IT Consulting & Software company Happiest Minds Technologies announced Q1FY24 results: Revenue in constant currency grew by 3.5% QoQ and 13.8% YoY Operating Revenues in USD stood at USD 47.6 million (growth of 3.6% QoQ; 12.7% YoY) Total Income of Rs 40,453 lakh (growth of 4.7% QoQ; 22.6% YoY) EBITDA of Rs 10,299 lakh, 25.5% of Total Income (growth of 2.4% QoQ; 17.4% YoY) PAT of Rs 5,833 lakh (growth of 1.2% QoQ; growth of 3.5% YoY) Free cash flows of Rs 10,133 lakh EPS (diluted) for Q1FY24 of Rs 4.02 Ashok Soota, Executive Chairman, said, “We have consistently and yet again delivered industry-leading performance both on revenue growth and profitability. The highly successful run is a result of the continued acceleration of our customer’s digital journey and our ability to stay relevant to their needs. The performance wouldn’t have been possible without the commitment and dedication of our Happiest Minds team which has crossed 5,000 during the quarter. We have set a goal of achieving USD 1 Billion by 2031 and our guidance of 25% is based on the same. We remain on target for achieving the goal. In our guidance of 25%, we have not been making a distinction between organic and inorganic growth. In the current year, we have been expecting to do significant acquisitions which we have not been able to close so far. We will update our guidance target in October based on the M&A; progress.” Venkatraman N, MD & CFO, said, “I am extremely happy to report on our thirteenth quarter of 25% plus EBITDA and ahead of our guidance which is a validation of our value proposition and disciplined execution. The successful closure of our Qualified Institutions Placement(QIP) of Rs 500 crore confirms the strong investor commitment to us and our growth aspirations.” Result PDF
Conference Call with Happiest Minds Technologies Management and Analysts on Q1FY24 Performance and Outlook. Listen to the full earnings transcript.