Happiest Minds Technologies Q4 profit jumps 25% to ₹72 crore
Upstox
2 min read • Updated: May 7, 2024, 11:25 AM
Summary
Indian IT company Happiest Minds Technologies reported a positive performance for the fourth quarter (Q4) ending March 2024. This positive trend extended to the entire fiscal year (FY) 2023-24, with annual profits rising 7.53% to ₹248.39 crore and revenue climbing 13.66% to ₹1,624.66 crore. Happiest Minds also proposed a final dividend of ₹3.25 per share, subject to shareholder approval at their upcoming AGM.
IT firm Happiest Minds Technologies has reported a 24.83% increase in consolidated net profit at ₹71.98 crore for the quarter ended March 2024. The company clocked a profit of ₹57.66 crore in the year-ago period, according to a regulatory filing on Monday.
Revenue from operations for the reporting quarter stood at ₹417.29 crore, as against ₹377.98 crore in Q4FY23, translating into a 10.4% rise. Annual profits saw a 7.53% rise to ₹248.39, as compared to the previous fiscal's ₹230.99 crore.
Revenue for financial year 2023-24 was at ₹1,624.66 crore, a 13.66% climb over ₹1429.29 crore reported in fiscal 2022-23. The company recommended a final dividend of ₹3.25 per equity share of ₹2 each for the financial year ended March 31, 2024, which is subject to the approval of shareholders at the 13th Annual General Meeting (AGM) of the company, to be held on June 28, 2024.
While Happiest Minds experienced a slight dip in utilisation rate to 75.1%, their client base continued to flourish, adding 10 new clients for a total of 250. This highlights ongoing business expansion and client trust. The company also saw positive developments in human resources, with employee count reaching 5,168 and attrition rate improving from 14.1% to 13%. To reflect confidence in their financial health, the board recommended a final dividend of ₹3.25 per share.
At 11:14 AM, shares of Happiest Minds Technologies traded 0.062% lower on ₹805.20 on NSE on 7 May, 2024.
With inputs from PTI.