Happiest Minds Technologies thrives in Indian market, reports Q3 earnings growth

Happiest Minds Technologies, a leading digital transformation and IT consulting firm has announced that India has become its second-largest market, experiencing significant growth.

In an interview with CNBC-TV18, Venkatraman Narayanan, MD and CFO, and Joseph Anantharaju, EVC and CEO-Product Engineering Services at Happiest Minds Technologies, discussed the Q3 earnings for the December-ended quarter.

Narayanan highlighted the robust growth in the Indian market, stating, “The Indian market is concerned, that is showing real good growth in line with what we are seeing in the economy. And after the US, it’s the second-largest market for us. And that is showing decent traction with new logo sign-ups that we have done this year; I mean, from India, and from verticals like manufacturing and industrial, which are going well for us.”

Regarding potential acquisitions, Narayanan mentioned a decent pipeline in the discussion, emphasising the company's intention to close deals that align and integrate seamlessly with their existing customer-focused initiatives.

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Anantharaju, discussing margins, stated, “We would like a 22-24% guideline with the hope that we will continue beating it as we have done for the past 15 or 16 quarters.”

On January 17, Happiest Minds Technologies reported a 3.5% year-on-year rise in net profit, reaching ₹59.6 crore for the third quarter ending December 31, 2023. In the same quarter last year, the company posted a net profit of ₹57.6 crore. The company's revenue from operations also increased by 11.7% to ₹409.9 crore compared to ₹366.9 crore in the corresponding period of the previous fiscal year.

Also Read | Happiest Minds Q3 Results | IT company's net rises 3.5%, revenue up 12%