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Happiest Minds reports robust results post successful IPO; EBITDA margin expands to 26.3%

ANI | Updated: Nov 05, 2020 13:34 IST

Bengaluru (Karnataka) [India]/San Jose (California) [USA]/ London [UK], November 5 (ANI/PRNewswire): Happiest Minds Technologies Limited, a 'Born Digital. Born Agile', digital transformation and IT solutions company, today announced its consolidated results today for the second quarter ended September 30, 2020 as approved by its Board of Directors.

"We would like to express our gratitude for a very successful IPO and extend a warm welcome to all our new shareholders. We specially want to express gratitude to our customers for their ongoing support and record level of appreciations received during these COVID times. 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," said Ashok Soota, Executive Chairman.
"We are happy to present our first results after going public. Despite the environment we have shown growth in revenues on a sequential basis and improved our EBITDA both sequentially and on a year over year basis. The variance in PAT is due to a one-time credit for deferred taxes in Q1 FY21," said Venkatraman Narayanan, Managing Director & CFO.
Key financial highlights:
Quarter ended September 30, 2020
* Operating Revenues stood at USD 24.7 million (growth of 5.4 per cent q-o-q)
* Total Income stood at Rs 18,791 lakhs (growth of 0.5 per cent q-o-q / growth of 3.4 per cent y-o-y)
* EBITDA stood at Rs 4,939 lakhs, 26.3 per cent of Total Income (growth of 3.3 per cent q-o-q / growth of 47.3 per cent y-o-y)
* PAT at Rs 3,408 lakh (growth of 27.8 per cent y-o-y)
* RoCE & RoE (annualized) for the half year stood at 36.3 per cent & 36.3 per cent respectively
Other highlights:

* 152 as of September 30, 2020
* 8 new added during the quarter
* Our People; Happiest Minds:
* 2,721 Happiest Minds as of September 30, 2020 (net addition during the quarter of 63);
* Trailing 12 months attrition at 14.1 per cent
* Utilization of 78.7 per cent, up from 74.9 per cent in Q1 FY21.
Key Wins:
* For a Fortune 100 technology company that delivers industry specific solutions that include technologies for buildings and industry, Happiest Minds has been selected as a preferred partner for their platform development and support activities;
* For a large Community bank based in USA, Happiest Minds has been chosen to provide managed infrastructure and security services for a period of 3 years;
* For a global professional services provider from Europe, Happiest Minds has signed up a multi-year contract to develop an AI infused automation IT Helpdesk ChatBot priced on a per-user basis providing a predictability of cost and ROI to the customer;
* For a large credit information provider in Europe, Happiest Minds has been chosen to digitize their fraud detection and prevention applications;
* For a large multinational conglomerate in Asia, Happiest Minds is chosen to develop drone based surveillance system using computer vision algorithms and leveraging deep learning to derive intelligent insights on customer, employee behavior and building safety.
* Happiest Minds has been ranked among the Top 50 Great Place To Work's (GPTW) Best Workplaces for Women for the second consecutive year
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