Happiest Minds net profit in Q2 falls to Rs 58 Cr

Happiest Minds Technologies, the Bengaluru-headquartered IT services company, has reported a 1.6% decline in net profit to Rs 58 crore for the September quarter.

The company had posted a profit of Rs 59 crore in the year-ago period, it said in a regulatory filing late on Tuesday. Revenue in constant currency terms for the Bengaluru-headquartered company rose 14.3% to Rs 406.6 crore from Rs 355.5 crore a year earlier.

The company has reduced revenue growth guidance for this fiscal from 25% to 12% on an organic basis based on market trends, Happiest Minds Executive Chairman Ashok Soota said.

The company also announced a Generative AI business unit (GBS) "to capitalise on the transformative impact of Generative AI".

For the fourth quarter of FY23, it reported a net profit of Rs 57.66 crore and a year-on-year (YoY) growth of 10.7%.