BENGALURU: Acquisitions are a key ingredient in Happiest Minds’ growth path, as it in Q1 alone acquired PureSoftware Technologies for Rs 779 crore and also US-based Azure native digital product engineering company Aureus Tech Systems.
Talking about these acquired companies, Venkatraman Narayanan, MD and CFO, Happiest Minds told TNIE they expect in the next quarter bit more of a perk up in both BFSI (banking, financial services, and insurance) and healthcare verticals because both these acquired companies are largely BFSI.
Through the acquisition of Aureus, the firm has strengthened its domain capabilities in insurance & reinsurance, healthcare and life sciences and strong product & digital wngineering services (PDES) business. The acquisition strengthens the firm’s presence in the US. In case of PureSoftware, it helps augment the firm’s presence in the US, UK and India, and it will get a near-shore presence in Mexico and offices in Singapore, Malaysia, and Africa. Happiest Minds’ profit after tax stood at Rs 51 crore in Q1, down 29.1% sequentially. Revenue in Q1 stood at Rs 464 crore, up 11.2% sequentially.
“Our revenue in constant currency grew YoY 17.8% while EBITDA grew 13.3%. Variations 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 amortisation and financing costs arising from acquisitions,” Narayanan said.