Happiest Minds Tech Q2 PAT rises 5% YoY to Rs 59 cr

21 Oct 2022 , 10:12 AM

Profit before tax stood at Rs 80.11 crore in Q2 FY23, up by 34.9% from Rs 59.35 crore in Q1 FY23. The EBITDA rose 7.5% QoQ and 34.1% YoY to Rs 94.34 crore in Q2 FY23. EBITDA margin stood at 26.3% in Q2 FY23 from 26.6% in Q1 FY23 and 25.7% in Q2 FY22. In dollar terms, the companys operating revenue stood at $44.3 million during the quarter, rising 5% QoQ and 23.8% YoY. Free cash flows during Q2 FY23 stood at Rs 85.80 crore. The company had 4,581 employees at the end of the reporting quarter, with a net addition of 393 people in Q2 FY23. The trailing 12-months attrition was at 23.5%. The utilization rate in Q2 FY23 stood at 80.6% as against 79.1% during the last quarter. Happiest Minds added 16 new clients in the quarter ended 30 September 2022 taking the tally to 226 total clients. Ashok Soota, the executive chairman of Happiest Minds Technologies, said, ?We have yet again delivered on our promise of delivering industry leading growth with profitability. Our results reflect the 360-degree value we create for our customers with our breadth and depth of offerings?. Venkatraman N, the managing director (MD) and chief financial officer (CFO) of Happiest Minds Technologies, said, ?I am extremely happy with our financial performance and I believe its testimony to the good work we doing for our customers. This will be 10th quarter in succession where we have delivered EBITDA margins of more than 25%. Separately, being awarded the prestigious Golden Peacock Award for Excellence in Corporate Governance makes me very proud as its a validation of our efforts to build an institution on a strong, ethical and moral foundation?. Joseph Anantharaju, executive vice chairman of Happiest Minds Technologies, said, ?The results reflect the relevance of our digital offerings to our clients and our ability to navigate an uncertain environment based on our value proposition of revenue enhancement and resilience. We ensure that our customers remain committed to their digital strategy and sustain their investment across various initiatives. This provides opportunities to continue expanding our presence and add value to these initiatives.? Happiest Minds Technologies, an IT solutions company, enables digital transformation for enterprises and technology providers by delivering seamless customer experiences, business efficiency and actionable insights. The scrip slipped 0.04% to currently trade at Rs 1,008.05 on the BSE. Powered by Capital Market – Live News