Happiest Minds announces expansion of its Noida campus

Indian IT services firm Happiest Minds Technologies has announced the expansion of its Noida facility in a bid to "increase its delivery capacity, while leveraging the area’s diverse high-tech talent pool".  

With the additional facility, dubbed 'Smiles5' the company said that it will have a capacity of 450 in the NCR region. Happiest Minds has 4,188 employees at the end of the quarter ending June 31, with a 12 months trailing attrition of 24.4%.   
This launch closely follows the announcement of Happiest Minds' new office space acquisition in Bengaluru of a grade A 1,600-seater property in July this year and also an expansion in newer locations like Bhubaneswar planned later this year. 

"NCR is a digital hub with a strong eco-system of vibrant start-ups, successful enterprises, and education hubs which makes it an important talent source for us while dovetailing nicely well with our overall growth strategy," Venkatraman Narayanan, MD & CFO, Happiest Minds Technologies said in a statement. 

For the quarter ended June 30, the company’s operating revenues stood at $42.2 million, with a growth of 5.9% quarter-on-quarter (Q-o-Q) and 27.4% year-on-year (YoY). Total income in the quarter was reported to be ₹332.74 crore, a growth of 7.2% Q-o-Q and over 31% YoY.  

The firm has also raised its revenue guidance for FY23 to 25% and to target compounded annual growth of 25% over the next five years. Ashok Soota, Executive Chairman, said, “We have started fiscal FY23 showing industry leading performance." 

He added, "Our ten-year vision statement is to be a billion-dollar company by 2031. In line with this, based on the growth we are experiencing and continued demand for digital services.”