FY25 to be best year for Happiest Minds since IPO: Chairman Ashok Soota

For Happiest Minds Technologies, FY25 is poised to be “best year ever” since its stellar listing on the bourses with a 111 per cent premium over its issue price in September 2020, right in the middle of the pandemic.

“We are really excited about the future due to the transformational changes we introduced in FY24 and the acquisitions we have closed in the early days of FY25… in fact, FY25 is poised to be our best-ever year since IPO,” said Ashok Soota (pictutred), executive chairman, Happiest Minds. “This year, we are back on track to achieve our long-term vision of $1 billion in revenues by FY31. We required 25.3 per cent CAGR when we announced this goal in September 2021 but now we envision that we will need only a CAGR of 22 per cent to achieve this goal,” Soota said in a post-earnings media call.

Happiest Minds reported a 24.8 per cent increase in net profit to ~72 crore on the back of revenues that grew 10.4 per cent year-on-year (Y-O-Y) to ~417.3 crore for the fourth quarter ended March. In dollar terms, Q4 revenue grew 9.1 per cent Y-O-Y and

1.4 per cent quarter-on-quarter (Q-O-Q) to $50.1 million. For the full fiscal FY24, revenue grew 13.7 per cent to ~1,624 crore.

The Bengaluru-based company is betting on both organic and inorganic growth to achieve its goals. It had made two bold acquisitions in early

FY25, which the management believes will provide significant impetus to its growth. Last month, it signed a definitive agreement to acquire Noida-based Puresoftware Technologies for a total purchase consideration of $94.5 million (about ~779 crore). With this acquisition, Happiest Minds aims to strengthen its domain capabilities in banking, financial services & insurance (BFSI) and healthcare and life sciences verticals.

In addition to augmenting its presence in the US, the UK, and India, Happiest Minds will also get a near-shore presence in Mexico, and offices in Singapore, Malaysia, and Africa.