Profit before tax stood at Rs 78.68 crore in Q1 FY24, down by 0.32% from Rs 78.93 crore in Q4 FY23.

The EBITDA rose 2.4% QoQ and 17.4% YoY to Rs 102.99 crore in Q1 FY24. EBITDA margin stood at 25.5% in Q1 FY24 from 26% in Q4 FY23 and 26.6% in Q1 FY23.

In dollar terms, the company's operating revenue stood at $47.56 million during the quarter, rising 3.6% QoQ and 12.7% YoY. Free cash flows during Q1 FY24 stood at Rs 101.33 crore.

The company had 5,048 employees at the end of the reporting quarter, with a net addition of 131 people in Q1 FY24. The trailing 12-months attrition was at 16.6%. The utilization rate in Q1 FY24 stood at 74.6%.

Happiest Minds added 18 new clients in the quarter ended 30 June 2022 taking the tally to 243 total clients.

Ashok Soota, executive chairman of Happiest Minds Technologies, said, “We have set a goal of achieving US$ 1 Billion by 2031 and our guidance of 25% is based on the same. We remain on target for achieving the goal. In our guidance of 25%, we have not been making a distinction between organic and inorganic growth. In the current year, we have been expecting to do significant acquisitions which we have not been able to close so far. We will update our guidance target in October based on the M&A progress.”

Venkatraman N, managing director (MD) and chief financial officer (CFO) said, “I am extremely happy to report on our thirteenth quarter of 25% plus EBITDA and ahead of our guidance which is a validation of our value proposition and disciplined execution. The successful closure of our Qualified Institutions Placement (QIP) of Rs 500 crore confirms the strong investor commitment to us and our growth aspirations.”

Joseph Anantharaju, executive vice chairman said, “Our clients remain focused on executing compressed transformations to drive efficiency, stronger growth, more agility, and to achieve greater resilience faster. Our ability to advise, shape and deliver value-led digital transformation, leveraging the breadth of technical capabilities in digital technologies and deep domain expertise is the key differentiator for Happiest Minds.”

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 slipped 0.23% to currently trade at Rs 923.80 on the BSE.