Bengaluru-based IT firm Happiest Minds on Wednesday reported a 27.8 per cent year-on-year (YoY) increase in its net profit of Rs 34.08 crore for the quarter ended on 30 September, 2020. 
However, the company’s net profit declined 32 per cent on a quarter-on-quarter (QoQ) basis from Rs 50.18 crore to Rs 34.08 crore in the September quarter due to a one-time credit for deferred taxes in the first quarter ended on 30 June, 2020. 
Despite of the environment the company has shown growth in its revenues sequentially, said Venkatraman Narayanan, Executive Director & CFO, Happiest Minds Technologies Ltd. “On PAT (profit after tax), in the immediately preceding quarter instead of a provision for Income-tax we had a one-time credit for deferred taxes and from the current quarter we have reverted to normal provisions,” he added
During the quarter, the company’s revenue grew 3.4 per cent at Rs 187.91 crore YoY, and 0.5 per cent up on a sequential basis. It was led by Edutech, which accounts for 27 per cent of its revenue, while the digital service offerings such as cloud, software-as-a-service (SaaS) and security solutions accounts for about 97 per cent of its revenue.
As on 30 September, the company had added 8 new clients to 152 clients and had an attrition rate of 14.1 per cent on a trailing 12 months basis with around 2,721 employees.