HAPPIEST MINDS’ NET PROFIT RISES 97%; STRONG DEAL PIPELINE AHEAD

BENGALURU: Happiest Minds Technologies Ltd posted a 97% rise in net profit from a year earlier in the fiscal third-quarter to ₹42.15 crore and said it has a robust order portfolio. Revenue at the Bengaluru-based software services firm grew 14.6% from a year earlier to ₹201.29 crore in the quarter ended December.

“We have a strong deal pipeline on the back of increasing market demand,” said Joseph Anantharaju, executive vice chairman and chief executiveproduct engineering services, Happiest Minds.

Revenue in US dollar terms grew 8.8% from a year earlier in December quarter to $26.2 million on the back of improvement in deals amid sustained demand for digitalization fuelled by Covid. Digital comprises nearly 97% of the company’s total revenue—the highest among its Indian peers. Within digital, cloud contributes 41% to revenue.

Earlier this year, Happiest Minds said it will acquire Us-based Pimcore Global Services (PGS) for $8.25 million (about ₹60 crore). The acquisition is expected to “create greater digital capital for customers and facilitate onboarding more customer logos of strategic consequence,” the company said.

PGS’S clients include customers across retail, consumer packaged goods and manufacturing verticals. Happiest Minds, which listed on the stock exchanges last September, added six clients during the quarter, taking the total number of clients to 155, as of 31 December.