Mid-cap IT business Happiest Minds Technologies consolidated net profit rose 11 percent to Rs 58 crore in the fourth quarter. It was Rs 52 crore in the corresponding period a year ago.

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Revenue from operations surged 26 percent to Rs 378 crore in the reporting period against Rs 300 crore in the same period last year.

Joseph Anantharaju, Executive Vice-Chairman, Co-Founder, and CEO - Product Engineering Services, Happiest Minds Technologies, told CNBC-TV18 that although the company missed its guidance by 1 percent due to the "rightshifting" of revenue they are confidence of getting 25 percent revenue growth in FY24.

Also read: Happiest Minds on track to meet 25% revenue growth for FY23

“We ended quarter four with a very good pipeline, we had 16 new logos that we were able to close in quarter four, many of them in March. And as we speak, in the first half of April, we've had two large closures. All of this is giving us the confidence to guide for 25 percent for FY24. And we expect to start off the year quite well with a good quarter one, which will set the base for getting to that 25 percent guidance that we've given for the whole year,” he said.

The Bangalore based IT companies revenue in the constant currency grew by 18 percent year-on-year (YoY). Operating revenues in dollar terms stood at $46 million, up 15 percent year-on-year.

Also read: Happiest Minds acquires Madurai-based IT services firm SMI for Rs 111 crore

Further the company aims to acheive $1 billion in revenues by 2031, or even earlier. Anantharaju mentioned that M&A would be a critical part of getting there, allowing the company to acquire differentiated skills and build new offerings or enter new markets. Further the recent SMR acquisition gives the company depth in healthcare and supply chain, and the company is actively engaged in conversations with candidates for future acquisitions, he added.

EBITDA (earnings before interest, tax, depreciation, and amortisation) for the company was Rs 101 crore, up 23 percent year over year.

Ed tech will see it’s coming back phase

Anantharaju also addressed specific segments of the business, such as ed-tech and retail. He explained that the ed-tech segment was impacted by the ‘rightshifting’ of revenue more than others, with two large opportunities getting delayed until the end of March or April.

“We had two large opportunities that we thought would get closed in January, and one finally closed only at the end of March or April and it is a pretty large size deal, which is in the K12 space, which will give us a fair bit of revenues and growth in quarter one and quarter two. Ed-tech, we continue to see good traction,” he said.

Also read: Happiest Minds is looking for acquisitions, says no changes in plan of hiring freshers