On Thursday, this IT stock’s price rose by 3 percent after it announced a partnership move with an AI company. The company saw a dip of 6.64 percent returns in six months and 1.95 percent returns in one year respectively.
With a market capitalization of ₹12,733 crores, the Happiest Minds Technologies Ltd’s share price today reached an intra-day high of ₹852.75 leading to a rise of 3 percent which previously closed at ₹827.35, and closed at ₹838.95.
The stock price movement was observed after the company announced its partnership with Soroco in a recent exchange filing.
The partnership of ‘Happiest Minds Technologies Ltd and Soroco aims to help organizations solve complex business problems, make data-driven decisions, improve operational efficiency and cost savings, and ultimately discover, monitor, and improve their operational processes.
Soroco is an AI company that offers a flagship AI scout model that generates a work graph (a map of friction hurting your teams and business outcomes) and their combined expertise in graph technology and digital automation solutions.
On a QoQ basis, the net profits of Happiest Mind Technologies Ltd increased by 45.45 percent from ₹55 crores in Q2FY24 to ₹80 crores in Q3FY24, and in the same period, the revenue from operations also increased by 0.27 percent from ₹370 crores to ₹371 crores.
On a YoY basis, the net profit increased by 40 percent from ₹57 crores in Q3FY23 to ₹80 crores in Q3FY24, and during the same period, the revenue from operations also increased by 7.53 percent from ₹345 crores to ₹371 crores.
As per the recent presentations, Happiest Minds Technologies Ltd earns most of its revenues from America, accounting for 70.3 percent, followed by 16.4 percent from India, 9 percent from Europe, and 4.4 percent from the rest of the world.
As of FY23, the return on Capital Employed (ROCE) of the company has been stable for the past 5 years which is 30.46 percent and the return on equity (ROE) is at 26.19 percent.
Happiest Minds Technologies Ltd is an IT solution and services company, engaged in providing technologies for seamless customer experiences, business efficiency, and actionable insights. Headquartered in Bangalore, its operations are in the US, UK, Canada, Australia, and the Middle East.
Written By Praveen R
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