Happiest Minds Technologies reported its financial results for the September quarter, showing a decline in profit but a rise in revenue. The company posted a consolidated profit of Rs 58.46 crore, down 1.6% from the year-ago period but up 0.2% sequentially. However, its revenue rose by 19.3% year-on-year to Rs 428.83 crore. In constant currency terms, the revenue grew by 3.6% quarter-on-quarter and 11.6% year-on-year.
In addition to the financial results, Happiest Minds announced the establishment of a new business unit called Generative AI Business Services (GBS). The aim of this unit is to facilitate full-scale Generative AI offerings across multiple domains. Sridhar Mantha, the EVP & CTO of the company, has been appointed as the president & CEO of GBS. He will be reporting to Rajiv Shah, an executive board member of Happiest Minds.
Happiest Minds aims to train all of its 5000+ employees on the relevant aspects of Generative AI and leverage the technology for its internal functions. The company already has existing partnerships with Microsoft and OpenAI and plans to strengthen its technology prowess on platforms like Google and Amazon Web Services (AWS).
Rajiv Shah, the executive board member, stated, “We understand the importance of data & content and hybrid AI & Generative AI solutions. We foresee that Generative AI can be a significant revenue source for us in the years ahead and help us reach our vision of becoming a billion-dollar enterprise by 2031.” Ashok Soota, the chairman of Happiest Minds, mentioned that the establishment of a focused business unit for Generative AI sets them apart from their peers in the IT Services sector.
The company has developed over 120 use cases and created tailored Generative AI solutions for more than 20 customers across various domains. The combined power of the Analytics CoE led by Sundar Ramaswamy and Generative AI BU led by Sridhar will be leveraged to provide holistic solutions to customers.
In terms of financial guidance, Happiest Minds revised its revenue growth guidance for the year. Initially, they had given guidance of 25% revenue growth without distinguishing between organic and inorganic growth. However, they have now revised their guidance to 12% on an organic basis, based on market trends.
Overall, Happiest Minds Technologies is focusing on harnessing Generative AI technology to drive revenue and growth. With the establishment of the dedicated business unit GBS, they are taking a pioneering step in the IT Services sector. By leveraging partnerships and strengthening their technology capabilities, Happiest Minds aims to become a billion-dollar enterprise in the future.
