Happiest Minds Technologies will hire 300 technicians in each of the next three quarters, Telecom News, ET Telecom

Bengaluru-based software company Happiest Minds Technologies, which has recently faced increasing levels of attrition, plans to hire 300 technicians in each of the next three quarters, its senior management said. The 11-year-old Ashok Soota-promoted company saw strong attrition of 14.7% in the June quarter, as its total headcount stood at 3,538, after a net increase of 310 in the quarter to in June.

In contrast, market leader TCS recorded the lowest attrition of 8.6 percent (vs. 7.2 percent in March), followed by Infosys at 13.9 percent (vs. 10.9 percent in March) ; Wipro (15.5% in June, up from 12% in March) and US company Cognizant, which employs two-thirds of its employees here, had 31% for the June quarter.

However, for Happiest Minds, on an annualized basis, employee retention has fallen from 16.2 percent in the first quarter of FY21 to 14.7 percent now, but has fallen from the fourth quarter. of fiscal year 21 when it was 12.4 percent.

“We expect to add 300 people in each of the next three quarters of this fiscal year. Our net headcount stood at 3,538 in the June quarter after onboarding 310 new people and we hope to maintain the pace of hires in each quarter of the fiscal year, ”Happiest Minds executive vice president Joseph Anantharaju told PTI.

CEO and CFO Venkatraman Narayanan added that the hiring was made necessary both by the attrition of those who have spent two to six years in the company and by the creation of new jobs with huge increases, and also to meet growing demand which has led to much of a higher level of use of existing resources, which declined slightly to 82.1 percent in the first quarter from 82.6 percent in the fourth quarter of exercise 21.

“So I’m ready to budget for a net addition of 300 people in each of the next three quarters. Hopefully my sales team will follow suit,” Narayanan said.

Happiest Minds, which went public at the height of the first wave of the pandemic last September with a sale of principal shares that was oversubscribed 151 times, has given more than 562% return to shareholders since then, including the number has increased by 1.25 lakh since listing when it only had 2 lakh of public shareholders, Narayanan said.

Anantharaju attributed the 25% higher margin in the June quarter to savings related to the pandemic thanks to lower overhead costs and the overall positive erasure that the IT industry got from the crisis. He said the energy bill had dropped by Rs 65 lakh per month and that there was also a drop in rentals.

Regarding the business mix, Narayanan said it was just a globally listed software company with almost all – 96 percent – of its revenue coming from the digital business, with the vertical cloud contributing the more at 42 percent, automation 24 percent. , security 11%, analysis 13% and IoT 10%.

Narayanan explained that the 29% drop in net income to Rs 35.73 crore in the June 2021 quarter was mostly on a higher basis – a deferred tax credit of Rs 18 crore and a tax clawback of Rs 9 .5 crore over the period of the previous year. . Revenue increased 41.4% to Rs 331.52 crore in the June quarter.

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