Happiest Minds

IT firm Happiest Minds Technologies has posted a 15.2 per cent on-year decline in consolidated net profit to Rs 49.52 crore in the September 2024 quarter. It reported a net profit of Rs 58.46 crore in the year-ago period, according to a regulatory filing on Wednesday. Revenue from operations during the quarter under review came in at Rs 521.64 crore, an increase of 28.2 per cent from Rs 406.62 crore in Q2 FY24. Seen quarter-on-quarter, profit dipped 2.9 per cent but revenue rose 12.4 per cent. Terming it as the "best growth results since the last two years", company Executive Chairman Ashok Soota said the transformational changes the company initiated this year are gathering momentum. "These changes include the acquisition of PureSoftware and Aureus, the creation of our GenAI Business Unit (GBS), hiring a senior leader to expand net new (NN Sales), and creating six industry groups, each headed by an industry manager. The full impact of all these changes on revenue and growth will

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For Happiest Minds, Q1FY25 was one of the best in terms of growth since the company got listed in September 2020

During Q1FY25, the company's net profit dropped 12.5 per cent Year-on-Year (Y-O-Y) to Rs 51.03 crore, compared to Rs 58.33 crore reported in Q1FY24

Happiest Minds block deal news: Reports suggest Happiest Minds' Promoter and Executive Chairman, Ashok Soota, was looking to sell 6 per cent stake in the company through a block deal

At present, our team is actively engaged in the development of 15 GenAI projects, each tailored to meet the unique needs of our diverse client base

This is the third acquisition by Happiest Minds in FY25. In April, it acquired PureSoftware Technologies for $94.5 million (Rs 784 crore) and Macmillan Learning India for Rs 4.5 crore

Happiest Minds believes it is in a unique position to capitalise on the opportunities presented by GenAI

IT firm Happiest Minds Technologies reported a 24.83 per cent increase in consolidated net profits at Rs 71.98 crore for the quarter ended March 2024, and said it expects to encash on its newly launched GenAI business unit. According to a stock exchange filing, the company clocked a profit of Rs 57.66 crore in the year-ago period. Revenue from operations for the reporting quarter stood at Rs 417.29 crore, as against Rs 377.98 crore in Q4FY23, translating into a 10.4 per cent rise. Revenue for the quarter was led by the edutech vertical (22.3 per cent), followed by healthcare (16.1 per cent). Executive chairman Ashok Soota said the newly created Gen AI business unit, the creation of six new industry groups, and the successful closure of two acquisitions have put the company back on course towards accomplishing its 'long-term vision of USD 1 billion in revenues by FY31'. Annual profits saw a 7.53 per cent rise to Rs 248.39 per cent, as compared to the previous fiscal's Rs 230.99 ...

IT firm Happiest Minds Technologies has reported a 24.83 per cent increase in consolidated net profit at Rs 71.98 crore for the quarter ended March 2024. The company clocked a profit of Rs 57.66 crore in the year-ago period, according to a regulatory filing on Monday. Revenue from operations for the reporting quarter stood at Rs 417.29 crore, as against Rs 377.98 crore in Q4FY23, translating into a 10.4 per cent rise. Annual profits saw a 7.53 per cent rise to Rs 248.39 per cent, as compared to the previous fiscal's Rs 230.99 crore. Revenue for financial year 2023-24 was at Rs 1,624.66 crore, a 13.66 per cent climb over Rs 1429.29 crore reported in fiscal 2022-23. The company recommended a final dividend of Rs 3.25 per equity share of Rs 2 each for the financial year ended March 31, 2024, which is subject to the approval of shareholders at the 13th Annual General Meeting (AGM) of the company, to be held on June 28, 2024.

The IT company aims to boost its domain capabilities in BFSI, healthcare and life sciences through this acquisition

IT company Happiest Minds Technologies Ltd on Thursday said it will acquire PureSoftware Technologies for a total consideration of USD 94.5 million (Rs 779 crores). Happiest Minds Technologies has signed definitive agreements to acquire 100 per cent of the equity share capital of PureSoftware Technologies Pvt Ltd for a total purchase consideration of Rs 779 crore, according to a company statement. The total purchase consideration comprises upfront payment of Rs 635 crore on closing and deferred payment of up to Rs 144 crore payable at the end of 2024-25, on achievement of set performance targets. "I am delighted to welcome the PureSoftware Team to the Happiest Minds family. Our Mission of 'Happiest People. Happiest Customers' and PureSoftware's 'Customer Delight by Creating Employee Delight' harmonizes our shared vision of driving happiness for people and customers," Happiest Minds, executive chairman, Ashok Soota, said in the statement. Noida-headquartered PureSoftware has a globa

Manufacturing and banking, financial services and insurance (BFSI) together contribute about 26 per cent to the total revenues

In terms of size, Happiest Minds is targeting companies in the range of $10-50 million of revenues

Earlier this year, Happiest Minds acquired Madurai-based Sri Mookambika Infosolutions (SMI) for Rs 111 crore

The firm, which gets its revenue from helping companies digitize their services, is building tools that run on top of ChatGPT, customized to its clients' needs, he said

Happiest Minds Technologies on Wednesday announced that it has signed an agreement to acquire Madurai-headquartered IT services company SMI through a combination of upfront and deferred equity consideration amounting to Rs 111 crore. With 400 plus offshore-based employees, SMI (Sri Mookambika Infosolutions) has an annual revenue run rate of USD 9 million (over Rs 73 crore). "Happiest Minds Technologies today announced the signing of definitive agreements to acquire 100 per cent of SMI - a Madurai-headquartered, profitable, IT services company through a combination of upfront and deferred equity consideration totalling Rs 111 crore," the company said in a statement. SMI provides product engineering services to its US customers around enterprise applications and integrations, digital data platform services (analytics, data strategy, Artificial Intelligence/Machine Learning, User Experience) and mobility services. It has, over the years, built deep domain expertise around the healthc

The technical analyst from HDFC Securities from HDFC Securities recommends buying JK Paper and Happiest Minds for targets of up to Rs 486 and Rs 1,150, respectively.

IT company Happiest Minds Technologies has said moonlighting is unacceptable as it amounts to violation of job contract and that "few" employees found engaging in such practices have been fired over the last 6-12 months. The company -- which recently logged a stellar 33.7 per cent on year growth in net profit in the second quarter and 31.1 per cent rise in its total income -- had about 4,581 employees as of September 30, 2022. Happiest Minds asserted that moonlighting is not very prevalent within the company but did not divulge the exact number of employees against whom action had been taken on the issue. The issue of moonlighting or dual employment has emerged as a big talking point in the IT industry ever since Wipro Chairman Rishad Premji red-flagged the issue on Twitter, equating it to "cheating". Over the past weeks, several companies have waded into the issue making it clear that they do not approve of dual employment. Put simply, moonlighting or dual employment refers to ..

IT company Happiest Minds Technologies board on Wednesday approved raising of up to Rs 1,400 crore through equity or debt bonds, the company said in a regulatory filing. "We wish to inform you that the board at its meeting held today i.e. October 5, 2022 has inter alia considered and approved the matter related to raising funds," the filing said. The company board has approved "raising of up to Rs 1,400 crore inclusive of premium amount, if any" by way of issuance of any instrument or securities, including equity shares, global depository receipts, American depository receipts, fully/partly convertible debentures, foreign currency convertible bonds, warrants, or any combination thereof. The company has permission to even opt for a public issue, preferential allotment, private placement etc for fund raise, according to the filing. Happiest Minds had reported about 57 per cent increase in consolidated net profit at Rs 53.34 crore in the first quarter ended June 30, 2022. The company