Happiest Minds Technologies Q3 Results: Net profit rises 3.6% to ₹59.6 crore, revenue up 12% YoY

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Happiest Minds Technologies Q3 Results: Happiest Minds Technologies announced it October-December quarter results for fiscal 2023-24 (Q3FY24), reporting a rise of 3.5 per cent in consolidated net profit at ₹59.6 crore, compared to ₹57.5 crore in the year-ago period. The IT services company's revenue from operations in the third quarter of current fiscal rose 12 per cent at ₹410 crore, compared to ₹367 crore in the corresponding period last year. On the operating front, the earnings before interest, tax, depreciation, and amortisation (EBITDA) in the December quarter rose 8.2 per cent to ₹105 crore, compared to ₹97.2 crore in the year-ago period.

The company said that it has beaten EBITDA profit guidance for the fifteenth quarter in a row. The EBITDA margin stood at 19.7 per cent in the third quarter compared to 24.4 per cent in the corresponding period last year. “We have delivered healthy growth in profits of 12 per cent in the current nine month period and have beaten profit guidance for the fifteenth quarter in a row.

I would like to reiterate that our growth in profit numbers is despite considering above industry average pay increase, and continued investments in newer technologies,'' said Venkatraman N, Managing Director & Chief Financial Officer, Happiest Minds Technologies. Also Read: Happiest Minds launches ₹400 crore QIP Happiest Minds' revenue in constant currency reported a 0.8 per cent quarter-on-quarter increase and a 9.4 per cent year-on-year growth. The operating revenues in US dollars stood at $49.4 million, reflecting a 0.5 per cent quarterly expansion and a nine per cent annual gain.