The shares of this IT consulting company have fallen up to 9 percent after the prompter of the company is likely to offload 1.27 crore equity shares via a block deal.
With a market capitalization of Rs 12,841.33 crore, the shares of Happiest Minds Technologies Ltd were trading in red at Rs 843.70 per share, decreasing around 8 percent as compared to the previous closing price of Rs 917.05 apiece.
Matter Explanation:
As of March 2024, Ashok Soota, a promoter of Happiest Minds Technologies Ltd, holds 5.83 crore equity shares which is equivalent to 38.45 percent of the company, however, the promoter is likely to offload 1.27 crore equity shares which is equivalent to 8.3 percent in the company, at an average price of Rs 847 per share. The deal is valued at Rs 1,076 crore. Moneycontrol reported.
Financial Condition:-
Looking into the company’s financial performance, revenue magnified by 12 percent from Rs 378 crore in Q4FY23 to Rs 417 crore in Q4FY24, but during the same period, net profit soared by 24 percent from Rs 58 crore to Rs 72 crore.
Ongoing Projects and Future Prospects:-
The company has established a dedicated business unit, GBS (Generative AI Business Services), to focus on Generative AI potential. The firm already has 20 projects underway, including contextual chatbots, learning simulators, contract management, sentiment analysis, and content production. The GBS section already has 14 active clients from a range of sectors.
The GBS unit began with 70 personnel and is anticipated to grow to 250 by the end of this fiscal year. Creating the GBS segment and focusing on Generative AI is a significant driver of the company’s organic development plan, which aims to generate $1 billion in sales by 2031.
Generative AI revenue will be disclosed separately as a new business segment, GBS, alongside the existing Product & Digital Engineering Services (PDES) and Infrastructure Management & Security Services (IMSS) segments.
Investor Distribution:-
Examining the company’s recent shareholding pattern, the promoter owns 50.24 percent of the company, retail investors own 40.58 percent, domestic institutional investors own 2.57 percent at last Foreign institutional investors own 4.69 percent.
Company Snapshot;-
Happiest Minds Technologies Limited is an India-based digital transformation information technology (IT) consultancy and services firm. The company’s segments include Infrastructure Management & Security Services (IMSS), Digital Business Solutions (DBS), and Product Engineering Services (PES).
Written by:- Abhishek Singh
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
