Revenues at US$ 196.1
Mn, grew 11% growth in constant currency; Beats EBITDA
guidance at 24.6%
Proposes final dividend of ₹ 3.25 per share;
total dividend for the year of ₹ 5.75
SAN
JOSE, Calif. and LONDON and
BENGALURU, India,
May 7,
2024 /PRNewswire/ -- Happiest Minds Technologies
Limited (NSE: HAPPSTMNDS), a 'Born Digital. Born Agile', digital
transformation and IT solutions company, today announced its
consolidated results for the fourth quarter and year ended
March 31, 2024, as approved by its
Board of Directors.
Ashok Soota, Executive
Chairman, said, "Happiest Minds has demonstrated resilience
in achieving our financial objectives for the long term. The newly
created Gen AI business unit, creation of six new Industry Groups
and successful closure of two acquisitions has put us back on
course towards accomplishing our long-term vision of US$ 1Bn in revenues by FY31."
Financial highlights
Quarter ended March 31, 2024
- Revenue in constant currency grew by 1.4% q-o-q and 9.5%
y-o-y
- Operating Revenues in US$ stood at $50.1
million (growth of 1.4% q-o-q: 9.1% y-o-y)
- Total Income of ₹ 44,250 lakhs (growth of 1.9% q-o-q; 14.5%
y-o-y)
- EBITDA of ₹ 10,822 lakhs, 24.5% of Total Income (growth of 2.9%
q-o-q; 7.6% y-o-y)
- PAT of ₹ 7,198 lakhs (growth of 20.7% q-o-q; 24.8% y-o-y)
- Free cash flows of ₹ 10,744 Lakhs
- EPS (diluted) for the quarter at ₹ 4.79
Year ended March 31, 2024
- Revenue in constant currency grew by 11% y-o-y
- Operating Revenues in US$ stood at $196.1 million (growth of 10.3% y-o-y)
- Total Income of ₹ 171,003 lakhs (growth of 17.9% y-o-y)
- EBITDA of ₹ 42,122 lakhs, 24.6% of Total Income (growth of
10.9% y-o-y)
- PAT of ₹ 24,839 lakhs (growth of 7.5% y-o-y)
- Free cash flows of ₹ 41,069 Lakhs
- EPS (diluted) for the full year of ₹ 16.73
Particulars
|
|
Q4 FY
24
|
Q3 FY 24
|
QoQ
|
Q4 FY 23
|
YoY
|
|
FY 24
|
FY 23
|
YoY
|
Revenues
|
|
41,729
|
40,988
|
1.8 %
|
37,798
|
10.4 %
|
|
162,466
|
142,929
|
13.7 %
|
Other
Income
|
|
2,521
|
2,429
|
3.8 %
|
845
|
198.3 %
|
|
8,537
|
2,111
|
304.4 %
|
Total
Income
|
|
44,250
|
43,417
|
1.9 %
|
38,643
|
14.5 %
|
|
171,003
|
145,040
|
17.9 %
|
EBITDA
|
|
10,822
|
10,519
|
2.9 %
|
10,062
|
7.6 %
|
|
42,122
|
37,997
|
10.9 %
|
%
|
|
24.5 %
|
24.2 %
|
|
26.0 %
|
|
|
24.6 %
|
26.2 %
|
|
PBT
|
|
9,615
|
8,073
|
19.1 %
|
7,893
|
21.8 %
|
|
33,468
|
30,986
|
8.0 %
|
%
|
|
21.7 %
|
18.6 %
|
|
20.4 %
|
|
|
19.6 %
|
21.4 %
|
|
Tax
|
|
2,417
|
2,111
|
|
2,127
|
|
|
8,629
|
7,887
|
|
%
|
|
5.5 %
|
4.9 %
|
|
5.5 %
|
|
|
5.0 %
|
5.4 %
|
|
PAT
|
|
7,198
|
5,962
|
20.7 %
|
5,766
|
24.8 %
|
|
24,839
|
23,099
|
7.5 %
|
%
|
|
16.3 %
|
13.7 %
|
|
14.9 %
|
|
|
14.5 %
|
15.9 %
|
|
Revenues
($'000)
|
|
50,077
|
49,366
|
1.4 %
|
45,918
|
9.1 %
|
|
196,130
|
177,768
|
10.3 %
|
Growth in
Constant Currency
|
|
|
|
1.4 %
|
|
9.5 %
|
|
|
|
11.0 %
|
Venkatraman Narayanan, MD
& CFO, said "Happy to report a full year revenue
growth in constant currency of 11% and EBITDA of 24.6%. I am proud
of our performance especially in the face of a challenging year
faced by our industry. Acquisition of PureSoftware
Technologies and Macmillan Learning should help us in our growth
story while delivering value to all our stakeholders."
Joseph Anantharaju, Executive Vice Chairman, said,
"We have onboarded ten new customers and have built up a good sales
pipeline for FY25. This, along with the cross-selling opportunities
afforded by our acquisitions, we are well positioned for a
rewarding FY25. Our Customer Happiness Survey this year has yielded
excellent and best net promoter scores, validating our compelling
customer value proposition and quality execution."
Clients:
- 250 as of March 31, 2024
- 10 additions in the quarter
Our People - Happiest Minds:
- 5,168 Happiest Minds as of March 31,
2024
- Trailing 12-month attrition of 13.0% (14.1% in the previous
quarter)
- Utilization of 75.1%, from 76.7% in last quarter
Q4 FY24 Key wins
- For Enercon, a leading wind energy technology
company, Happiest Minds was chosen as a strategic
partner to build their platform which optimizes wind energy
generation.
- For MindSculpt Analytics, a Healthcare Solutions
Company, Happiest Minds is building an advanced AI Medical
Preventive & Diagnostic solution.
- For a prominent credit union service organization,
Happiest Minds is building two highly replicable GenAI solutions
that help with training their employees on performance management
and customer support.
- For a South East Asian Bottling company, Happiest Minds
is engaged in building GenAI solutions that allow employees to
converse in both local language and English against Enterprise
knowledge.
- For the professional services arm of a global
hyperscaler, Happiest Minds was chosen to design and configure
an end-to-end secure and scalable connected vehicle platform on
their cloud platform.
- For a global consumer products company (CPG), this new
win entails Happiest Minds to revamp the User Experience of front
facing applications of their Distributed Management Systems.
- For the world's premier entertainment company and an
existing customer, Happiest Minds expanded its presence to provide
product engineering services for their Imagineering division.
- For a global movie chain, Happiest Minds is providing
digital transformation services leveraging the Pimcore®
Platform.
- For a supply chain enabler in the healthcare industry,
Happiest Minds is their strategic partner in engineering and
development for their mission critical applications.
- For a EduTech company which enables regional
universities drive accelerated online programs, Happiest Minds was
chosen to provide digital engineering services for their technology
platform.
- For an international education services company,
Happiest Minds is helping to build next-generation solution for
increased engagement and improved efficiency with students and
universities.
- For a reputed MedTech company, this new win entails
Happiest Minds to build their asset management platform to provide
actionable insights to the field service technicians.
Award Wins:
- Happiest Minds is recognized among 'Top 50 India's Best
Workplaces™ in Health and Wellness 2023' by Great Place To
Work® Institute
- Happiest Minds awarded the 'Best Tech for Security'
Award at the 3rd Edition of the IDEA Awards
- Happiest Minds awarded the 'Top Firms to Work for in AI
& Analytics' and Sridhar
Mantha recognized as 'AI Leader of the Year' at the
3AI ACME Awards
Analyst Mentions
- Happiest Minds is 'Aspirant' in Retail IT Services –
Everest
- Happiest Minds is 'Pioneers' in Service Providers ESG
Index 2023-2024 – Avasant
Announcements
- The Board of Directors of the Company at their meeting held on
May 6, 2024 has recommended a final
dividend of ₹ 3.25 per equity share of face value ₹ 2/- for the
financial year 2023-24 subject to shareholder approval.
For further details please refer to the Investors
presentation hosted on the company website – –
Investors section
About Happiest Minds Technologies:
Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a
Mindful IT Company, enables digital transformation for enterprises
and technology providers by delivering seamless customer
experiences, business efficiency and actionable insights. We do
this by leveraging a spectrum of disruptive technologies such
as: artificial
intelligence, blockchain, cloud, digital process
automation, internet of things, robotics/drones,
security, virtual/augmented reality, etc. Positioned as
'Born Digital . Born Agile', our capabilities span Product &
Digital Engineering Services (PDES), Generative AI Business
Services (GBS) and Infrastructure Management & Security
Services (IMSS). We deliver these services across industry sectors
such as automotive, BFSI, consumer packaged goods, e-commerce,
EduTech, engineering R&D, healthcare, hi-tech, manufacturing,
retail and travel/transportation/hospitality. The company has been
recognized for its excellence in Corporate Governance practices by
Golden Peacock and ICSI. A Great
Place to Work-Certified™ company, Happiest Minds is headquartered
in Bangalore, India with operations in the U.S., UK,
Canada, Australia and Middle
East.
Safe harbor
This release may contain certain
forward-looking statements, which
involves risks and uncertainties that could
cause our future results to differ materially from those in such
forward-looking statements. The COVID-19 pandemic could decrease
our customers' technology spend, delaying prospective customers'
purchasing decisions, and impact our ability to provide services;
all of which could adversely affect our future revenue, margin, and
overall financial performance. Our operations could also be
negatively impacted by a range of
external factors not within
our control including those due to the pandemic. We do not undertake to update
any of our forward-looking statements that may be made from time to
time by us or on our behalf.
For more information, contact:
Media Contact:
Kiran Veigas
media@happiestminds.com
Logo:
https://mma.prnewswire.com/media/1812236/4024169/Happiest_Minds_Logo.jpg
View original
content:https://www.prnewswire.com/news-releases/happiest-minds-reports-industry-leading-growth-and-on-track-for-vision-of-1-bn-revenues-by-2031-302137908.html
SOURCE Happiest Minds Technologies Limited