Happiest Minds Technologies Limited reported a strong performance in the first quarter ended June 30, 2024, with EBITDA growing by 13.3% year over year to ₹117 Crores. The company’s revenue in constant currency increased by 11.4% quarter over quarter and 17.8% year over year. Happiest Minds achieved operating revenues of $55.5 million, representing a growth of 10.9% quarter over quarter and 16.8% year over year.
Venkatraman Narayanan, MD & CFO of Happiest Minds, highlighted that the quarter was eventful, with the inclusion of results from two recent acquisitions, PureSoftware and Aureus. The company saw a 17.8% growth in revenue in constant currency and a 13.3% increase in EBITDA. The decline in Profit Before Tax (PBT) and Profit After Tax (PAT) was primarily due to non-recurring expenses in the current quarter and increased amortization and financing costs arising from acquisitions.
At 6,599, Happiest Minds had a strong employee base as of June 30, 2024, with a trailing 12-month attrition rate of 13.5% and a utilization rate of 78.2%. The company added 41 new clients in the quarter, bringing the total to 279. Happiest Minds’ key wins included partnerships with leading global organizations across various sectors such as beverage, healthcare, and financial services.
The company received several awards and accolades, including being recognized among the ’50 Best Firms for Data Scientists to Work For in 2024′ by Analytics India Magazine. Happiest Minds also won the ‘CNBC-TV18 India Risk Management Awards 2024’ and the ‘Best Save Water Initiative of the Year – 2024’ at Global CSR, Sustainability and ESG Awards.
Analysts have praised Happiest Minds for its innovative solutions and services, positioning the company as a ‘Product Challenger’ for Design & Development, Platform & App Services, and Integrated CX-UX. The company has also been recognized as a leader in cybersecurity solutions, cloud infrastructure management, and intelligent automation.
Happiest Minds Technologies Limited, listed on the National Stock Exchange as HAPPSTMNDS, is a Mindful IT Company that specializes in digital transformation for enterprises and technology providers. Headquartered in Bengaluru, India, with operations in the U.S., UK, Canada, Australia, and the Middle East, Happiest Minds leverages disruptive technologies such as artificial intelligence, blockchain, and cloud to deliver seamless customer experiences and actionable insights.
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