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Happiest Minds FY 23 net profit accelerates by 27.5% to ₹ 231 Crores

FY23 Revenue grows 23.7% backed by a superior EBITDA margin of 26.2%

Happiest Minds Technologies Limited (NSE:HAPPSTMNDS), a ‘Born Digital. Born Agile’, digital transformation and IT solutions company, today announced its consolidated results for the fourth quarter and year ended March 31, 2023 as approved by its Board of Directors.

Ashok Soota, Executive Chairman, 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%.”

Financial highlights
Quarter ended March 31, 2023:

· Revenue in constant currency grew by 1.3% q-o-q and 17.6% y-o-y.

· Operating Revenues in US$ stood at $46 million (growth of 1.4% q-o-q: 15.2% y-o-y)

· Total Income of ₹ 38,643 lakhs (growth of 3.1% q-o-q; 24.5% y-o-y)

· EBITDA of ₹ 10,062 lakhs, 26.0% of Total Income (growth of 3.5% q-o-q; 23.3% y-o-y)

· PAT of ₹ 5,766 lakhs, 14.9% of Total Income (growth of 0.1% q-o-q; 10.7% y-o-y)

· Free cash flows of ₹ 9,946 lakhs

· EPS (diluted) for the quarter of ₹ 3.98.

Year ended March 31, 2023:
· Revenue in constant currency grew by 23.7%

· Operating Revenues in US$ stood at $178 million (growth of 21.2% y-o-y)

· Total Income of ₹ 145,040 lakhs (growth of 28.3% y-o-y)

· EBITDA of ₹ 37,997 lakhs, 26.2% of Total Income (growth of 28.9% y-o-y)

· PAT of ₹ 23,099 lakhs, 15.9% of Total Income (growth of 27.5% y-o-y)

· Free cash flows of ₹ 36,480 lakhs

· EPS (diluted) for the full year of ₹ 16.01.

· For a reputed India-headquartered global automotive company, Happiest Minds has been chosen to provide engineering services leveraging 5G for their connected car program.

· Happiest Minds won the ICAI Award for Excellence in Financial Reporting 2021-22

· Happiest Minds’ MD & CFO, Mr. Venkatraman Narayanan recognized as a ‘Leading CFO of the Year’ at the CII CFO Excellence Awards 2022.

· Happiest Minds is among the Top 50 India’s Best Workplaces™ for Building a Culture of Innovation 2023.

· Happiest Minds is among Top 10 India’s Best Workplaces™ in Health & Wellness 2022

· Priya Kanduri was awarded at ‘Women In Tech Leadership Awards 2023′ by AIM and the ‘Women at Work Achiever of the Year 2023’ by FKCCI

Analyst Mentions
· Happiest Minds is selected as ‘Standout Case Study’ – ISG Digital Case Study Awards 2022.

· The Board of Directors of the Company at their meeting held on May 8, 2023, has recommended a final dividend of ₹3.4 per equity share of face value ₹ 2/- for the financial year 2022-23 subject to shareholder approval.

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