Happiest Minds' Strategic Play Amid Profit Dip

Happiest Minds Technologies reports a significant profit decline amid revenue growth. Navigating market uncertainties, it announces leadership changes and anticipates strong growth and robust demand pipelines, despite recession forecasts.

Happiest Minds Technologies, a mid-cap Indian IT company, revealed a sharp 52.7% decrease in consolidated net profit to Rs 34 crore for the March-ended quarter, compared to Rs 71.9 crore in the previous year. However, the firm's revenue rose by 30.5% during the same period, reaching Rs 544.5 crore.

The firm, headquartered in Bengaluru, expanded its client base by adding 14 new clients in the fourth quarter. For FY25, the net profit dropped to Rs 184.6 crore from Rs 248.3 crore in FY24, while the revenue increased by 26.8% to Rs 2,060.8 crore. Notably, the company underwent a significant leadership transformation in March.

Despite economists projecting a slowdown in major markets, Chairman Ashok Soota expressed optimism about doubling organic growth in the coming years. He remains unfazed by recession predictions, citing a strong demand pipeline. The Board recommended a final dividend of Rs 3.5 per equity share for FY25.

(With inputs from agencies.)