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KRChoksey Research Report
Happiest Minds Technologies Ltd. Q3 FY22 performance beats our estimate.
Dollar revenue was up 5.6% QoQ to $37.8 million (our estimate: $36.9 million). Rupee revenue grew by 7.3% QoQ to Rs 2,839 million (our estimate: Rs 2,767 million).
Reported operating margin expanded by 122 basis points to 21.0% QoQ due to sharp downtick in employee cost to 56.5%, down ~140 bps which was partially offset by selling general and administrative expenses, up ~30 bps.
Reported net profit grew by 10.2% QoQ to Rs 489 million (our estimate: Rs 548 million) with margin of 17.2% due to lower net operating income.
96% of the total revenue comes from digital business and agile contributes 93% of the total revenue.
The ongoing talent crunch will keep Happiest Minds' margins under check in the near term, offset by higher offshoring, utilisation and operating leverage.
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