Happiest Minds Technologies Q2 Results 2024:Happiest Minds Technologies declared their Q2 results for the fiscal year 2024 on 13 Nov, 2024, revealing a mixed performance. The company’s topline saw a significant increase of 28.29% year-over-year, amounting to ₹521.64 crore, while profit fell by 15.29% year-over-year, standing at ₹49.52 crore.
In comparison to the previous quarter, revenue growth was reported at 12.47%, however, profit decreased by 2.96%. This decline in profit can be attributed to rising operational costs, as the Selling, General and Administrative expenses rose by 16.9% quarter-over-quarter and 37.42% year-over-year.
The operating income reflected a modest increase of 9.36% quarter-over-quarter and a slight rise of 0.91% year-over-year. The earnings per share (EPS) for Q2 was recorded at ₹3.29, which also experienced a decline of 15.64% year-over-year.
In terms of stock performance, Happiest Minds Technologies has faced challenges, delivering a return of -7.24% over the last week, -9.73% over the last six months, and a significant -17.88% year-to-date return. The company’s market capitalization currently stands at ₹11,019.47 crore, with a 52-week high of ₹961 and a low of ₹732.
Analysts remain divided on the stock, with 2 out of 4 analysts covering the company recommending a hold rating, while the other 2 analysts suggest a buy rating. As of 15 Nov, 2024, the consensus recommendation was to buy, indicating potential optimism for future performance despite the recent declines.
Happiest Minds Technologies Financials
| Period | Q2 | Q1 | Q-o-Q Growth | Q2 | Y-o-Y Growth |
|---|---|---|---|---|---|
| Total Revenue | 521.64 | 463.82 | +12.47% | 406.62 | +28.29% |
| Selling/ General/ Admin Expenses Total | 350.55 | 299.86 | +16.9% | 255.1 | +37.42% |
| Depreciation/ Amortization | 23.12 | 22.04 | +4.9% | 14.55 | +58.9% |
| Total Operating Expense | 452.96 | 401.02 | +12.95% | 338.56 | +33.79% |
| Operating Income | 68.68 | 62.8 | +9.36% | 68.06 | +0.91% |
| Net Income Before Taxes | 67.72 | 68.41 | -1.01% | 79.12 | -14.41% |
| Net Income | 49.52 | 51.03 | -2.96% | 58.46 | -15.29% |
| Diluted Normalized EPS | 3.29 | 3.39 | -2.95% | 3.9 | -15.64% |
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