Happiest Minds reports Industry leading QoQ growth of 4.7% in Total Income and maintains superior EBITDA margin of 25.5%

Ashok Soota sells about 1.11% of his Happiest Minds Shares to fund SKAN and Happiest Health
Ashok Soota sells about 1.11% of his Happiest Minds Shares to fund SKAN and Happiest Health

YoY EBIDTA growth of 17.4% to ₹ 103 Crores

Bengaluru, India; San Jose, California; and London, August 9, 2023: Happiest Minds Technologies Limited (NSE:HAPPSTMNDS), a ‘Born Digital. Born Agile’, digital transformation and IT solutions company, today announced its consolidated results for the first quarter ended June 30, 2023, as approved by its Board of Directors.

Ashok Soota, Executive Chairman, said, “We have consistently and yet again delivered industry-leading performance both on revenue growth and profitability. The highly successful run is a result of the continued acceleration of our customers digital journeys and our ability to stay relevant to their needs. The performance wouldn’t have been possible without the commitment and dedication of our Happiest Minds team, which crossed 5,000 during the quarter.

We have set a goal of achieving $1 Billion by 2031, and our guidance of 25% is based on the same. We remain on target to achieve the goal. In our guidance of 25%, we have not been making a distinction between organic and inorganic growth. In the current year, we have been expecting to make significant acquisitions, which we have not been able to close so far. We will update our guidance target in October based on the M&A progress.”

Financial highlights

Quarter ended June 30, 2023

  • Revenue in constant currency grew by 3.5% q-o-q and 13.8% y-o-y.
  • Operating Revenues in US dollars stood at $47.6 million (growth of 3.6% q-o-q: 12.7% y-o-y).
  • Total Income of ₹ 40,453 lakhs (growth of 4.7% q-o-q; 22.6% y-o-y)
  • EBITDA of ₹ 10,299 lakhs, 25.5% of Total Income (growth of 2.4% q-o-q; 17.4% y-o-y)
  • PAT of ₹ 5,833 lakhs (growth of 1.2% q-o-q; growth of 3.5% y-o-y)
  • Free cash flows of ₹ 10,133 lakhs
  • EPS (diluted) for the quarter of ₹ 4.02

Venkatraman N, MD & CFO, said, “I am extremely happy to report on our thirteenth quarter of 25% plus EBITDA and ahead of our guidance, which is a validation of our value proposition and disciplined execution. The successful closure of our Qualified Institutions Placement (QIP) of Rs. 500 crore confirms the strong investor commitment to us and our growth aspirations.”

Joseph Anantharaju, Executive Vice Chairman, said, “Our clients remain focused on executing compressed transformations to drive efficiency, stronger growth, more agility, and greater resilience faster. Our ability to advise, shape, and deliver value-led digital transformation, leveraging the breadth of technical capabilities in digital technologies and deep domain expertise, is the key differentiator for Happiest Minds.”


  • 243 as of June 30, 2023
  • 18 additions in the quarter

Our People, Happiest Minds:

  • 5,048 Happiest Minds as of June 30, 2023 (net addition for the quarter: 131).
  • Trailing 12-month attrition of 16.6% (19.8% in the previous quarter)
  • Utilisation of 74.6%

Q1 FY24 Key Project Wins:

  • For a next-generation learning platform and an existing customer, Happiest Minds is their strategic partner to provide product engineering, quality engineering, and automation services across their teacher and student engagement platform. This is a consolidation deal based on the excellent service provided over an eight-year relationship, and Happiest Minds is the single vendor.
  • For a billion-dollar global specialty chemicals company, Happiest Minds was appointed to draft their digital roadmap covering commercial, operations, and IT functional areas.
  • As a global leader and innovator in the bioscience industry, Happiest Minds was chosen to implement cloud-based product life cycle management (PLM) solutions.
  • For one of the world’s largest pharmaceutical companies, this consulting-led engagement entails Happiest Minds providing strategic quality assurance and automation services for their Digital Surgery Enablement Platform.
  • For a large digital transformation specialist, this multi-year, multi-million-dollar deal entails Happiest Minds delivering infrastructure and security services.
  • For a large enterprise software support company, Happiest Minds has signed a multi-million-dollar deal to provide managed database services and ITSM services.
  • For a global, high-tech engineering group based in Europe, Happiest Minds was chosen to design and implement the Modern Data Platform on Microsoft Azure.
  • For a global talent fulfilment enterprise in Europe, Happiest Minds was chosen to streamline multiple workflows leveraging Microsoft’s Power Platform for improved employee experience and actionable intelligence for decision-makers.
  • For a large Middle east-based petrochemical company, Happiest Minds was chosen to provide consulting-led Operational Technology (OT) solutions.
  • For an Australia-based health insurance and services provider, Happiest Minds was chosen as a strategic partner to enhance their security posture by leveraging Microsoft Sentinel and CloudSecOps.


Analyst Mentions:

  • Happiest Minds is a ‘Major Contender’ in Low-Code application development services. – Everest
  • Happiest Minds is a ‘Rising Star’ in Design and Development  – ISG
  • Happiest Minds is a ‘Rising Star’ in Integrated User Engagement – ISG
  • Happiest Minds is a ‘Rising Star’ in Platforms and App Services – ISG

For further details, please refer to the investor presentation hosted on the company website.

Investors section

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