Happiest Minds Technologies has posted a 1.6 per cent decline in net profit to Rs 58 crore for the September quarter. 

The company had posted a profit of Rs 59 crore in the year-ago period, it said in a regulatory filing late on Tuesday.

In constant currency terms, revenue for the Bengaluru-headquartered company increased 14.3 per cent to Rs 406.6 crore from Rs 355.5 crore the previous year.

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Happiest Minds Executive Ashok Soota said that the company has reduced revenue growth guidance for this fiscal from 25 per cent to 12 per cent on an organic basis based on market trends.

In addition, the company also announced a Generative AI business unit (GBS) “to capitalise on the transformative impact of Generative AI”.

Currently, the stock is trading 0.29% down at Rs. 834.20 down on the NSE.