Tired of too many ads? Remove Ads
On Wednesday, shares of Happiest Minds Technologies touched a 52-week low for the second consecutive day to reach Rs 620.20 on the BSE, before ending slightly higher at Rs 624.10 per share.
At a press conference around a month before its fourth quarter and full year earnings the Bengaluru-headquartered company said it has drawn up plans to expand its business to the private equity (PE) ecosystem, global capability centres (GCCs) and a strategy to focus on high potential large accounts.
The high potential accounts plan will include “creating a large accounts focus strategy which will take about 10-15 of our $2-3 million accounts and raise them to $10-15 million and $20 million,” said Ashok Soota, chairman and chief mentor of the company.
Acknowledging that FY25 is witnessing flat growth for some of the majors and negative growth for a few other companies, Soota hopes the changes will help Happiest Minds deliver double-digit growth.
Tired of too many ads? Remove Ads
“The market is predicting a US slowdown or recession. This has clouded the prospects for the Indian IT industry. We want to state emphatically that at Happiest Minds, we see no recession driven slowdown,” Soota said adding that the transformational changes will aid organic growth for the next two years.
Popular in TechMore ?
Soota sees GenAI as one such opportunity than anything else as it is experimenting with a pipeline five projects one by one to leverage lower costs.
The “transformational” changes come just a week after the company announced organisation structural changes appointing a chief executive officer (CEO) position handing over the baton to Anantharaju, who will also be the co-chairman.
“I'm hoping by Q2, maybe even Q1, we should start seeing some results. But by the end of this year, all of these should be yielding revenues,” said Joseph Anantharaju, the newly designated CEO of Happiest Minds Technologies.
The PE practice will develop a set of offerings that are not only targeted at the portfolio companies but also at the PE firms by carrying out due diligence of their acquisition candidates and helping them with a post-acquisition roadmap.
Further, the company has proposed to hive off the newly acquired Arttha Banking platform from its PureSoftware acquisition, to create a separate division having a P&L (profit and loss) for the same.
Meanwhile, HaaS solution will require another year expecting to be launched by the fourth quarter ending March next year.
Talking of GenAI business unit that was started in 2023, Anantharaju expects revenues to be much higher going forward.
