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Happiest Minds revenue growth accelerates: 17.8% YoY in constant currency; and set to report its best performance since its IPO

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Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a ‘Born Digital. Born Agile’, a digital transformation and IT solutions company, today announced its consolidated results for the first quarter ended June 30, 2024, as approved by its Board of Directors.
Ashok Soota, Executive Chairman, said, “Happiest Minds has begun the new fiscal year by setting the foundation for the best performance since our IPO. Establishment of Gen AI business services, BU reorganization with industry groups into profit centers, and two excellent acquisitions have set us on a path of accelerated growth, which will be further manifested in successive quarters.”
Key Financial highlights

Revenue in constant currency grew 11.4% q-o-q and 17.8% y-o-y
Operating Revenues in US $ stood at $55.5 million growing 10.9% q-o-q and 16.8% y-o-y
Total Income of ₹ 48,926 lakhs growing 10.6% q-o-q and 20.9% y-o-y
EBITDA of ₹ 11,671 lakhs, 23.9% of Total Income (growth of 7.8% q-o-q and 13.3% y-o-y)
PAT of ₹ 5,103 lakhs 10.4% of Total Income (decline of 29.1% q-o-q and 12.5% y-o-y)*
Free cash flows of ₹ 11,569 Lakhs and EPS (diluted) at ₹ 3.39

*Decline primarily due to non-recurring expense in the current quarter vs a large exception write-back in the previous period, also increased amortization and financing costs arising from recent acquisitions

All amounts in ₹ Lakhs unless stated otherwise.

Particulars

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Q1 FY25

Q4 FY24

QoQ

Q1 FY24

YoY

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Revenues

46,383

41,729

11.2 %

39,087

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18.7 %

Other Income

2,543

2,521

1,366

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Total Income

48,926

44,250

10.6 %

40,453

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20.9 %

EBITDA

11,671

10,822

7.8 %

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10,299

13.3 %

%

23.9 %

24.5 %

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25.5 %

Finance Cost

1,983

1,033

1,007

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Depreciation

914

840

702

Amortization

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1,290

629

723

Non Recurring Exp/(Inc)

643

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(1,295)

Profit Before Tax (PBT)

6,841

9,615

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(28.9) %

7,868

(13.1) %

%

14.0 %

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21.7 %

19.4 %

Tax

1,738

2,417

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2,035

%

3.6 %

5.5 %

5.0 %

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Profit After Tax (PAT)

5,103

7,198

(29.1) %

5,833

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(12.5) %

%

10.4 %

16.3 %

14.4 %

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Revenues ($’000)

55,547

50,077

10.9 %

47,566

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16.8 %

Growth in Constant Currency

11.4 %

17.8 %

Venkatraman Narayanan, MD & CFO, said, “The quarter was eventful, and our results for the same include that of our two acquisitions: of PureSoftware and Aureus. The former’s results have been consolidated from May 22, and that of the latter from May 24th. Our revenues in constant currency grew year over year by 17.8% while EBITDA grew by 13.3%.Variation in PBT and PAT are primarily on account of non-recurring expenses in the current quarter versus a large exceptional write-back in the previous, and increased amortization and financing costs arising from acquisitions.”
Joseph Anantharaju, Executive Vice Chairman, said, “Our sustained growth reflects our resilience and agility to adapt to market conditions quickly. We remain laser-focused on our client’s needs and are set to leverage our Industry Groups and recent acquisitions to deliver on our client’s strategic imperatives. The newly created Generative AI Business Services (GBS) is also helping us create transformative solutions that are helping customers to further extend their digital journeys.”
Clients:

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279 as of June 30, 2024
41 additions in the quarter

Our People – Happiest Minds:

6,599 Happiest Minds as of June 30, 2024
Trailing 12-month attrition of 13.5% (13.0% in the previous quarter)
Utilization of 78.2%, from 75.1% in last quarter

Key wins

For world’s leading beverage maker, Happiest Minds is enhancing their sales process through an generative AI enabled chat bot for actionable intelligence and decision making.
For US based provider of sustainable solutions, this new win entails Happiest Minds to enhance their data platform and visualization.
For US based professional body in the healthcare sector, Happiest Minds is their strategic partner to migrate to a cloud-based CRM solution.
For US based professional organization of emergency healthcare providers, this strategic multi-year cyber security engagement entails Happiest Minds to provide managed security services to prevent, detect, and respond to cyber security incidents.
For one of the largest integrated laboratory system in North America, Happiest Minds will co-partner to implement and manage the Identity and Access Management solutions on a managed service model.
For the largest Professional Clearing Member in India, Happiest Minds has been chosen to provide managed security services and security operations centre (SOC) services.
For a leading European on-demand printing and fulfilment company, Happiest Minds is providing IT Services to support their delivery and operations.
For a leading American multinational investment bank and financial services company, Happiest Minds has been selected to drive their digital transformation program.

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Awards

Happiest Minds is recognized among ‘50 Best Firms for Data Scientists to Work For in 2024′ by Analytics India Magazine (AIM)
Happiest Minds was selected as a WINNER at ‘CNBC-TV18 India Risk Management Awards 2024′
Happiest Minds was awarded ‘Best Save Water Initiative of the Year – 2024’ at Global CSR, Sustainability and ESG Awards
Happiest Minds’ Arttha solution was awarded ‘Best Banking-as-a-Service Platform of the Year’ at the 14th Africa Bank 4.0 Summit

Analyst Mentions

Happiest Minds is ‘Product Challenger’ for Design & Development, Platform & App Services and Integrated CX-UX – ISG
Happiest Minds is ‘Cybersecurity – Solutions and Services 2024’ – ISG Provider Lens Study – Australia, U.K., U.S. for market standing
Happiest Minds is ‘Innovators’ and ‘High Achievers’ – NelsonHall’s End-to-End Cloud Infrastructure Management Services 2024
Happiest Minds is in ‘Execution Zone’ in Generative AI Services for Intelligent Automation (IA) – Mid Tier Service Providers 2024 – Zinnov Zones

The post Happiest Minds revenue growth accelerates: 17.8% YoY in constant currency; and set to report its best performance since its IPO appeared first on HIPTHER Alerts.

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SUBBD and Luna PR Join Forces to Shape the Future of AI-Powered Content Creation

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 SUBBD, an AI-powered content creation platform designed to empower digital creators, is proud to announce its strategic partnership with Luna PR, a global marketing and communications agency specialising in web3 and emerging technologies. This collaboration aims to accelerate SUBBD’s mission of empowering digital creators by leveraging advanced AI and blockchain technology.
Luna PR will leverage its extensive web3 expertise to support SUBBD with comprehensive communications strategies, social media management, and targeted marketing campaigns. With a proven track record of over 600 successful projects since 2017 and a presence in four key global cities, Luna PR is uniquely positioned to elevate SUBBD’s brand presence and community engagement.
Maral Nouri, COO of Luna PR, stated: “As content creators ourselves, we understand the importance of staying ahead in today’s fast-paced digital landscape. Our partnership with SUBBD reflects this vision, empowering creators to effortlessly push boundaries and become trendsetters. SUBBD’s transformative platform equips creators with advanced AI tools to stay ahead of the curve, and we’re excited to support this evolution in content creation.”
Gabrielle Taylor, CEO of SUBBD, commented: “Partnering with Luna PR marks a significant step in our journey to transform the content creation industry. Luna PR’s expertise and strategic insights make them the ideal partner as we expand our platform and continue to support creators in maximising their potential through AI-powered solutions.”
SUBBD is transforming content creation with its AI-powered platform, designed to empower digital creators by enhancing autonomy, improving monetisation, and building deeper audience connections. By developing proprietary AI solutions, SUBBD is redefining how content is created, managed and monetised. With features like AI Personal Assistant, AI-driven content creation, blockchain security, and advanced analytics, SUBBD is pushing boundaries to help creators maximise their potential in the digital creator economy.
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[2024 Pujiang Innovation Forum] Highlights of WeStart2024

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As an integral part of the 17th Pujiang Innovation Forum, WeStart2024 was held at Dongjiao State Guest Hotel and Zhangjiang Science Hall, Shanghai from September 7 to 10. Under the theme of “Refactoring & Renewal”, this year’s conference focused on sci-tech entrepreneurship and investment, aiming to create a global entrepreneurship investment platform that bridges projects with capital. This platform leverages capital to bolster sci-tech innovation and economic transformation. The four-day event boasted two main forums, one symposium, 13 roadshow marathons, and multiple industry sharing sessions. Renowned investment agencies like CICC, Zero2IPO, and Shenzhen Capital Group were invited to delve into the innovative investment landscape, exploring avenues for global collaboration, building a new paradigm of entrepreneurship investment, and stimulating new drivers to sci-tech innovation.
Let’s review the highlights.
Shanghai has been fortifying its position as a global sci-tech innovation center by intensifying element concentration, enhancing functions and services, and cultivating a comprehensive sci-tech ecosystem. This has turned Shanghai into a heaven for entrepreneurship and a magnet for investment. WeStart2024 brought together government bodies, experts, scholars, venture firms at home and abroad, sci-tech businesses, and nearly 1,000 audience professionals to discuss entrepreneurship investment and create an ecosystem for sci-tech innovation together through diverse sci-tech innovation stakeholders, transforming this ecosystem from a strategic blueprint into reality.
On September 8, WeStart2024 kicked off with main forums, featuring 13 keynote speeches and two roundtable dialogues. Key sci-tech finance terms such as “patient capital”, “fundraising, investment, management and exit”, “investment in early-stage, small, long-term and hard technologies”, “angel investment”, and “high-quality development of the capital market” were frequently mentioned, becoming the focal point of discussions and highlighting the future development of sci-tech finance. The roundtable dialogues unveiled the latest sci-tech investment opportunities and delved into trends, current statuses, and strategies of sci-tech entrepreneurship investment amidst new situations and transformative environments.
The exhibition hall housed a Start-ups Exhibition Zone, showcasing nearly 20 TOP100 roadshow projects and products and the investment ecosystems and achievements of three to five leading venture firms through the linkage of the Entrepreneur Joint Exhibition Zone, the Investment Institution Zone, and the One-to-One Negotiation Zone. There were boards briefing on typical sci-tech businesses in the fields of biomedicine and AI. Social scenes for entrepreneurship investment were also offered to facilitate direct communication between projects and investors.
WeStartTOP100, a new addition to the Startup in Shanghai International Innovation and Entrepreneurship Competition, was launched in June. It selected 100 projects from over 2,000 global entries for on-site roadshows during the conference. The four-day event featured 13 marathon project roadshows with over 100 projects, focusing on six key areas: three in hard tech—biomedicine, artificial intelligence, and advanced manufacturing—and three in future industries—future information, future materials, and future energy.
A special roadshow for universities was also held, where Shanghai-based universities, including Shanghai Jiao Tong University, ShanghaiTech University, University of Shanghai for Science and Technology, Shanghai University of Engineering Science, Shanghai Ocean University, East China Normal University, Shanghai University, and Shanghai Polytechnic University, displayed high-quality research projects. Focusing on exchanges and investment and financing matchmaking in cutting-edge interdisciplinary areas and core technologies in key fields, this roadshow further propelled the commercialization of S&T outcomes in universities. The special roadshow for Hong Kong University of Science and Technology introduced top-notch innovative projects from Hong Kong universities to Shanghai, fostering a new chapter for sci-tech cooperation between the two cities.
In particular, the conference prioritized global vision and international cooperation. During the international roadshow, high-quality projects from countries and regions like France, Germany, Hungary, Zimbabwe, and Morocco, as well as Hong Kong (China), were selected to compete. This facilitated interaction between domestic and foreign entrepreneurship investment resources and explored new paths for global collaboration. A 365-day “never-ending” global entrepreneurship investment cooperation and matchmaking mechanism was established to effectively link international sci-tech innovation talent, technology, capital, and market, empowering the sound development of sci-tech entrepreneurship investment.
Furthermore, the conference collaborated with leading players in entrepreneurship investment, Shanghai State-owned Capital Investment Co., Ltd. and CICC Capital, to open special roadshows. Leveraging the expertise and resources of investment agencies, these roadshows directly linked both sides of entrepreneurship investment, working with numerous sci-tech players on-site to explore high-quality projects and fully support entrepreneurs.
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Tata Electronics and Tokyo Electron Limited (TEL) Announce Strategic Partnership to Grow Semiconductor Ecosystem in India

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Tata Electronics today signed a memorandum of understanding with Tokyo Electron Limited (TEL), a leading global supplier of semiconductor equipment and services. The two companies will collaborate to accelerate semiconductor equipment infrastructure for India’s first Fab being built by Tata Electronics in Dholera, Gujarat, and for its assembly and test facility in Jagiroad, Assam.
Through this partnership, Tata Electronics and TEL will also focus on training Tata Electronics’ workforce on TEL equipment and supporting ongoing improvement and R&D initiatives. This collaboration will leverage the strengths of both companies to establish a robust semiconductor manufacturing ecosystem in India.
As previously announced, Tata Electronics is building India’s first Fab in Dholera, Gujarat, with a total investment of INR 91,000 crores (~US$11bn). In addition, another INR 27,000 crores (~US$3bn) will be invested in a greenfield facility in Jagiroad, Assam, for the assembly and testing of semiconductor chips. Together, these facilities will produce semiconductor chips for applications across automotive, mobile devices, artificial intelligence (AI), and other key segments to serve customers globally. As the construction of these facilities progresses, it is critical to grow partnerships across the entire semiconductor ecosystem, spanning process and design technology, as well as equipment suppliers. With this announcement of the partnership with TEL, Tata Electronics has solidified a critical pillar to achieve its execution targets.
Dr Randhir Thakur, Managing Director & CEO, Tata Electronics, said, “We have a bold vision of becoming a leader in electronics manufacturing by offering integrated solutions across the value chain to our global customers. TEL has a history of working closely with its customers, and its expertise in the semiconductor equipment space will help build a dynamic ecosystem to support the timely execution of bringing up our Fab and advanced packaging factories. We are excited about the customer centricity that TEL brings to this partnership.”
Toshiki Kawai, President & CEO of Tokyo Electron Limited, emphasised, “We are delighted to announce our partnership with Tata Electronics, which brings together our combined expertise and resources to strengthen the semiconductor ecosystem in India significantly. This strategic collaboration spans both front-end fabrication and back-end packaging technologies, highlighting our commitment to delivering exceptional support and value to Tata Electronics. By leveraging our collective strengths, we aim to accelerate development and drive innovation across multiple technology nodes. Together, we are poised to set new benchmarks in the industry, fostering a robust and dynamic semiconductor landscape that will benefit all stakeholders.”
TEL is committed to supporting the Indian semiconductor ecosystem. Both the front-end and back-end product groups will provide resources and technology support to bring advanced TEL products to the Indian market. TEL will lead this effort by also offering diversified products for the MAGIC market (MAGIC—Metaverse, Autonomous Mobility, Green Energy, IoT & Information, Communications). TEL will actively explore opportunities to leverage India’s talent to establish an engineering service in India to support its global product development.
The post Tata Electronics and Tokyo Electron Limited (TEL) Announce Strategic Partnership to Grow Semiconductor Ecosystem in India appeared first on HIPTHER Alerts.

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