"You don't want to hurry to things and get stuck with something that we are not able to integrate," Happiest Minds Chief Financial Officer Venkatraman Narayanan said speaking to Moneycontrol, on why an unnamed large acquisition project was delayed. He said there are many spoilers, and unfortunately there was no spoiler alert for the company on the delayed acquisition, Narayanan said.
Last quarter, speaking to Moneycontrol, Narayanan said that the company was "reasonably close" to one large acquisition, but it was delayed. That led Happiest Minds to slash its revenue guidance by more than half to 12 percent from 25 percent for FY24.
Earlier, the 25 percent guidance included both organic and inorganic. But in Q2, the company said the reduced revenue guidance would include only organic growth.
"We have a decent pipeline, we are pushing for a closure, and we are seeing how to take things forward," Narayanan said.
The 12-year-old company said that it "would have liked to have made this acquisition sooner rather than later."
Earlier, the Ashok Soota-led company announced plans to acquire three to four companies in the digital space over the coming quarters, aiming to propel its business towards its $1 billion revenue target by 2031.
The company on January 17 reported a 3.5 percent year-on-year (YoY) increase in net profit for the October-December quarter to Rs 59.62 crore. Revenue for the quarter also saw an 11.7 percent rise to Rs 409.88 crore.
Sequentially, the net profit rose 2 percent and revenue rose 0.8 percent.
Happiest Minds added 10 new clients, taking the total number to 245 at the end of the quarter ended December 31.
Employees headcount decreased by 39 to 5,246 for the third quarter. The trailing 12-month attrition rate fell by 30 basis points to 14.1 percent.
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