Happiest Minds Q1 results: Net profit at ₹58.33 crore
₹58.33 crore for the first quarter ended June 30 of fiscal year 2024. The IT company reported net sales at ₹390.87 crore for the June quarter of fiscal year 2024. Total income stood at ₹404.53 crore in the first quarter ended June 30 of fiscal year 2024, said Happiest Minds Technologies in an exchange filing.
Shares of Happiest Minds Technologies on Tuesday edged lower 0.67% at ₹925.05. For the fiscal year 2023, Happiest Minds had recorded revenue growth of 23.7% in constant currency terms, even as profit rose 27.5% to ₹230.99 crore over the year ago period. Its operational profitability improved 28.9% year-on-year to ₹379.97 crore in FY23.
On July 18, the IT company said it has raised funds to the tune of ₹500 crore through qualified institutional placement (QIP) of equity shares. The Board of Directors approved the allotment of 54.11 lakh equity shares of face value ₹2 each to eligible investors at a price ₹924 per share (including premium of ₹922 per equity share), the company had said in a statement. After its successful IPO in 2020, the fundraising in July was the first-ever equity capital raised by the company.
“Happiest Minds Technologies successfully completes a capital raise of ₹500 crores/USD 61 million through a Qualified Institutions Placement (QIP)," the company had said. The funds will be used for funding working capital requirements, investments in subsidiaries, funding inorganic growth and other general corporate purposes. “After a successful IPO in 2020, I am grateful for the participation by investors in our recently concluded QIP.
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