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Revenue from operations grew 10.4% to Rs 417.29 crore, from Rs 378 crore in Q4 FY23 and 1.8% data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/topic/growth” target=”_blank” rel=”noopener”>growth quarter-on-quarter (QoQ) from Rs 409.88 crore in the December quarter.
“The newly created data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/topic/gen-ai-business-unit” target=”_blank” rel=”noopener”>Gen AI business unit, creation of six new Industry Groups and successful closure of two data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/topic/acquisitions” target=”_blank” rel=”noopener”>acquisitions has put us back on course towards accomplishing our long-term vision of $1 billion in data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/topic/revenues” target=”_blank” rel=”noopener”>revenues by FY31,” said data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/topic/ashok-soota” target=”_blank” rel=”noopener”>Ashok Soota, executive chairman of Happiest Minds Technologies.
For the full year, the Bengaluru-headquartered firm’s profit rose 7.5% to Rs 248.39 crore from Rs 230.99 crore in FY23. Revenues increased 13.7% to Rs 1,624.66 crore from Rs 1,429.29 crore last year.
In dollar terms, revenues grew to $50 million 9.1% YoY in Q4FY24 from $45.91 million a year ago. In constant currency terms, revenue growth was 9.5% YoY and 1.4% sequentially.
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data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/topic/fy24″ target=”_blank” rel=”noopener”>FY24 revenue grew 11% in constant currency terms.Operating margins for FY24 dipped to 21.2% from 23.3% last year. For Q4, margins increased to 21.1% from 20.8% in previous quarter and 22.7% in Q4FY23.
“We are estimating a growth of between 35-40% in revenues, while margins we would like to keep in the range of 20-22%, said data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/topic/venkatraman-narayanan” target=”_blank” rel=”noopener”>Venkatraman Narayanan, MD and chief financial officer at Happiest Minds Technologies.
With the transformational changes in the past quarters, he said the company will be back on track to achieve the vision of $1 billion dollars by 2031.
Happiest Minds Technologies’ board proposed final data-ga-onclick=”Inarticle articleshow link click#Tech#href” target=”_blank” href=”https://economictimes.indiatimes.com/definition/dividend” rel=”noopener”>dividend of Rs 3.25 per share; total dividend for the year of Rs 5.75 per share.
On Tuesday, shares of Happiest Mind Technologies opened higher and were trading marginally higher at Rs 808 apiece on the data-ga-onclick=”Inarticle articleshow link click#Tech#href” target=”_blank” href=”https://economictimes.indiatimes.com/marketstats/pid-41,exchange-bse,sortby-value,sortorder-desc.cms” rel=”noopener”>BSE. The results were announced late evening after market hours on Monday.
In April, Happiest Minds also acquired Noida-based data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/topic/puresoftware-technologies” target=”_blank” rel=”noopener”>PureSoftware Technologies for $94.5 million (Rs 779 crore), focusing on enhancing domain capabilities in BFSI and healthcare verticals, and expanding global presence in the USA, UK, India, Mexico, Singapore, and Malaysia. In the same month, it had also acquired data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/topic/macmillan-learning-india” target=”_blank” rel=”noopener”>Macmillan Learning India for Rs 4.5 crore.
