IT firm Happiest Minds revenue up 27% in Q1

Bengaluru: Happiest Minds’ revenue rose 5.9% sequentially and 27.4% year-on-year to $42.2 million in the June quarter. In constant currency, revenue was up 6.9% sequentially.

It has forecast a revenue growth of 25% for 2022-23 and said it expects to grow at a CAGR of 25% over the next 5 years. “…If we are able to achieve this, we are much closer to the $1 billion growth by 2031,” said Venkatraman N, MD & CFO. He said the company will hold onto its EBITDA margin guidance of 22% to 24% for the year.

Joseph Anantharaju, vice chairman & CEO – product engineering services (PES), said the growth has been uniform across verticals and geographies. He said there are no indications from the customers of pulling back spends.