Happiest Mind Q4 PAT falls 14% QoQ to Rs 36 cr

The IT companys consolidated net profit fell 14.5% to Rs 36.05 crore on 14.5% increase in revenue to Rs 220.71 crore in Q4 FY21 over Q3 FY21.

May 13, 2021 11:05 IST capital market

On a consolidated basis, the companys net profit soared by 580% while revenue jumped by 18.4% in Q4 FY21 over Q4 FY20. In dollar terms, the IT companys revenue increased 15.4% quarter-on-quarter to $30.23 million in Q4 FY21.

Profit before tax (PBT) in Q4 FY21 stood at Rs 49.24 crore, down 7.6% from Rs 53.27 crore posted in Q3 FY21. EBITDA fell 1.4% quarter on quarter to Rs 58.83 crore in Q4 FY21 from Rs 59.69 crore in Q3 FY21. EBITDA margin declined to 26.3% in Q4 FY21 from 29.7% in Q3 FY21.

Happiest Minds posted a 126.6% jump in consolidated net profit to Rs 162.46 crore for the year ended March 2021 (FY21) over the year ended March 2020 (FY20). Revenues rose 10.8% year on year to Rs 773.41 crore in FY21.

Venkatraman N, MD & CFO of Happiest Minds Technologies said, Our fiscal year revenue growth of 6.3% in dollar terms is reflective of our business model which positions us as a go to player for customers building a digital ready enterprise. Revenues for the quarter grew sequentially by 15.4% which includes Pimcore Global Services (PGS) the Company we acquired earlier during the Quarter. Our growth for the quarter even on a standalone basis has been robust. Considering our performance, strong cash generation and capital allocation priorities, I am happy to highlight the maiden divided of Rs 3 per share recommended by the Board.

Joseph Anantharaju, executive vice chairman of Happiest Minds Technologies said, We continue to see good demand for digital skills across verticals, with good growth in EduTech, Industrial & Manufacturing and Retail. All our geos have demonstrated impressive growth, especially Middle East and Europe. We are truly among Indias best companies to work, as reflected in our high Glassdoor rating of 4.3 and low attrition levels of 12.4%.

The company added 23 new customers in the quarter and total client based now stands at 173 as of 31 March 2021. The IT majors attrition rate (on TTM basis) stood at 12.4%.

Happiest Minds Technologies enables digital transformation for enterprises and technology providers by delivering seamless customer experiences, business efficiency and actionable insights.

Shares of Happiest Minds fell 5.7% to Rs 793.75 on Wednesday.

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