Bengaluru-based IT firm Happiest Minds’ profit declined quarter-on-quarter by 32 percent to Rs 34.08 crore for the quarter ended September 2020.
For the quarter ending June 2020, the company had reported a profit of Rs 50.18 crore. On a year-on-year basis, profits grew 27.8 percent.
This is the company’s first results after its successful Initial Public Offering in September.
The company’s revenues stood at Rs 187.91 crore in Q2 FY21, up 0.5 percent, sequentially. The revenue grew from Rs 180.68 crore with a Y-o-Y growth of 3.4 percent.
Venkatraman Narayanan, Executive Director & CFO, said in a statement, “Despite the environment we have shown growth in revenues on a sequential basis.”
“On PAT (profit after tax), in the immediately preceding quarter instead of a provision for Income-tax we had a one-time credit for deferred taxes and from the current quarter we have reverted to normal provisions,” he added.
Ashok Soota, Executive Chairman, said in the statement, "We are happy to report a good all-round performance this quarter and this is a testimony of our digital focus, agility and commitment to all our stakeholders.”
For the company, the growth was led by Edutech, which accounts for about 27 percent of the company’s revenue. Digital service offerings such as cloud, software-as-a-service and security solutions account for about 97 percent of the revenues.
The company had 152 clients at the end of September 30, 2020, with the addition of 8 new clients in Q2. There are about 2,721 employees with attrition of 14.1 percent.
The company’s utilisation has improved from 74.9 percent in Q1 FY21 to 78.7 percent in Q2
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