13 May , 2021 By : Kanchan Joshi
BENGALURU : Bengaluru-based IT services firm Happiest Minds Technologies Ltd posted a 580.2% year-on-year (y-o-y) increase in net profit to ?36 crore for the fourth quarter ended March.
The revenues for the fourth quarter grew 18.4% annually to Rs220.7 crore. In US dollar terms, revenues for the March quarter grew 18% y-o-y and 15.4% sequentially to $30.2 million. The revenues for FY21 grew 6.3% annually to $104.6 million.
“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," said Venkatraman N., managing director and chief financial officer, Happiest Minds Technologies.
Happiest Minds acquired US-based Pimcore Global Services (PGS) for $8.25 million (about Rs60 crore) to create greater “digital capital" for customers and facilitate onboarding of more strategic customers. PGS’s clientele includes customers across retail, consumer packaged goods (CPG), and manufacturing verticals.
Digital comprises nearly 97% of the company’s total revenues, which is highest among its Indian peers. Within digital, cloud contributes 41% to the revenues.
Happiest Minds added 23 clients during the quarter, taking the total number of clients to 173 as of 31 March.
The attrition rate on a trailing 12-month basis for the March quarter reduced to 12.4% from 13.1% in the previous quarter. It made a net addition of 562 employees during the year, taking the total headcount to 3,228 employees as of the March quarter.
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