Happiest Minds

Happiest Minds to acquire SMI via upfront, deferred equity for Rs 111 cr

Happiest Minds Technologies on Wednesday announced that it has signed an agreement to acquire Madurai-headquartered IT services company SMI through a combination of upfront and deferred equity consideration amounting to Rs 111 crore. With 400 plus offshore-based employees, SMI (Sri Mookambika Infosolutions) has an annual revenue run rate of USD 9 million (over Rs 73 crore). "Happiest Minds Technologies today announced the signing of definitive agreements to acquire 100 per cent of SMI - a Madurai-headquartered, profitable, IT services company through a combination of upfront and deferred equity consideration totalling Rs 111 crore," the company said in a statement. SMI provides product engineering services to its US customers around enterprise applications and integrations, digital data platform services (analytics, data strategy, Artificial Intelligence/Machine Learning, User Experience) and mobility services. It has, over the years, built deep domain expertise around the healthc

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Moonlighting unacceptable, action taken against few: Happiest Minds

IT company Happiest Minds Technologies has said moonlighting is unacceptable as it amounts to violation of job contract and that "few" employees found engaging in such practices have been fired over the last 6-12 months. The company -- which recently logged a stellar 33.7 per cent on year growth in net profit in the second quarter and 31.1 per cent rise in its total income -- had about 4,581 employees as of September 30, 2022. Happiest Minds asserted that moonlighting is not very prevalent within the company but did not divulge the exact number of employees against whom action had been taken on the issue. The issue of moonlighting or dual employment has emerged as a big talking point in the IT industry ever since Wipro Chairman Rishad Premji red-flagged the issue on Twitter, equating it to "cheating". Over the past weeks, several companies have waded into the issue making it clear that they do not approve of dual employment. Put simply, moonlighting or dual employment refers to ..

Happiest Minds board approves raising of Rs 1,400 cr through equity debt

IT company Happiest Minds Technologies board on Wednesday approved raising of up to Rs 1,400 crore through equity or debt bonds, the company said in a regulatory filing. "We wish to inform you that the board at its meeting held today i.e. October 5, 2022 has inter alia considered and approved the matter related to raising funds," the filing said. The company board has approved "raising of up to Rs 1,400 crore inclusive of premium amount, if any" by way of issuance of any instrument or securities, including equity shares, global depository receipts, American depository receipts, fully/partly convertible debentures, foreign currency convertible bonds, warrants, or any combination thereof. The company has permission to even opt for a public issue, preferential allotment, private placement etc for fund raise, according to the filing. Happiest Minds had reported about 57 per cent increase in consolidated net profit at Rs 53.34 crore in the first quarter ended June 30, 2022. The company

Happiest Minds profit rises 58% to Rs 56.34 crore in June quarter

IT company Happiest Minds on Friday posted a 57.7 per cent increase in consolidated profit after tax at Rs 56.34 crore in the June quarter. The company had reported a profit of Rs 35.73 crore in the year-ago period. The consolidated revenues from contracts with customers of the company grew 34.5 per cent to Rs 328.92 crore during the quarter under review. The same stood at Rs 244.61 crore in the year-ago period. "We have started fiscal year 2023 showing industry leading performance. Our 10-year vision statement is to be a billion-dollar company by 2031. "In line with this goal, based on the growth we are experiencing and continued demand for digital services, we are increasing our revenue guidance for FY23 to 25 per cent while targeting to grow at a CAGR (Compound Annual Growth Rate) of 25 per cent over the next 5 years," Happiest Minds Executive Chairman Ashok Soota said in a statement.

Happiest Minds buys 2.4 lakh sq ft office space for Rs 101 cr in Bengaluru

IT company Happiest Minds Technologies has purchased a fully built-up ready-to-use commercial property spread over 2.4 lakh square feet in Bengaluru for Rs 101 crore, the company said on Friday. The facility with a seating capacity of 1,600 seats is in the technology hub of Electronics City. Financially, the purchase is funded substantially through borrowings from banks at very favourable terms. The transaction is positive from a P&L perspective while adding a significant asset to our balance sheet," Happiest Minds Technologies managing director and CFO Venkatraman Narayanan said in a statement. "We have structured repayments in a manner such that cash flows are neutral in the medium and positive in the long term, Narayanan added. The facility enhances the company's seating capacity in Bengaluru by about 30 per cent and is in-line with expansion plans and objective of strengthening delivery capabilities across existing and newer locations like Bhubaneswar.

Morgan Stanley Investment Funds offloads Rs 105-cr shares of Happiest Minds

The shares were disposed of at an average price of Rs 800 apiece, valuing the transaction to Rs 105.12 crore

Happiest Minds Tech net income up 45% to Rs 52 crore amid high attrition

During the quarter, the mid-sized software firm said, its revenue rose to Rs 310 crore, clipping at 38.8 per cent year-on-year and 6.2 per cent sequentially

Happiest Minds Technologies Q3 net profit jumps 16.1% to Rs 48.92 cr

IT firm Happiest Minds Technologies Ltd on Friday reported a 16.1 per cent jump in consolidated net profit to Rs 48.92 crore for the December 2021 quarter. The company had posted a net profit of Rs 42.15 crore in the year-ago period. Its revenue during October-December 2021 grew 47.2 per cent to Rs 283.94 crore as compared with Rs 192.84 crore in the year-ago period, a regulatory filing said. Venkatraman N, MD and chief financial officer of Happiest Minds Technologies, said the company continues to deliver all-around healthy financial and business performance. "Revenue growth of 47.2 per cent, Ebitda at 26.1 per cent, robust cash generation and healthy capital return ratios are testimony to this. "Coupled with onboarding talent and healthy utilisation levels, we are well-positioned to address the strong demand environment for digital services," he added. The company's operating revenues in dollar terms stood at USD 37.8 million, a growth of 5.5 per cent q-o-q and 44.2 per cent ..

Happiest Minds aims to lower revenue dependency on US to below 65%

On average, the US gives 48 per cent of the revenue to domestic software companies, down from 55-60 per cent earlier.

Happiest Minds Technologies second quarter profit up 30% to Rs 44 cr

The IT company had posted a net profit of Rs 34.08 crore in the year-ago period

IPO frenzy: 24 stocks that more than doubled your money in two years

Given the subscription levels of some of the recent IPOs, analysts have started to be cautious and suggest investors do not subscribe to every IPO that hits the Street

Happiest Minds Technologies June quarter profit declines by 29%

IT firm Happiest Minds Technologies Ltd has reported a nearly 29 per cent decline in consolidated net profit to Rs 35.73 crore in the June 2021 quarter.

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Happiest Minds hits new high, rallies 103% so far in current fiscal

A combined 11.57 million equity shares of the company had changed hands on the NSE and BSE at the time of writing this report

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Royal Enfield said it has decided to shut down its two manufacturing facilities between May 13-16 amid a second Covid wave

Happiest Minds March qtr net up 580%, firm offers double-digit pay hikes

Revenue up 18% to Rs 186 cr; profit was lower sequentially

Happiest Minds Technologies' Q4 consolidated net profit zooms to Rs 36 cr

In dollar terms, the revenue stood at $30.2 million, up 18 per cent year-on-year and 15.4 per cent sequentially

Happiest Minds surges 14%, hits new high on heavy volumes

In the past three months, the stock has soared 96 per cent, against less than 1 per cent gain in the S&P BSE Sensex