Happiest Minds profit down 20% on Labour Code hit
Happiest Minds Technologies on Tuesday reported a net profit of Rs 40.3 crore for the third quarter, 19.56% lower than the Rs 50-crore profit it posted a year ago. The drop came mainly due to a one-time charge of Rs 22.03 crore from the new Labour Codes. The IT company’s revenue increased by 10.69% at Rs 588 crore from Rs 530 crore reported in the same quarter last year.
On a quarterly basis, the revenue grew by 2.4% and the net profit fell by 25.4% from Rs 54 crore. The earnings before interest and taxes (Ebit) was up by 11.2% at Rs 85 crore compared with Rs 76.5 crore q-o-q.
