“We got a share of cancellations in March and had a little impact and decent impact in Q1. We are now beginning to see the growth coming back,” said Soota.
He said barring some cancellations the company was unperturbed by the pandemic as a majority of the industry verticals it offers services were not hit badly. He added the company is planning to expand its presence in the European market, but would not look at going into new geographies in near future.
Soota, 77, and veteran of India’s IT space who plunged into being an entrepreneuer in his late 50’s is taking the second company he has built to the public markets. Soota co-founded Mindtree two decades ago after he quit Wipro, and took it public in 2007. He left Mindtree in 2011 after a spat with other co-founders to start Happiest Minds, which was among the first Indian firms to tap the growing digital business opportunity.
Happiest Minds received the regulator’s nod for IPO last month and is going live with the offer on September 7. The company’s offer will be a combination of fresh issue of shares totalling up to Rs 110 crore and an offer for sale up to 3.56 crore equity shares at a price band of Rs 160-165.k
Promoter Ashok Soota and private equity investor J P Morgan CMDB II will offer shares, while its employees will not participate in this offer, said the company.
The company’s revenues stood at Rs 714 crore at the end of FY20 and it reported flat revenue at Rs 187 crore in Q1 this fiscal. It reported an operating margin of 25.7%.
“Overall we may have lost in terms of growth. We made up with profitability,” said Soota.