Happiest Minds Technologies reports Q2 FY 21 results post a successful IPO

Happiest Minds Technologies announced its consolidated results today for the second quarter ended 30 September 2020 as approved by its Board of Directors. Ashok Soota, executive chairman, said: “We would like to express our gratitude for a very successful IPO and extend a warm welcome to all our new shareholders. We especially want to express gratitude to our customers for their ongoing support and record level of appreciations received during these COVID times. We are happy to report a good all-round performance this quarter and this is a testimony of our digital focus, agility and commitment to all our stakeholders.”

Venkatraman Narayanan, executive director and CFO, said: “We are happy to present our 1st results after going public. In our business, we continue to build depth and capabilities in the digital services space results of which are visible. Despite the environment, we have shown growth in revenues on a sequential basis and bettered our 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.”

Key financial highlights of Happiest Minds Technologies’ Results:

• Operating Revenues stood at $24.7 million (growth of 5.4% q-o-q)
• Total Income stood at Rs 18,791 lakhs (growth of 0.5% q-o-q / growth of 3.4% y-o-y)
• EBITDA stood at Rs 4,939 lakhs, 26.3% of Total Income (growth of 3.3 % q-o-q / growth of 47.3% y-o-y)
• PAT at Rs 3,408 lakh (growth of 27.8% y-o-y)
• RoCE and RoE (annualized) for the half year stood at 36.3% & 36.3% respectively

Other highlights:

Clients:

• 152 as of 30 September 2020
• 8 new added during the quarter Our People; Happiest Minds:
• 2,721 Happiest Minds as of 30 September 2020 (net addition during the quarter of 63);
• Trailing 12 months attrition at 14.1%

Utilization of 78.7%, up from 74.9% in Q1 FY21

Key Wins:

• For a Fortune 100 technology company that delivers industry specific solutions that include technologies for buildings and industry, Happiest Minds has been selected as a preferred partner for their platform development and support activities;
• For a large Community bank based in USA, Happiest Minds has been chosen to provide managed infrastructure and security services for a period of 3 years;
• For a global professional services provider from Europe, Happiest Minds has signed up a multi-year contract to develop an AI infused automation IT Helpdesk ChatBot priced on a per-user basis providing a predictability of cost and ROI to the customer;
• For a large credit information provider in Europe, Happiest Minds has been chosen to digitize their fraud detection and prevention applications;
• For a large multinational conglomerate in Asia, Happiest Minds is chosen to develop drone based surveillance system using computer vision algorithms and leveraging deep learning to derive intelligent insights on customer, employee behavior and building safety.