Happiest Minds profit down 20% on Labour Code costs

HAPPIEST MINDS TECHNOLOGIES on Tuesday reported a net profit of ₹40.3 crore for the third quarter, 19.56% lower than the ₹50-crore profit it posted a year ago.

- POULOMI CHATTERJEE

The drop came mainly due to a onetime charge of ₹22.03 crore from the new Labour Codes. Revenue rose by 10.69% at ₹588 crore from ₹530 crore 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 ₹54 crore. The earnings before interest and taxes (Ebit) was up by 11.2% at ₹85 crore compared with ₹76.5 crore q-o-q.