On a year on year basis, the company's net profit increased 3.5% while revenue jumped by 11.7% in Q3 FY24 over Q3 FY23.

Profit before tax was at Rs 80.73 crore in the quarter ended 31 December 2023 (up 2% QoQ and 7.3% YoY).

EBITDA stood at Rs 105.19 crore in Q3 FY24, up 0.4% QoQ and 8.2% YoY. EBITDA margin reduced to 24.2% in Q3 FY24 as against 24.4% in Q2 FY24 and 26% in Q3 FY23.

In dollar terms, the company's operating revenue stood at $49.4 millionin Q3 FY24, rising 0.5% QoQ and 9% YoY. In constant currency, the firm reported a rise of 0.5% QoQ and 9% increase on YoY basis. Free cash flows during Q3 FY24 stood at Rs 98.94 crore.

The company had 5,246 employees at the end of the reporting quarter. The trailing 12-months attrition was at 14.1%. The utilization rate in Q3 FY24 stood at 76.7%.

Happiest Minds added 10 new clients in the quarter ended 31 December 2023 taking the tally to 245 total clients.

Meanwhile, the company’s board re-appointed Ashok Soota as the Whole-time Director of the Company, designated as Executive Chairman, for a term of five (5) years with effect from April 01, 2024 to March 31, 2029.

Ashok Soota, executive chairman, said, “Our results reflect the resilience of our business model which has continued to deliver industry-leading revenue growth in a generally difficult quarter for the industry.

We have strengthened our sales engine by creating a focused Gen-AI Business unit. Effective April 2024, we will be creating five Industry Groups, operating as independent profit centers and led by specialized industry managers. We expect these changes to add significantly towards our FY25 growth.”

Venkatraman N, MD & CFO, said, “We have delivered healthy growth in profits of 12% in the current ninemonth 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.”

Happiest Minds Technologies, an IT solutions company, enables digital transformation for enterprises and technology providers by delivering seamless customer experiences, business efficiency and actionable insights.

The scrip declined 1.69% to Rs 910.15 on the BSE.