI business unit. hopefully.
The company had posted a profit of Rs 57.6 crore in the year-ago period, according to stock exchange filings.
Revenue from operations stood at Rs 417.29 crore in the quarter under review as against Rs 377.98 crore in Q4FY23, a growth of 10.4 per cent.
Revenue for the quarter was led by the edutech vertical (22.3 percent), followed by healthcare (16.1 percent).
Executive Chairman Ashok Suta said the newly created General AI business unit, the creation of six new industry clusters, and the successful completion of two acquisitions put the company back on track to meet its 'long-term vision of US$1 billion in revenues' Is.'FY31'.
Annual profit increased by 7.53 per cent to Rs 248.39 crore compared to Rs 230.99 crore in the previous financial year.
Revenue for FY 2023-24 was Rs 1,624.66 crore, up 13.66 per cent from Rs 1,429.29 crore in FY 2013.
“We are pleased to report full-year revenue growth in constant currency of 11 percent and EBITDA of 24.6 percent. I am proud of our performance, especially during a challenging year our industry has faced.
MD & CF Venkataraman Narayanan said, “The acquisition of PureSoftware Technologies and Macmillan Learning will help our growth story while delivering value to all our stakeholders.,
He guided for an estimated growth of 35-40 per cent for FY25.
Happiest Minds Technologies has signed a definitive agreement to acquire 100 per cent equity interest in PureSoftware Technologies for an aggregate purchase consideration of Rs 779 crore. The acquisition is expected to be completed before May 31, 2024.
The company's employee strength as of March 31, 2024, was 5,168, a decline of 13 percent.
“For FY24, a part of our workforce has come from the campus batch… Our latest batch is ready for deployment… As for the new recruitment, we are getting agile, I am ready to go back to the campus I am sure, we will decide around August…Given the nature of the digital sector, there is a wide range of technologies…and depending on the demand, we need to bring people on board,” said executive Joseph Anantharaju. The Vice President said.He added that the company's deal pipeline continues to be strong, adding, "There was a decline in the third quarter but the fourth quarter is reflective of the changes we've made... Our effort around GenAI is really paying off".
In October last year, the company established a new business unit, Generative A Business Services (GBS). Suta said the entry into GenAI is a transformational opportunity for the company.
Anantharaju said the IT firm expects to see growth through 'aggressive account mining' through account expansion.
Profit before tax (EBIT) stood at Rs 96.15 crore, up 21.18 per cent year-on-year.During the company's press conference, Soota said that FY25 is poised to be the company's best year since its IPO.
The company recommended a final dividend of Rs 3.25 per equity share for the financial year ending March 31, 2024, subject to shareholder approval.
The company had posted a profit of Rs 57.6 crore in the year-ago period, according to stock exchange filings.
Revenue from operations stood at Rs 417.29 crore in the quarter under review as against Rs 377.98 crore in Q4FY23, a growth of 10.4 per cent.
Revenue for the quarter was led by the edutech vertical (22.3 percent), followed by healthcare (16.1 percent).
Executive Chairman Ashok Suta said the newly created General AI business unit, the creation of six new industry clusters, and the successful completion of two acquisitions put the company back on track to meet its 'long-term vision of US$1 billion in revenues' Is.'FY31'.
Annual profit increased by 7.53 per cent to Rs 248.39 crore compared to Rs 230.99 crore in the previous financial year.
Revenue for FY 2023-24 was Rs 1,624.66 crore, up 13.66 per cent from Rs 1,429.29 crore in FY 2013.
“We are pleased to report full-year revenue growth in constant currency of 11 percent and EBITDA of 24.6 percent. I am proud of our performance, especially during a challenging year our industry has faced.
MD & CF Venkataraman Narayanan said, “The acquisition of PureSoftware Technologies and Macmillan Learning will help our growth story while delivering value to all our stakeholders.,
He guided for an estimated growth of 35-40 per cent for FY25.
Happiest Minds Technologies has signed a definitive agreement to acquire 100 per cent equity interest in PureSoftware Technologies for an aggregate purchase consideration of Rs 779 crore. The acquisition is expected to be completed before May 31, 2024.
The company's employee strength as of March 31, 2024, was 5,168, a decline of 13 percent.
“For FY24, a part of our workforce has come from the campus batch… Our latest batch is ready for deployment… As for the new recruitment, we are getting agile, I am ready to go back to the campus I am sure, we will decide around August…Given the nature of the digital sector, there is a wide range of technologies…and depending on the demand, we need to bring people on board,” said executive Joseph Anantharaju. The Vice President said.He added that the company's deal pipeline continues to be strong, adding, "There was a decline in the third quarter but the fourth quarter is reflective of the changes we've made... Our effort around GenAI is really paying off".
In October last year, the company established a new business unit, Generative A Business Services (GBS). Suta said the entry into GenAI is a transformational opportunity for the company.
Anantharaju said the IT firm expects to see growth through 'aggressive account mining' through account expansion.
Profit before tax (EBIT) stood at Rs 96.15 crore, up 21.18 per cent year-on-year.During the company's press conference, Soota said that FY25 is poised to be the company's best year since its IPO.
The company recommended a final dividend of Rs 3.25 per equity share for the financial year ending March 31, 2024, subject to shareholder approval.
