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Happiest Mind Q4 PAT falls 14% QoQ to Rs 36 cr

·2-min read

The company's consolidated net profit soared by 580% while revenue jumped by 18.4% in Q4 FY21 over Q4 FY20. The IT company's revenue in dollars increased by 15.4% quarter on quarter to $30.2 million in Q4 FY21 over Q3 FY21.

Consolidated Profit before tax (PBT) in Q4 FY21 stood at Rs 49.24 crore, down by 7.6% from Rs 53.27 crore posted in Q3 FY21. EBITDA fell by 1.4% quarter on quarter to Rs 58.83 crore in Q4 FY21 from Rs 59.69 crore in Q3 FY21. EBITDA margin declined to 26.3% in Q4 FY21 from 29.7% in Q3 FY21.

Happiest Minds posted a 126.6% jump in consolidated net profit to Rs 162.46 crore for the year ended March 2021 (FY21) as compared to Rs 71.71 crore posted for the year ended March 2020 (FY20). Revenues rose by 10.8% year on year to Rs 773.41 crore in FY21 over FY20.

Venkatraman N, MD & CFO of Happiest Minds Technologies said, “Our fiscal year revenue growth of 6.3% in dollar terms is reflective of our business model which positions us as a go to player for customers building a digital ready enterprise. Revenues for the quarter grew sequentially by 15.4% which includes Pimcore Global Services (PGS) the Company we acquired earlier during the Quarter. Our growth for the quarter even on a standalone basis has been robust. Considering our performance, strong cash generation and capital allocation priorities, I am happy to highlight the maiden divided of Rs 3 per share recommended by the Board.”

Joseph Anantharaju, executive vice chairman of Happiest Minds Technologies said, “We continue to see good demand for digital skills across verticals, with good growth in EduTech, Industrial & Manufacturing and Retail. All our geos have demonstrated impressive growth, especially Middle East and Europe. We are truly among India's best companies to work, as reflected in our high Glassdoor rating of 4.3 and low attrition levels of 12.4%”.

The company added 23 new customers in the quarter and total client based now stands at 173 as of 31 March 2021. The IT major's attrition rate (on TTM basis) stood at 12.4%.

Shares of Happiest Minds ended 5.7% lower at Rs 793.75 on Wednesday. Happiest Minds Technologies enables digital transformation for enterprises and technology providers by delivering seamless customer experiences, business efficiency and actionable insights.

The National Stock Exchange of India (NSE) and the BSE will remain closed today on account of Id-Ul-Fitr (Ramzan Id).

Source: Capitalmarket.com

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