Happiest Minds Technologies, which last week reported a 30 percent jump in net income at over Rs 44 crore for the September quarter, wants to bring down its dependency on the world's largest software market US to under-65 percent on a sustainable basis.
The US is the single largest revenue head for all domestic software companies primarily because the country is the most tech-savvy market with the highest adoption levels and also the largest investor in technology and automation.
On average, the US gives 48 percent of the revenue to domestic software companies, down from 55-60 percent earlier. For Happiest Minds, that is still much higher at close 70 percent on average barring in Q2 when it slipped to 66 percent. This is because the US companies are much more accessible and also take faster decisions on tech investment.
"We used to have around 80 percent of our revenue from the US alone. We've been diversifying our revenue pool to lower our revenue dependency on that market. In the September 2021 quarter, it was down to 66 percent from 77 percent a year ago. But we know such a drastic drop is not possible nor it is sustainable," Joseph Anantharaju, executive vice-chairman of Happiest Minds, told.
(Edited by : Jomy Jos Pullokaran)
First Published: IST