Happiest Minds' Q4 Net Profit Up 25%, Aiming for $1 Billion Revenue by FY31
Happiest Minds Technologies, an IT company, has reported a strong financial performance for the fourth quarter of the fiscal year 2023-24, with a net profit increase of 25% to Rs 72 crore and a revenue increase of 10% to Rs 417 crore. Ashok Soota, Executive Chairman of Happiest Minds, highlighted the company's trajectory toward achieving $1 billion in revenues by FY31, propelled by recent strategic initiatives.
For the full fiscal year, the net profit rose by 7.5% to Rs 248.39 crore, while sales grew by 13.7% to Rs 1,624 crore. The board recommended a final dividend of Rs 3.25 per equity share with a face value of Rs 2, reflecting the company’s robust performance.
The company's recent achievements include establishing a new GenAI business unit, creating six new industry groups, and completing two acquisitions, setting a strong foundation for future growth. These strategic moves align with its long-term vision.
Venkatraman Narayanan, MD and CFO, expressed confidence in the company's acquisitions, stating that the purchase of PureSoftware Technologies and Macmillan Learning would strengthen Happiest Minds' growth and deliver value to its stakeholders.
Last month, Happiest Minds acquired Noida-based PureSoftware Technologies for Rs 779 crore, enhancing its domain expertise in banking, financial services, insurance (BFSI), and healthcare and life sciences verticals. This acquisition solidifies the company's position and commitment to its growth trajectory.
