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Home Digital Transformation Happiest Minds delivers industry-leading y-o-y revenue growth of 47.2%

Happiest Minds delivers industry-leading y-o-y revenue growth of 47.2%

Continues strong profitability performance with EBITDA of INR 76 Crores, showing a y-o-y growth of 27.8%

Bengaluru, India, San Jose, California and London, January 28, 2022: Happiest Minds Technologies Limited (NSE:HAPPSTMNDS), a ‘Born Digital. Born Agile’, digital transformation and IT solutions company, today announced its consolidated results for the third quarter ended December 31, 2021 as approved by its Board of Directors.

Particulars         Q3 FY 22   Q2 FY 22 QoQ Q3 FY 21 YoY 9M FY 22    9M FY 21 YoY

Revenues ($’000) 37,796 35,809 5.5% 26,202 44.2% 106,758 74,358 43.6%
Revenues 28,394 26,453 7.3% 19,284 47.2% 79,308 55,270 43.5%
Other Income 834 959 (13.0)% 845 (1.3)% 2,719 2,163 25.7%
Total Income 29,228 27,412 6.6% 20,129 45.2% 82,027 57,433 42.8%
EBITDA 7,631 7,012 8.8% 5,969 27.8% 21,258 15,690 35.5%
% 26.1% 25.6% 29.7% 25.9% 27.3%
PBT before Exceptional Item 6,543 5,935 10.2% 5,327 22.8% 18,206 13,678 33.1%
% 22.4% 21.7% 26.5% 22.2% 23.8%
Exceptional Item* (609)
PBT 6,543 5,935 10.2% 5,327 22.8% 17,597 13,678 28.7%
% 22.4% 21.7% 26.5% 21.5% 23.8%
Tax 1,651 1,491 10.7% 1,112 48.5% 4,688 1,037 352.1%
% 5.6% 5.4% 5.5% 5.7% 1.8%
PAT 4,892 4,444 10.1% 4,215 16.1% 12,909 12,641 2.1%
% 16.7% 16.2% 20.9% 15.7% 22.0%

Loss on Fair Valuation of Warrant Liability

Joseph Anantharaju, Executive Vice Chairman said, “Our compelling offerings have made us the partner of choice for our customers in their Experience, Data and Cloud initiatives. The stellar results validate the value proposition that we offer our customers and the critical role we play in their strategic digital initiatives.”

Venkatraman N, MD & CFO said, “We continue to deliver all-around healthy financial and business performance. Revenue growth of 47.2%, EBIDTA at 26.1%, robust cash generation and healthy capital return ratios are testimony to this. Coupled with onboarding talent and healthy utilization levels, we are well-positioned to address the strong demand environment for Digital services.”

Ram Mohan C, CEO – IMSS and Member of the Executive Board said, “Our customers trust us to migrate, deploy, develop, and manage applications at scale and to ring-fence the digital ecosystem with multi-cloud implementation and management services using next-gen cloud and security tools.

Financial highlights for

Quarter ended December 31, 2021

  • Operating Revenues in US$ terms stood at $37.8 million (growth of 5% q-o-q; 44.2% y-o-y)
  • Total Income of INR 29,228 lakhs (growth of 6.6% q-o-q; 45.2% y-o-y)
  • EBITDA of INR 7,631 lakhs, 1% of Total Income (growth of 8.8% q-o-q; 27.8% y-o-y)
  • PAT of INR 4,892 lakhs (growth of 10.1% q-o-q; 16.1% y-o-y)
  • Free cash flows of INR 7,585 lakhs
  • EPS (diluted) for the quarter of INR 38 (growth of 10.5% q-o-q; 17.0% y-o-y)

Nine Months ended December 31, 2021

  • Operating Revenues in US$ terms stood at $106.7 million (growth of 6% y-o-y)
  • Total Income of INR 82,027 lakhs (growth 42.8% y-o-y)
  • EBITDA of INR 21,258 lakhs, 9% of Total Income (growth of 35.5% y-o-y)
  • PAT of INR 12,909 lakhs (growth of 2.1% y-o-y)
  • Free cash flows of INR 20,897 lakhs
  • EPS (diluted) for half year INR 8.92 (decline of 0.3% y-o-y)
  • RoCE & RoE (nine months annualized) of 32.9% and 28.2% respectively

Our Business:


  • 195 as of December 31, 2021
  • 11 additions in the quarter

Our People – Happiest Minds:

  • 4,021 Happiest Minds as of December 31, 2021 (net addition for the quarter 225, nine-months 793)
  • Trailing 12 months attrition of 1%
  • Utilization of 81.0%, from 79.7% in last quarter

Key Project Wins:

  • For a global telecoms provider with operations in 200+ countries, Happiest Minds has won a multi- year, multi-million-dollar managed service contract to partner on their transformational and operational excellence journey
  • For a global EduTech SaaS company, Happiest Minds has won a multi-year, multi-million-dollar deal to provide End to End Infrastructure and Security Services by leveraging Microsoft Azure
  • For one of the world’s largest Transportation Mobility-as-a-Service Company, Happiest minds has been chosen to help them on their Governance, Risk and Compliance (GRC) security services
  • For a global enterprise SaaS company offering cloud-based directory as a service platform, Happiest Minds was chosen as their engineering partner
  • For a portfolio company of a large private equity firm, Happiest Minds is managing data quality and governance for its master data management (MDM) application hosted on Pimcore platform
  • For a global bank in business over 100 years, Happiest Minds is partnering them in their automation journey
  • For a global energy management technology company that manufactures software-driven solar energy solutions, Happiest Minds was chosen to develop the next generation, software-controlled Power Controller
  • For the US subsidiary of a multinational electronics corporation, Happiest Minds was chosen as their analytics and DevOps partner

Analyst Mentions:

  • Happiest Minds’ Digital Content Monetization (DCM) solution was featured in NASSCOM Cloud Case

study Compendium

  • Happiest Minds is recognized in Zinnov Zones as a
    • Leader for Enterprise Software
    • Leader for ER&D (Small & Medium Service Providers)
    • Niche-Established for AI Engineering
    • Niche-Established for IoT Services


  • Happiest Minds is ranked among India’s Top 25 Best Workplaces in IT & IT-BPM 2021 by Great Place to Work® Institute
  • Happiest Minds wins Platinum and Gold Awards for its 2021 Annual Report from League of American Communication Professionals (LACP) – Annual Report is ranked #24 globally and #1 in India
  • Happiest Minds is recognized as a GOLD partner of the Intel Network Builders Winners’ Circle
  • Priya Kanduri, Vice President & CTO – IMSS received the Women in Tech award at the 19th Edition of Asia Pacific HRM Congress & Awards
  • Preeti Menon, Senior Vice President & Global Delivery Head – PES is recognized among the Top 20 Female Cloud Leaders in 2021 by The Sociable
  • Kiran Veigas, General Manager – Corporate Marketing & Communications was awarded DMA Trailblazer Rising Star CMO 2021 award at the BrandMaster Award

For further details please refer to the Investors presentation hosted on the company website – –

Investors section

Also readCIO News interviews Shri Wangki Lowang, Minister (IT) of Arunachal Pradesh

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