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Happiest Minds Tech stock trades higher after Q2 PAT grows 30.4% yoy to Rs444cr

Revenues at Rs274cr and Profit Before Tax at Rs59cr. Declares Interim Dividend of Rs1.75 per equity share.

October 28, 2021 9:52 IST | India Infoline News Service
Happiest Minds Technologies Limited, a ‘Born Digital. Born Agile’, a digital transformation and IT solutions company, on Wednesday, announced its consolidated results today for the second quarter ended September 30, 2021, as approved by its Board of Directors.

The company’s operating revenues in US$ terms stood at $35.8 million in the quarter ended September 30, 2021 (growth of 8.0% qoq; 44.9% yoy). Total Income of Rs27,412 lakhs (growth of 8.0% qoq; 45.9% yoy). EBITDA of Rs7,012 lakhs, 25.6% of Total Income (growth of 6.0 % q-o-q; 42.0% y-o-y).

The company reported Profit After Tax (PAT) of Rs4,444 lakhs (growth of 24.4% qoq from Rs3,573 lakhs in Q1FY22; 30.4% yoy from Rs3,408 lakhs in Q2FY21). Free cash flows of Rs6,743 lakhs. EPS (diluted) for the quarter of Rs3.06 (growth of 24.9% qoq; 26.4% yoy).

At around 9.55 am, Happiest Minds Technologies Ltd was trading at Rs1,338 per piece up by Rs27.1 or 2.07% from its previous closing of Rs1,310.90 per piece on the BSE. The scrip opened at Rs1,349.45 and has touched a high and low of Rs1,360 and Rs1,320 respectively.

For the half year ended September 30, 2021, operating in US$ terms stood at $68.9 million (growth of 43.2% yoy). Total Income of Rs52,799 lakhs (growth 40.8% yoy). EBITDA of Rs13,627 lakhs, 25.8% of Total Income (growth of 40.2% yoy).

The company reported PAT of Rs8,017 lakhs in H1FY22 (decline of 4.9% y-o-y). Free cash flows of Rs13,312 lakhs. EPS (diluted) for half year Rs5.54 (decline of 8.3% y-o-y). RoCE & RoE (half year annualized) of 33.8% and 27.5% respectively.

Venkatraman N, MD & CFO, Happiest Minds Technologies talking on the financials said, “we have closed yet another good quarter with all-round performance. I am happy to state that during the first half of the year we added on a net basis, 568 happiest minds. We continue to show healthy cash flows and have improved on our capital return ratios prompting us to declare an interim dividend of Rs1.75 per equity share”

Rajiv Shah, Member of the Executive Board, Happiest Minds Technologies said, “Enterprises continue to go full throttle in their digital journeys. Be it to enhance their end-user experience, driving operating efficiencies or recalibrating their business model through their cloud first initiatives. We are fully geared to capture opportunities in this space with our offerings that traverse the length and breadth of our customer’s digital journey.”

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