Happiest Minds Technologies, a mid-cap IT company, reported today’s closing session a market value of Rs.12567.11 crore. The firm’s FY23 results were outstanding, with a revenue increase of 23.7% and an EBITDA increase of 26.2%.
Happiest Minds Technologies today filed a filing on the stock exchange stating that the Board of Directors “Recommended” a final dividend of Rs.3.40/- per equity shares for the fiscal year ending March 31, 2023. This recommendation is subject to approval by the members of the Company at its 12th Annual Meeting (AGM).
The company’s EBITDA was Rs.100.62 Cr in Q4FY23 up by 23.3% YoY from Rs.81.58 Cr in Q4FY22. EBITDA for the company was Rs.100.62 cr in Q4FY23, up 23.3% from Rs.81.58 cr in Q4FY22. Happiest Minds Technologies posted a net income of Rs.57.66 cr during the quarter reviewed, up 10.7% from Rs.52.11 cr recorded in the previous quarter.
The company recorded an EBITDA of Rs.379.97 Cr, up 28.9% YoY from Rs.294.77 Cr in FY22. The company reported an EBITDA (Earnings Before Interest and Taxes) of Rs.379.97 cr, up 28.9% from Rs.294.77 cr in FY22. Happiest Minds Technologies reported that its net profit was Rs. 230.99 Cr. in FY23, up 27.5% from Rs. 181.2 Cr. in FY22.
Ashok Soota said, “I am pleased to announce that Happiest Minds has delivered outstanding results for FY23 with 23.7% revenue growth and 26.2% of EBITDA. We have missed our revenue growth target by 1.3% due to the right-shifting of some Q4 revenues. This has been more than compensated by delivering an EBITDA which exceeded the upper band of our guidance of 22 to 24%. In view of our strong business pipeline, we are planning a record people addition of 1,300. Accordingly, we are retaining our FY24 revenue guidance growth at 25%.”
Venkatraman N., MD & CFO said, “Our excellent results in terms of both growth and profitability reflect the strengths of our operations. This is the 12th consecutive quarter that we have reported EBITDA greater than 25%. We are pleased to recommend a dividend of Rs.3.4/share based on our excellent financial results.
Joseph Anantharaju said, “Our compelling value proposition, and our effective land and expansion strategy, has led to a good performance in terms of customer metrics. Average revenue per customer, and the number billion-dollar companies have both shown steady progress during the fiscal. “We saw a marked increase in deal velocity and pipeline in the second half, setting us up for the first quarter of FY24.”