Happiest Minds Technologies reports 27.8 percent net profit in second quarter

However, on a sequential basis, the net profit dropped by 32 percent due to a one-time credit for the deferred taxes in the first quarter. Total revenue witnessed a rise of 3.4% to Rs 187.91 crore in the second quarter versus Rs 180.68 crore in the previous quarter.

Happiest Minds Technologies Ltd has reported 27.8 percent to Rs 34.08 crore net profit, year on year for the September 2020 quarter. However, on a sequential basis, the net profit dropped by 32 percent due to a one-time credit for the deferred taxes in the first quarter. Total revenue witnessed a rise of 3.4% to Rs 187.91 crore in the second quarter versus Rs 180.68 crore in the previous quarter.

This is the company’s first earnings after its successful initial public offering (IPO) in September for the year that was subscribed over 150 times. The company had 152 clients as of September 30, 2020, reporting an inclusion of 8 new customers during the quarter. The company made a net addition of 63 employees in the second quarter taking the total employee count to 2,721.

Happiest Mind Technologies is a digital transformation IT consulting and services company focusing on big data, Analytics cloud, mobile and security services etc. They offer a spectrum of disruptive technologies such as artificial intelligence, blockchain, cloud, digital process automation, internet of things, robotics/drones, security, virtual/augmented reality, etc.

“We are happy to report a good all-round performance this quarter and this is a testimony of our digital focus, agility and commitment to all our stakeholders,” said Ashok Soota, executive chairman, Happiest Minds. Venkatraman Narayanan, MD & CFO of the IT service firm said that the company continues to “build depth and capabilities in the digital services space results of which are visible.”

The company announced its results after market hours. Shares of the company closed at Rs 349.90 apiece on the BSE on Wednesday.