Happiest Minds Q1 results: Net profit at ₹58.33 crore
1 min read 09 Aug 2023, 01:29 AM ISTThe IT company reported net sales at ₹390.87 crore for the June quarter of fiscal year 2024
PremiumHappiest Minds Technologies on Tuesday reported net profit at ₹58.33 crore for the first quarter ended June 30 of fiscal year 2024.
The IT company reported net sales at ₹390.87 crore for the June quarter of fiscal year 2024.
Total income stood at ₹404.53 crore in the first quarter ended June 30 of fiscal year 2024, said Happiest Minds Technologies in an exchange filing.
Shares of Happiest Minds Technologies on Tuesday edged lower 0.67% at ₹925.05.
For the fiscal year 2023, Happiest Minds had recorded revenue growth of 23.7% in constant currency terms, even as profit rose 27.5% to ₹230.99 crore over the year ago period.
Its operational profitability improved 28.9% year-on-year to ₹379.97 crore in FY23.
On July 18, the IT company said it has raised funds to the tune of ₹500 crore through qualified institutional placement (QIP) of equity shares.
The Board of Directors approved the allotment of 54.11 lakh equity shares of face value ₹2 each to eligible investors at a price ₹924 per share (including premium of ₹922 per equity share), the company had said in a statement.
After its successful IPO in 2020, the fundraising in July was the first-ever equity capital raised by the company.
“Happiest Minds Technologies successfully completes a capital raise of ₹500 crores/USD 61 million through a Qualified Institutions Placement (QIP)," the company had said.
The funds will be used for funding working capital requirements, investments in subsidiaries, funding inorganic growth and other general corporate purposes.
“After a successful IPO in 2020, I am grateful for the participation by investors in our recently concluded QIP. We thank our investors for the continued trust and responsibility they place on us," said Venkatraman Narayanan, MD and CFO of Happiest Minds Technologies.
Venkatraman had described the capital raise as a key step towards the company's strategy to drive business growth and success in the coming years.
