Artificial Intelligence
Happiest Minds reports Industry leading growth of 11.6% y-o-y in constant currency backed by a strong EBITDA margin of 24.4%
Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a ‘Born Digital. Born Agile’, digital transformation and IT solutions company, today announced its consolidated results for the second quarter ended September 30, 2023 as approved by its Board of Directors.
Ashok Soota, Executive Chairman, said “Happiest Minds continues to lead the industry on growth and profitability metrics. We have yet again delivered a quarter of superior performance on all fronts. Separately, I would like to express my gratitude to all Happiest Minds and stakeholders on completing our 12th anniversary.
We had given revenue growth guidance for the year of 25% without making a distinction between organic and inorganic growth. Based on an assessment of market trends we are revising our revenue growth guidance for the year to 12% on an organic basis. Additional growth, if any, due to acquisition will be over and above this guidance. We retain our EBITDA guidance of 22% to 24% and remain committed to our long-term growth aspiration of becoming a billion-dollar enterprise by 2031.
I am happy to announce a major new organizational and strategic initiative for Happiest Minds. We are starting with immediate effect a Generative AI business unit (GBS) to capitalize on the transformative impact of Generative AI. The existing PES and DBS businesses will get combined into the PDES business unit. There will be no change in IMSS. We will therefore retain 3 BUs: PDES, IMSS and GBS.”
Financial highlights
Quarter ended September 30, 2023
- Revenue in constant currency grew by 3.6% q-o-q and 11.6% y-o-y
- Operating Revenues in US$ stood at $49.1 million (growth of 3.3% q-o-q: 10.8% y-o-y)
- Total Income of ₹ 42,883 lakhs (growth of 6.0% q-o-q; 19.3% y-o-y)
- EBITDA of ₹ 10,482 lakhs, 24.4% of Total Income (growth of 1.8% q-o-q; 11.1% y-o-y)
- PAT of ₹ 5,846 lakhs (growth of 0.2% q-o-q; de-growth of 1.6% y-o-y)
- Free cash flows of ₹ 10,296 Lakhs
- EPS (diluted) for the quarter of ₹ 3.90
Half year ended September 30, 2023
- Revenue in constant currency grew by 12.7% y-o-y
- Operating Revenues in US$ stood at $96.7 million (growth of 11.7% y-o-y)
- Total Income of ₹ 83,336 lakhs (growth of 20.9% y-o-y)
- EBITDA of ₹ 20,781 lakhs, 24.9% of Total Income (growth of 14.1% y-o-y)
- PAT of ₹ 11,679 lakhs (growth of 0.9% y-o-y)
- Free cash flows of ₹ 20,429 Lakhs
- EPS (diluted) for half year of ₹ 7.92
|
Financial results of Q2 for FY’24 |
All amounts in ₹ Lakhs unless stated otherwise |
||||||||||
|
Particulars |
Q2 FY 24 |
Q1 FY 24 |
QoQ |
Q2 FY 23 |
YoY |
HY 24 |
HY 23 |
YoY |
|||
|
Revenues |
40,662 |
39,087 |
4.0 % |
35,551 |
14.4 % |
79,749 |
68,443 |
16.5 % |
|||
|
Other Income |
2,221 |
1,366 |
– |
382 |
– |
3,587 |
486 |
– |
|||
|
Total Income |
42,883 |
40,453 |
6.0 % |
35,933 |
19.3 % |
83,336 |
68,929 |
20.9 % |
|||
|
EBITDA |
10,482 |
10,299 |
1.8 % |
9,434 |
11.1 % |
20,781 |
18,209 |
14.1 % |
|||
|
% |
24.4 % |
25.5 % |
26.3 % |
24.9 % |
26.4 % |
||||||
|
PBT |
7,912 |
7,868 |
0.6 % |
8,011 |
(1.2) % |
15,780 |
15,569 |
1.4 % |
|||
|
% |
18.5 % |
19.4 % |
22.3 % |
18.9 % |
22.6 % |
||||||
|
Tax |
2,066 |
2,035 |
– |
2,070 |
– |
4,101 |
3,994 |
– |
|||
|
% |
4.8 % |
5.0 % |
5.8 % |
4.9 % |
5.8 % |
||||||
|
PAT |
5,846 |
5,833 |
0.2 % |
5,941 |
(1.6) % |
11,679 |
11,575 |
0.9 % |
|||
|
% |
13.6 % |
14.4 % |
16.5 % |
14.0 % |
16.8 % |
||||||
|
Revenues ($’000) |
49,121 |
47,566 |
3.3 % |
44,347 |
10.8 % |
96,687 |
86,571 |
11.7 % |
|||
|
Growth in Constant Currency |
– |
3.6 % |
– |
11.6 % |
– |
– |
12.7 % |
||||
Venkatraman N, MD & CFO, said “Our results reflect our ability to deliver industry leading performance. Our total Income for the quarter and half year have crossed $50M and $100M respectively, while delivering higher than EBITDA guidance for the fourteenth quarter in a row. Pertinent to note is that our results incorporate above industry-average pay increases, payment of variable pay, and strong net people additions, all areas where we have seen divergence in approach taken by other industry participants. In line with our progressive dividend policy the Board has approved an Interim dividend of ₹2.50 per equity share.”
Joseph Anantharaju, Executive Vice Chairman, said “I am extremely pleased to share another period of sustained growth with quality execution and delivery. The quarter saw significant operational improvements with utilization increasing while attrition continued to drop to 14.4% on a trailing twelve months basis. Our customers continue to trust us with their digital transformation initiatives based on our expertise in core and disruptive technologies like cloud, data, analytics, AI, DevOps, and Computer vision. We continued to make progress on our GenAI strategy engaging with multiple customers in formulating and implementing their GenAI roadmap with a dedicated trained team of GenAI experts.”
Clients:
- 244 as of September 30, 2023
- 7 additions in the quarter
Our People – Happiest Minds:
- 5,285 Happiest Minds as of September 30, 2023 (net addition for the quarter 237)
- Trailing 12 months attrition of 14.4% (16.6% in the previous quarter)
- Utilization of 75.6%, from 74.6% in last quarter
Q2 FY24 Key Project Wins:
- For a large and global online retailer and hyperscaler, Happiest Minds was chosen to design interactive user interfaces and to provide automation services for their IoT division
- For a global fabless semiconductor company specializing in 5G and cellular networks, Happiest Minds was chosen to provide ASIC Design & Verification services
- For a large utilities company in the United States, this new win entails Happiest Minds to be a key partner for providing data engineering and governance services
- For a multibillion-dollar enterprise in the energy distribution sector, Happiest Minds was chosen to transform their document management systems for automated retention, intelligent search and faster retrieval next generation digital platforms
- For an industrial internet platforms provider specializing in AI, IoT, and big data technologies, this new win entails Happiest Minds to build their data platform for their farm-to-table process
- For a US based networking services company, Happiest Minds was chosen to transform their service delivery platform to drive user experience and end user outcomes
- For a leading warehouse club operator in the United States, Happiest Minds is engaged in providing security assessment services which includes threat modelling and application Security
- For a large Australian consumer durables retailer, Happiest Minds is engaged in providing business intelligence and data visualization services
- For a large ANZ based retail property group, Happiest Minds is engaged in delivering performance testing & vulnerability assessment
- For a Southeast Asian Bottling company, Happiest Minds is engaged in setting up their automation Center of Excellence leveraging Microsoft Power Platform
Award Wins:
- Happiest Minds’ work for DoubleVerify has been recognized by ISG as Standout in the 2022 Digital Case Study Awards
- Happiest Minds is recognized among ‘Top 50 India’s Best Workplaces for Women™ 2023′ by Great Place To Work® Institute
- Happiest Minds was awarded as ‘Cybersecurity Champion of the Year‘ at 100 CISO Forum – Summit & Awards 2023, Dubai
- Happiest Minds won ‘IBM THINK Partner Excellence Award (Top Partner)‘ Trailblazers of 2023
Analyst Mentions
- Happiest Minds is ‘Top 5 Challenger’ in Engineering Services 2023 – Everest
- Happiest Minds is ‘Challenger’ in EUCS Services 2023 – Avasant
- Happiest Minds is ‘Aspirant’ in IAM Services 2023 – Everest
- Happiest Minds is among ‘Inspiring Firms in AI & Analytics’ at the 3AI Generative AI Conclave
Announcements :
- The Board of Directors of the Company at their meeting held on October 17, 2023 has recommended an interim dividend of ₹ 2.50 per equity share of face value ₹ 2/- for the financial year 2023-24. Record date for the purpose of interim dividend has been fixed on October 30, 2023, and the dividend will be paid on and after November 13, 2023.
For further details please refer to the Investors presentation hosted on the company website – – Investors section
Artificial Intelligence
Appian Named a Leader in the 2024 Gartner® Magic Quadrant™ for Process Mining Platforms Report
LONDON, May 3, 2024 /PRNewswire/ — Appian (Nasdaq: APPN) today announced it has been named a Leader by Gartner in its 2024 Magic Quadrant for Process Mining Platforms report. The report evaluated 18 vendors and their product offerings. For more information, download a complimentary copy of the Gartner Process Mining 2024 report.
Gartner defines Process Mining platforms as tools that deliver visibility and insights to technology innovation leaders that enable smart decision making and strong performance on an organisation’s critical priorities. Features that make Appian a leader in Process Mining, include:
Faster data prep that eliminates complex transformation with always-ready data from multiple sources.Automated process analysis and intelligent recommendations for where and how to take action.A low-code experience for measuring, monitoring, and optimising process performance—all within one platform.”We believe that Appian’s recognition in the Gartner Process Mining Platforms Magic Quadrant underscores our dedication to process excellence. Through Process HQ, we integrate data fabric, process mining, machine learning, and generative AI to streamline manual data prep, enabling businesses to gain insights swiftly and implement improvements easily,” said Michael Beckley, CTO and Founder of Appian. “Our unified approach merges Process Mining with AI-driven process automation, setting a new standard for efficiency and intelligence.”
Business users need greater visibility into the full breadth of their enterprise data and processes in order to maximise operational efficiency and strategic decision-making. By combining the latest technologies in data fabric, process mining, machine learning, and generative AI, Process HQ helps monitor and improve every business process built on Appian. Process HQ makes it easy to reduce costs, risks, and delays, improve compliance, and drive better business outcomes, without the need for costly and time-consuming data collection efforts.
Appian is now an industry leader across its value proposition to Design, Automate, and Optimise the most complex business processes. In addition to today’s announcement, Appian was named a Leader in the 2023 Gartner® Magic Quadrant™ for Enterprise Low-Code Application Platforms report, and was ranked #1 for the Business Workflow Automation with Integration Use Case in the 2023 Gartner® Critical Capabilities for Enterprise Low-Code Application Platforms (LCAP) report.
To access the report and to learn more about Appian’s positioning, visit https://ap.pn/3y2ClZy. Register for our upcoming webinar Process Intelligence Made Easy: The Key to Better Business Decisions on June 20, 2024 at 12pm EST to discover how Process HQ can improve business processes.
Gartner disclaimerGartner does not endorse any vendor, product or service depicted in our research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner research organisation and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. GARTNER is a registered trademark and service mark of Gartner and Magic Quadrant is a registered trademark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.
About Appian
Appian is a software company that automates business processes. The Appian AI Process Platform includes everything you need to design, automate, and optimise even the most complex processes, from start to finish. The world’s most innovative organisations trust Appian to improve their workflows, unify data, and optimise operations—resulting in better growth and superior customer experiences. For more information, visit appian.com. [Nasdaq: APPN]
Follow Appian: LinkedIn, X, and X (UK).
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Artificial Intelligence
Innodisk Introduces iCAP Air: Advancing Air Quality Management through Autonomous Decision-Making
TAIPEI, May 3, 2024 /PRNewswire/ — Innodisk, a global leader in AI solutions, has taken a pivotal step forward in environmental sustainability with the launch of its latest innovation, the “iCAP Air” air quality management solution. This solution empowers businesses worldwide to enhance air quality, sustainability, and human health. Additionally, business can benefit from monthly AI-generated air quality data report, providing valuable insights for informed decision-making.
Leveraging its expertise in edge computing and software and hardware integration, along with the expertise of its subsidiary Sysinno in air quality detection, Innodisk has achieved the development of the “iCAP Air” air quality management solution. This solution integrates advanced technology, including the innovative “iAeris7” air quality detector from Sysinno, to deliver accuracy in detecting temperature, humidity, fine suspended particles (PM2.5), suspended particles (PM10), carbon dioxide (CO2), formaldehyde and total volatile organic compounds (TVOC). It can also be customized to detect NO2, SO2, CO, NH3, and other air factors. At the same time, the iAeris7 device is known for its reliability, patented technology, and various international certifications, including those from SGS and FCC/CE/RoHS/NCC/BSMI.
The solution also includes the “iCAP Air Server,” designed to manage large-scale deployment and data from up to 100 air quality detectors, ensuring seamless integration and efficient operation, even in complex environments. Additionally, iCAP Air provides a user-friendly air quality management platform, enabling organizations to monitor air quality in real-time via a mobile app or internet browser, receive automatic alerts, and optimize air purification or exhaust ventilation system.
iCAP Air is a comprehensive solution that simplifies air quality management for users. It is tailored for medium to large-sized sites or densely populated, enclosed spaces such as medical institutions, smart manufacturing facilities, public transportation hubs, indoor parking facilities, and department stores. Innodisk’s “iCAP Air” air quality management solution represents a milestone for all businesses committed to leveraging technology for the greater good of air quality and society.
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View original content:https://www.prnewswire.co.uk/news-releases/innodisk-introduces-icap-air-advancing-air-quality-management-through-autonomous-decision-making-302135455.html
Artificial Intelligence
Bitrue expands Bitcoin Runes Offerings with GPTV Listing and Staking Options
VICTORIA, Seychelles, May 3, 2024 /PRNewswire/ — Leading digital asset exchange Bitrue continues its community-driven approach with the listing of a new Bitcoin Runes token, GPTV•AI•PEPE•KING (GPTV). This follows the recent addition of several other Bitcoin Runes tokens to the platform, including SATOSHI•NAKAMOTO (SATOSHI), LOBO•THE•WOLF•PUP (LOBO), RSIC•GENESIS•RUNE (RSIC), and DOG•GO•TO•THE•MOON (DOG). Trading for the GPTV/USDT pair commenced on April 30th, 2024.
What is GPTV?
GPTV is the native token of AI PEPE KING, a project claiming to be the “largest AI Meme Community” with a presence on both the Polygon (AIPEPE) and Bitcoin Runes (GPTV) blockchains. Notably, AI PEPE KING secured a $10 million investment to develop AI-powered customer service tools leveraging the ChatGPT technology. Additionally, they are building a “Dream Lottery” system. Revenue generated from these products is earmarked for buybacks and burns of both AIPEPE and GPTV tokens, potentially influencing their long-term value.
Staking Opportunities with Attractive Yields
Bitrue is also offering users staking opportunities for those holding BTR, AIPEPE, RSIC, or DOG tokens. By staking their holdings, users can earn rewards in GPTV, with estimated annual percentage yield (APY) varying on the staked token, with BTR offering 22.15%, AIPEPE at 23.18%, RSIC boasting a higher 31.37%, and DOG coming in at 23.62%. These yields present a potentially lucrative opportunity for users to grow their cryptocurrency holdings, but also come with financial risk and the potential for investment to return much lower yields.
Bitrue’s Focus on Community Engagement
The listing of these Bitcoin Runes tokens is a testament to Bitrue’s commitment to its user base. The decision to add these tokens stemmed from a community poll conducted through an X poll on Bitrue’s X account. This highlights the exchange’s dedication to incorporating community feedback into its decision-making process, fostering a sense of collaboration and shared interest.
With the addition of GPTV and the introduction of staking opportunities, Bitrue continues to expand its offerings for users interested in the burgeoning world of Bitcoin Runes tokens. The exchange’s focus on community engagement further strengthens its position as a platform that prioritizes user input and satisfaction.
About Bitrue
Launched in July 2018, Bitrue is a diversified digital asset exchange that supports trading, loans and investments. Bitrue aims to utilize blockchain technology to bring financial opportunities to everybody regardless of their location or financial position. With offices in Asia and Europe, the business continues to develop new features at a rapid speed to fully service the new wave of the digital economy. More information is available at Bitrue’s website.
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