Software firm Happiest Minds Technologies is planning to hire 300 techies in each of the next three quarters, according to PTI report.
“We plan to add 300 people in each of the next three quarters of this fiscal. Our net headcount stood at 3,538 as of the June quarter, after on-boarding 310 new people and we hope to maintain the pace of hiring in every quarter of the fiscal,” Happiest Minds executive vice-chairman Joseph Anantharaju told PTI.
Managing director and chief financial officer Venkatraman Narayanan chipped in saying hiring is necessitated by both by attrition of those who have spent two-six years with the company and they bagging new jobs with huge hikes, and also to meet the rising demand which led to much higher utilisation level of the existing resources, which was marginally down to 82.1 per cent in Q1 from 82.6 per cent in Q4 of FY21.
“So I am ready to budget for a net addition of 300 people in each of the next three quarters. Hope my sales team follow suit,” Narayanan said.
Anantharaju attributed the higher margin of 25 per cent in the June quarter to the pandemic-driven savings by way of lower overhead cost, and the overall positive positive rub-off that the the IT industry got from the crisis. He said the energy bill is down by Rs 65 lakh a month, and there is also dip in rentals.
On the business mix, Narayanan said they are only listed software firm in the world with almost all — 96 per cent — its revenue coming in from the digital business with the cloud vertical contributing the highest at 42 per cent, automation 24 per cent, security 11 per cent, analytics 13 per cent and IoT 10 per cent.
Narayanan explained that the 29 per cent decline in net income to Rs 35.73 crore in the June 2021 quarter was primarily on a higher base — a deferred tax credit of Rs 18 crore and a Rs 9.5 crore tax claw back in the year-ago period. Revenue grew 41.4 per cent to Rs 331.52 crore in the June quarter.
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