-India's Happiest Minds Technologies falls on Q2 profit

Happiest Minds Technologies

18/10/2023 08:25

** Shares of Happiest Minds Technologies  HAPP.NS  down 2.4%
at 840 rupees
    ** The IT services firms reports nearly 2% Y/Y fall in
Sept-qtr consol profit, hurt by a near 29% jump in employee
costs
    ** Revenue for the qtr rose 14.4%
    ** But company also cuts FY organic rev growth forecast to
12%; it had earlier forecast 25% growth, without distinction
between organic and inorganic
    ** Most IT firms have revenue struggles as a weak macro
environment prompts clients to delay decision making, cut back,
or even cancel, contracts
    ** HAPP is down 4.7% YTD, while the Nifty IT index
 .NIFTYIT  is up 10.4%

 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))