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KRChoksey Research Report
Happiest Minds Technologies Ltd.'s Q4 FY22 performance beats our estimate.
Dollar revenue was up 5.5% QoQ to $39.9 million (our estimate: $39.1 million). Rupee revenue grew by 5.9% QoQ to Rs 3,006 million (our estimate: Rs 2,895 million).
Reported operating margin remained flattish at 20.9% QoQ due to higher selling general and administrative expenses to 18.6%, up ~120 basis points which was partially offset by lower employee expenses.
Happiest Minds' reported net profit grew by 6.6% QoQ to Rs 521 million (our estimate: Rs 562 million) with margin of 17.3% due to lower other income.
96.8% of the total revenue comes from digital business and Agile contributes up 93% of the total revenue.
The ongoing talent crunch will keep margins under check in the near term, offset by higher offshoring, utilisation and operating leverage.
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