Happiest Minds Technologies Limited (NSE:HAPPSTMNDS), a ‘Born Digital. Born Agile’, digital transformation and IT solutions company, today announced its consolidated results for the fourth quarter and year ended March 31, 2024, as approved by its Board of Directors.
Ashok Soota, Executive Chairman, said “Happiest Minds has demonstrated resilience in achieving our financial objectives for the long term. The newly created Gen AI business unit, creation of six new Industry Groups and successful closure of two acquisitions has put us back on course towards accomplishing our long-term vision of US $ 1Bn in revenues by FY31.”
Financial highlights
Quarter ended March 31, 2024
- Revenue in constant currency grew by 1.4% q-o-q and 9.5% y-o-y
- Operating Revenues in US$ stood at $50.1 million (growth of 1.4% q-o-q: 9.1% y-o-y)
- Total Income of ₹ 44,250 lakhs (growth of 1.9% q-o-q; 14.5% y-o-y)
- EBITDA of ₹ 10,822 lakhs, 24.5% of Total Income (growth of 2.9% q-o-q; 7.6% y-o-y)
- PAT of ₹ 7,198 lakhs (growth of 20.7% q-o-q; 24.8% y-o-y)
- Free cash flows of ₹ 10,744 Lakhs
- EPS (diluted) for the quarter at ₹ 4.79
Year ended March 31, 2024
- Revenue in constant currency grew by 11% y-o-y
- Operating Revenues in US$ stood at $196.1 million (growth of 10.3% y-o-y)
- Total Income of ₹ 171,003 lakhs (growth of 17.9% y-o-y)
- EBITDA of ₹ 42,122 lakhs, 24.6% of Total Income (growth of 10.9% y-o-y)
- PAT of ₹ 24,839 lakhs (growth of 7.5% y-o-y)
- Free cash flows of ₹ 41,069 Lakhs
- EPS (diluted) for the full year of ₹ 16.73
Venkatraman Narayanan, MD & CFO, said “Happy to report a full year revenue growth in constant currency of 11% and EBITDA of 24.6%. I am proud of our performance especially in the face of a challenging year faced by our industry. Acquisition of PureSoftware Technologies and Macmillan Learning should help us in our growth story while delivering value to all our stakeholders”
Joseph Anantharaju, Executive Vice Chairman, said, “We have onboarded ten new customers and have built up a good sales pipeline for FY25. This, along with the cross-selling opportunities afforded by our acquisitions, we are well positioned for a rewarding FY25. Our Customer Happiness Survey this year has yielded excellent and best net promoter scores, validating our compelling customer value proposition and quality execution.”
Clients:
- 250 as of March 31, 2024
- 10 additions in the quarter
Our People – Happiest Minds:
- 5,168 Happiest Minds as of March 31, 2024
- Trailing 12-month attrition of 13.0% (14.1% in the previous quarter)
- Utilization of 75.1%, from 76.7% in last quarter
Q4 FY24 Key wins
- For Enercon, a leading wind energy technology company, Happiest Minds was chosen as a strategic partner to build their platform which optimizes wind energy generation.
- For MindSculpt Analytics, a Healthcare Solutions Company, Happiest Minds is building an advanced AI Medical Preventive & Diagnostic solution.
- For a prominent credit union service organization, Happiest Minds is building two highly replicable GenAI solutions that help with training their employees on performance management and customer support.
- For a South East Asian Bottling company, Happiest Minds is engaged in building GenAI solutions that allow employees to converse in both local language and English against Enterprise knowledge.
- For the professional services arm of a global hyperscaler, Happiest Minds was chosen to design and configure an end-to-end secure and scalable connected vehicle platform on their cloud platform.
- For a global consumer products company (CPG), this new win entails Happiest Minds to revamp the User Experience of front facing applications of their Distributed Management Systems.
- For the world’s premier entertainment company and an existing customer, Happiest Minds expanded its presence to provide product engineering services for their Imagineering division.
- For a global movie chain, Happiest Minds is providing digital transformation services leveraging the Pimcore® Platform.
- For a supply chain enabler in the healthcare industry, Happiest Minds is their strategic partner in engineering and development for their mission critical applications.
- For a EduTech company which enables regional universities drive accelerated online programs, Happiest Minds was chosen to provide digital engineering services for their technology platform.
- For an international education services company, Happiest Minds is helping to build next-generation solution for increased engagement and improved efficiency with students and universities.
- For a reputed MedTech company, this new win entails Happiest Minds to build their asset management platform to provide actionable insights to the field service technicians.