IT company Happiest Minds Technologies Ltd on Wednesday (January 17) reported a 3.5% year-on-year (YoY) rise in net profit at ₹59.6 crore for the third quarter that ended December 31, 2023.
In the corresponding quarter last year, Happiest Minds Technologies posted a net profit of ₹57.6 crore, the company said in a regulatory filing. The company's revenue from operations increased 11.7% to ₹409.9 crore against ₹366.9 crore in the corresponding period of the preceding fiscal.
At the operating level, EBITDA declined 9.6% to ₹80.9 crore in the third quarter of this fiscal over ₹89.5 crore in the year-ago period. The EBITDA margin stood at 19.7% in the reporting quarter compared to 24.4% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.
In the third quarter of the fiscal year, Happiest Minds' revenue in constant currency exhibited a 0.8% quarter-on-quarter increase and a 9.4% year-on-year growth. Operating revenues in US dollars stood at $49.4 million, reflecting a 0.5% quarterly expansion and a 9% annual gain.
The total income for the quarter amounted to ₹434.17 crore, marking a 1.2% quarterly growth and a 15.9% year-on-year increase. Happiest Minds free cash flows stood at ₹98.94 crore. Additionally, the earnings per share (diluted) for the quarter stood at ₹3.96.
Happiest Minds reported a total of 245 clients as of December 31, 2023, with 10 new additions during the quarter.
The results came after the close of the market hours. Shares of Happiest Minds Technologies Ltd ended at ₹925.80, down by ₹8.85, or 0.95%, on the BSE.
