Happiest Minds Technologies: Q4 Revenue Growth Misses Target, Company To Hire 1,300 In FY24
IT company Happiest Minds Technologies on Monday reported its Q4 FY23 revenue from operations at Rs 377.98 crore, up from Rs 300.57 crore in the corresponding quarter in fiscal 2022. The company missed its Q4 revenue target by about 1.3 per cent due to certain ‘right-shifting of Q4 revenues’.
Speaking on the missed revenue growth target, Ashok Soota, Executive Chairman at Happiest Minds Technologies said that the miss had been more than compensated by delivering an EBITDA margin of 26.2 per cent, exceeding the guidance of 22-24 per cent.
Happiest Minds’ Q4 FY23 profit after tax (PAT) was recorded at Rs 57.66 crore, which grew from Rs 52.11 crore in Q4 FY22.
The company’s revenue from the US and India maintained resilience, while Europe in Q4 FY23 saw a marginal decline in comparison to Q4 FY22.
Keeping in line with FY23 guidance, Happiest Minds has given the revenue guidance of 25 per cent for FY24.
The company announced it had plans to hire 1,300 employees in FY24.
In a statement, Venkatraman N, MD & CFO at Happiest Minds Technologies said, “Our excellent results both in terms of growth and profitability reflect our operating strengths. This is the 12th successive quarter where we have reported EBITDA of more than 25 per cent. Based on our strong financial results we are happy to recommend a final dividend of Rs 3.4 per share.”
The company’s Board of Directors have recommended a final dividend of Rs 3.4 per equity share of face value Rs 2 for the financial year 2022-23.
The IT company’s trailing 12-month attrition in Q4 was noted to be at 19.8 per cent.
During the quarter, the company’s utilization came down to 74.6 per cent from 80 per cent in the Q3 FY23 and it added about 306 employees.
As the markets closed on Monday ahead of Q4 FY23 results, Happiest Minds Technologies' shares were down 2.7 per cent on the NSE.
