Happiest Minds' net profit halved in Q4 on major client default

The IT services firm reported a Rs 12.5 crore write-off linked to a North America-based client who failed to meet payment obligations, Venkatraman Narayanan, MD and CFO, Happiest Minds, told ET. Its profit grew by Rs 50 crore and Ebitda by Rs 100 crore YoY, Narayanan said. It invested Rs 40 crore in the new GenAI-focussed business unit, which added to the margin dip, he said.