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Happiest Minds Q2 net profit rises 27.8% to Rs 34.08 crore

Total revenue grew 3.4 per cent to Rs 187.91 crore in the quarter under review from Rs 180.68 crore in July-September 2019 quarter.

SNS | New Delhi |

IT firm Happiest Minds Technologies Ltd’s (HMT) consolidated net profit jumped 27.8 per cent to Rs 34.08 crore for the quarter needed September 2020. The company, which got listed on BSE and NSE on September 17 this year, had posted a net profit of Rs 26.67 crore in September 2019 quarter.

The company’s revenue from contracts with customers stood at Rs 182.84 crore in the Q2 FY21, up 4.4 per cent from Rs 175.06 crore in the year-ago period, a regulatory filing said on Wednesday.

Similarly, its total revenue grew 3.4 per cent to Rs 187.91 crore in the quarter under review from Rs 180.68 crore in July-September 2019 quarter.

“We are happy to present our first results after going public. In our business we continue to build depth and capabilities in the digital services space results of which are visible,” Happiest Minds Technologies Executive Director and CFO Venkatraman Narayanan said.

He added that despite the environment, the company has shown growth in revenues on a sequential basis and bettered its EBITDA – both sequentially and on a year over year basis.

“On PAT, in the immediately preceding quarter instead of a provision for income tax, we had a one-time credit for deferred taxes and from the current quarter, we have reverted to normal provisions,” he noted.

In dollar terms, the operating revenue stood at USD 24.7 million, up 5.4 per cent quarter-on-quarter.