Bengaluru-based IT firm Happiest Minds reported net profit of Rs 36 crore, a 29 percent decline year-on-year (YoY), for the quarter ended June 2021.
The company, which was listed in the stock exchanges in September 2020, had posted a net profit of Rs 50.18 crore in the same period last year. Its revenues however grew 38.2 percent to Rs 244 crore in the quarter.
The company added 310 employees taking the total headcount to 3538. However its attrition is on the rise at 14.7 percent compared to 12.4 percent in the previous quarter. At the end of the quarter, the company had 180 clients, an addition of 18 in the quarter.
“With our positioning in the market as a go to digital partner and the demand environment remaining buoyant, we have been able to record a good performance in this quarter. Our net headcount addition was strong as we onboarded 310 Happiest Minds, which reflects our ability to attract and retain good talent with our compelling people engagement programs,” said Joseph Anantharaju, Executive Vice Chairman, Happiest Minds Technologies in a statement.Venkatraman N, MD & CFO, Happiest Minds Technologies said, “We have begun the fiscal on a solid footing with good growth and performance. Our operations and delivery remain resilient in the face of supply side pressures and the pandemic situation. Our financials this quarter has an exceptional expense on account of fair valuation of warrant liability in our balance sheet.