Happiest Minds Technologies announces new vertical organisation structure; stock surges over 6%

Shares of Happiest Minds Technologies climbed over 6 per cent on Tuesday (February 27) to Rs 889.3 apiece. The stock gained after digital transformation, and the IT solutions company announced its new vertical organisation structure.

As of 1:18 p.m., shares of Happiest Minds Technologies rose 3.99 per cent, or Rs 33.3, to Rs 867.65 apiece. The market capitalisation of the company at around the same time stood at Rs 13,212.12 crore.

The company, through a regulatory filing, informed investors that there will be six new industry groups in the new structure—Industrial, Manufacturing, Energy & Utilities, Healthcare & Life Sciences, Retail, CPG and Logistics, Banking, Financial Services, and Insurance (BFSI), Hi-Tech and Media & Entertainment, and EdTech.

Ashok Soota, Executive Chairman, Happiest Minds Technologies, believes the company's revenue could reach $100 crore by 2031. 

"The potential of this new structure is immense and will be the bedrock of new growth engines, enabling us to compete better in global markets and realise our vision of reaching $1 billion in revenues by 2031," said Soota. 

As per Zee Business research, good growth is expected due to better sales, and each industry group will have its own team and domain expertise.

Happiest Minds Technologies Q3 

Happiest Minds Technologies reported a rise of 3.5 per cent in consolidated net profit at Rs 59.6 crore, compared to Rs 57.5 crore in the year-ago period. The IT services company's revenue from operations in the third quarter of the current fiscal year rose 12 per cent to Rs 410 crore, compared to Rs 367 crore logged in the corresponding period last year.

Happiest Minds Technologies share price: Past performance

In a year, Happiest Minds Technologies shares have gained merely over 2 per cent against Nifty50's rise of over 27 per cent.

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