Bengaluru-based IT services firm Happiest Minds Technologies Ltd has reported a manifold growth in consolidated net profit at Rs 36.05 crore in the March 2021 quarter.

The compnay posted a 580.2% year-on-year (y-o-y) increase in net profit for the fourth quarter.

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The revenues for the fourth quarter grew 18.4% annually to ₹220.7 crore. In US dollar terms, revenues for the March quarter grew 18% y-o-y and 15.4% sequentially to $30.2 million. The revenues for FY21 grew 6.3% annually to $104.6 million.

On a quarter-on-quarter basis the net profit fell 14.5 per cent, from Rs 42.15 crore in the December 2020 quarter. Its revenue grew 14.5 per cent from Rs 192.84 crore in the third quarter of FY’21.

“The highlight for the year FY21 was our successful IPO… As we begin FY22, we will look to achieving 20 per cent organic growth as indicated at the time of our IPO,” Happiest Minds Technologies Executive Chairman Ashok Soota said.

In dollar terms, the revenue stood at USD 30.2 million, up 18 per cent year-on-year and 15.4 per cent sequentially.

The company’s net profit more than doubled to Rs 162.46 crore, while revenue was higher by 10.8 per cent to Rs 773.41 crore in FY’21 from the previous fiscal.

“Our fiscal year revenue growth of 6.3 per cent in USD terms is reflective of our business model which positions us as a go-to player for customers building a digital ready enterprise,” Happiest Minds Technologies MD and CFO Venkatraman N said.

He added that revenues for the quarter grew sequentially by 15.4 per cent, which includes Pimcore Global Services (PGS) that was acquired earlier during the quarter.

“Our growth for the quarter even on a standalone basis has been robust. Considering our performance, strong cash generation and capital allocation priorities, I am happy to highlight the maiden dividend of Rs 3 per share recommended by the Board,” he said.

The company had 173 clients as of March 31, 2021 with addition of 23 new customers during the quarter. Its headcount was at 3,228 people, with trailing 12 months attrition at 12.4 per cent.

The company announced its results late night on Wednesday.