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Happiest Minds Technologies Results: Latest Quarterly Results & Analysis

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Happiest Minds Technologies Ltd. 28 Jul 2026 11:20 AM
Result PDF

Q1FY27 Quarterly Result Announced for Happiest Minds Technologies Ltd.

IT Consulting & Software company Happiest Minds Technologies announced Q1FY27 results

Consolidated Financial Highlights:

  • Revenue from operations in Q1FY27 was Rs 62,851 lakh, representing a growth of 4.0% compared to Rs 60,408 lakh in Q4FY26 and a 14.3% increase from Rs 54,990 lakh in Q1FY26.
  • Total income for the quarter reached Rs 65,220 lakh, an increase of 4.9% over Rs 62,169 lakh in Q4FY26 and a 12.5% rise from Rs 57,993 lakh in Q1FY26.
  • Profit before tax (PBT) for Q1FY27 stood at Rs 9,020 lakh, growing 12.1% from Rs 8,048 lakh in Q4FY26 and 17.3% from Rs 7,687 lakh in Q1FY26.
  • Net profit (PAT) was reported at Rs 6,760 lakh in Q1FY27, reflecting a growth of 10.5% over Rs 6,117 lakh in Q4FY26 and 18.3% over Rs 5,713 lakh in Q1FY26.
  • Adjusted PAT for Q1FY27 was Rs 8,052 lakh, up 12.9% QoQ from Rs 7,135 lakh and up 14.7% YoY from Rs 7,020 lakh.
  • The EBITDA for Q1FY27 was Rs 14,129 lakh, marking a 16.6% growth over Rs 12,120 lakh in Q4FY26 and a 13.9% increase over Rs 12,405 lakh in Q1FY26.
  • Basic Earnings per share (EPS) for the quarter was Rs 4.49, compared to Rs 4.06 in Q4FY26 and Rs 3.79 in Q1FY26.

Standalone Financial Highlights:

  • Revenue from operations in Q1FY27 stood at Rs 56,071 lakh, showing a 3.19% increase from Rs 54,336 lakh in Q4FY26 and a 14.14% growth from Rs 49,123 lakh in Q1FY26.
  • Total revenue reached Rs 58,433 lakh in Q1FY27, up 4.45% from Rs 55,946 lakh in Q4FY26 and up 12.20% from Rs 52,080 lakh in Q1FY26.
  • Profit before tax for Q1FY27 was Rs 7,632 lakh, representing a growth of 11.84% QoQ from Rs 6,824 lakh and a 9.99% growth YoY from Rs 6,939 lakh.
  • Net profit for the quarter was Rs 5,688 lakh, compared to Rs 4,970 lakh in Q4FY26 (up 14.45%) and Rs 5,121 lakh in Q1FY26 (up 11.07%).

Business Highlights:

  • Segment Performance:
    • Product and Digital Engineering Services (PDES): Contributed Rs 49,207 lakh in Q1FY27, accounting for 75.4% of total revenue.
    • Infrastructure Management & Security Services (IMSS): Contributed Rs 10,219 lakh in Q1FY27, accounting for 15.7% of total revenue.
    • Generative AI Business Services (GBS): Contributed Rs 3,423 lakh in Q1FY27, accounting for 5.2% of total revenue.
  • Operational Metrics:
    • The company reported 306 active clients as of June 30, 2026, with 6 additions during the quarter.
    • Utilization stood at 81.0% in Q1FY27, compared to 82.0% in Q4FY26.
    • Trailing 12-month voluntary attrition decreased to 15.4% in Q1FY27 from 17.0% in Q4FY26.
  • Geographic Revenue Split: Americas contributed 56.9%, India 18.3%, Europe 7.9%, APAC 8.2%, and ROW 8.7%.
  • Key Project Wins:
    • Selected as strategic Data & AI partner for a North American energy infrastructure company.
    • Secured a multi-year, multi-million-dollar Managed Security Services deal with a Middle Eastern retailer.
    • Leveraging AI-led ELLIPSE platform for Managed Infrastructure services for a North American wireless services provider.
    • Building an AI-powered, platform-driven test automation platform for an Australian insurance provider.

Ashok Soota, Chairman & Chief Mentor, said: “AI is the single largest opportunity for value creation in the history of the technology services industry and not as a threat to IT/Tech. Every major technology shift, right from client-server computing to cloud and digital transformation, has ultimately expanded the market for innovation and expertise. AI is no different. At Happiest Minds, our ‘AI First. Agile Always.’ strategy is enabling us to reimagine how we build solutions, enhance productivity, accelerate innovation, and deliver measurable outcomes for our clients. Rather than replacing human ingenuity, AI amplifies it, allowing our people to focus on higher-value problem solving, industry expertise, and business transformation. We truly believe organisations that embrace AI responsibly and proactively will emerge stronger, faster, and more competitive, and Happiest Minds is well positioned to lead this transition."

Joseph Anantharaju, Co-Chairman & CEO, said: “We have opened FY27 with a solid performance, delivering revenues of Rs 629 crore and achieving 14.3% YoY growth. Our AI-first strategy is gaining significant traction, with strong momentum across AI and Analytics, digital engineering, platforms, and industry-focused solutions. We have also built a strong and expanding pipeline, registering a 20% growth over the previous quarter. The quality and breadth of opportunities in our pipeline gives us confidence in our ability to deliver sustained business growth.”

Venkatraman Narayanan, Managing Director, said: “We have started FY27 on a strong note, delivering healthy revenue growth and expanding margins. YoY growth across our key financial metrics remained in double digits, reflecting the strength of our business. Adjusted EPS of Rs 5.34 per share, up 17% YoY, reinforces our continued commitment to profitable growth. Backed by a strong balance sheet and robust cash position, we remain well positioned to invest in future growth while maintaining financial discipline.”

Result PDF

Result PDF

IT Consulting & Software company Happiest Minds Technologies announced Q4FY26 & FY26 results

Consolidated Financial Highlights:

  • Quarterly Performance (Q4FY26)
    • Revenue from Operations: Stood at Rs 60,408 lakh, representing a growth of 2.8% QoQ compared to Rs 58,756 lakh in Q3FY26 and a 10.9% growth YoY compared to Rs 54,457 lakh in Q4FY25.
    • Total Income: Reached Rs 62,169 lakh, an increase of 3.1% QoQ from Rs 60,328 lakh and a 9.0% increase YoY from Rs 57,052 lakh.
    • EBITDA: Reported at Rs 12,120 lakh, a decrease of 1.3% QoQ from Rs 12,283 lakh, but a 10.3% increase YoY compared to Rs 10,984 lakh.
    • Profit Before Tax (PBT): Stood at Rs 8,048 lakh, growing by 48.4% QoQ from Rs 5,421 lakh and by 59.7% YoY from Rs 5,039 lakh.
    • Net Profit (PAT): Reported at Rs 6,117 lakh, marking a significant growth of 51.8% QoQ from Rs 4,030 lakh and 79.9% YoY from Rs 3,400 lakh.
  • Annual Performance (FY26)
    • Revenue from Operations: Stood at Rs 2,31,511 lakh for FY26, a growth of 12.3% compared to Rs 2,06,084 lakh in FY25.
    • Total Income: Reached Rs 2,40,008 lakh, up 11.0% from Rs 2,16,222 lakh in the previous year.
    • EBITDA: Reported at Rs 48,835 lakh, growing 5.6% YoY from Rs 46,224 lakh.
    • Profit Before Tax (PBT): Stood at Rs 28,421 lakh, an 11.3% increase over Rs 25,547 lakh in FY25.
    • Net Profit (PAT): Reported at Rs 21,262 lakh, representing a 15.1% growth from Rs 18,466 lakh in FY25.

Standalone Financial Highlights:

  • Quarterly Performance (Q4FY26)
    • Revenue from Operations: Stood at Rs 45,721 lakh, a growth of 5.7% QoQ from Rs 43,269 lakh and 17.8% YoY from Rs 38,816 lakh.
    • Total Income: Reached Rs 54,895 lakh, an increase of 22.4% QoQ from Rs 44,841 lakh and 22.0% YoY from Rs 45,006 lakh.
    • Net Profit (PAT): Stood at Rs 11,337 lakh, a sharp increase from Rs 1,403 lakh in Q3FY26 and Rs 3,049 lakh in Q4FY25.
  • Annual Performance (FY26)
    • Revenue from Operations: Stood at Rs 1,72,602 lakh, growing by 8.3% YoY from Rs 1,59,407 lakh.
    • Total Income: Reached Rs 1,90,115 lakh, an increase of 9.8% YoY from Rs 1,73,097 lakh.
    • Net Profit (PAT): Reported at Rs 22,412 lakh for FY26, up 44.2% from Rs 15,543 lakh in FY25.

Business Highlights:

  • Segment Performance (Consolidated FY26)
    • Product and Digital Engineering Services (PDES): Revenue stood at Rs 1,84,736 lakh with a segment result of Rs 46,876 lakh.
    • Infrastructure Management & Security Services (IMSS): Revenue was Rs 38,909 lakh with a segment result of Rs 10,554 lakh.
    • Generative AI Business Services (GBS): Revenue reached Rs 7,866 lakh with a segment result of Rs 1,099 lakh.
  • Operational Metrics and Wins
    • Dividend: The Board recommended a final dividend of Rs 3.65 per equity share, taking the total dividend for the year to Rs 6.40.
    • Client Base: Surpassed 300 active customers, ending the year with 306 active clients. The company added 10 clients in Q4FY26 and 51 clients during FY26.
    • Utilization: Improved to 81.4% in Q4FY26 from 81.1% in the same quarter last year.
    • Employee Strength: Total people strength stood at 6,497 as of March 31, 2026.
    • Guidance: The company declared a guidance of 12.5% growth for FY27 with an aspirational growth target of 15%.
    • Sales Pipeline: Achieved a record pipeline increase of 27%.

Ashok Soota, Chairman & Chief Mentor, Happiest Minds, said, “We are delighted that our ‘AI First. Agile Always’ program has generated significant momentum enabling Happiest Minds to declare a guidance 12.5% growth for FY27. We will also strive to progress towards our aspirational growth of 15%”

Joseph Anantharaju, Co-Chairman & CEO, Happiest Minds, said, “We are excited with our strong performance for FY26, surpassing 300 active customers and achieving a record pipeline increase of 27%. The Education segment is being transformed by GenAI, which will lead to opportunities and revival of the EdTech vertical. In addition to the success of the Arttha banking platform, our Eduweave solution already has live customers and a good set of prospects, and we expect many of our other platforms to drive repeatable sales and solutions.”

Venkatraman Narayanan, Managing Director, Happiest Minds, said, “We have shown sequential growth in revenues, every quarter since our IPO which is no mean feat. On the back of our improved utilization of 81% vis-à-vis last year of 77.4%, we have delivered industry leading Operating margins of 17.4% well within our guided range. With our investments of the previous years paying off and based on expected growth of 12.5% in constant currency for the next year, we are planning to improve our margins by at least 100 basis points. On the back of a robust balance sheet and healthy cash flows, we remain well-positioned to continue our investments in our AI-First strategy to deliver sustainable long-term value. We are pleased to announce a final dividend of ?3.65 per share, subject to shareholder approval.”

Sridhar Mantha, CEO of Generative AI Business Services (GBS), Happiest Minds, said, “We remain focused on scaling our AI-first strategy and investing in capabilities that further accelerate enterprise transformation both on innovative AI solutions and leveraging AI for productivity improvements. We see enormous potential in our investments across multiple AI platforms and repeatable solutions, especially in our flagship Enterprise AI Platform, which enable us to deliver transformative solutions and sustainable value to our clients.”

Result PDF

IT Consulting & Software company Happiest Minds Technologies announced Q3FY26 results

  • Revenue: Rs 65,744 lakh against Rs 62,719 lakh during Q3FY25, change 5%.
  • EBITDA: Rs 12,283 lakh against Rs 11,686 lakh during Q3FY25, change 5%.
  • EBITDA Margin: 20.4% for Q3FY26.
  • PBT: Rs 5,421 lakh against Rs 6,894 lakh during Q3FY25, change -21%.
  • PBT Margin: 9% for Q3FY26.
  • PAT: Rs 4,030 lakh against Rs 5,010 lakh during Q3FY25, change -20%.
  • PAT Margin: 6.7% for Q3FY26.
  • EPS: Rs 4.64 for Q3FY26.

Ashok Soota, Chairman & Chief Mentor, said: “With AI First. Agile Always., we have launched AI First as our 11th strategic transformation, supported by 11 strategic programs that together define how Happiest Minds will build, deliver, and scale value in an AI-driven world. We have already made considerable progress across several of these programs, and we expect this momentum to accelerate the growth of Happiest Minds. This is clearly visible in how AI is being operationalized across our company and for our clients. I would also like to take cognisance of a recent AI-related announcement that has created some turbulence in global markets for software companies. I want to assert that this development represents an opportunity, not a threat, for Happiest Minds and, we believe, for other IT services companies as well.”

Sridhar Mantha, CEO, Generative AI Business Services (GBS), Happiest Minds, said: “ A key pillar of this journey is our AI Services Delivery Platform built for speed, scale and value. The platform brings together proven frameworks, reusable components and intelligent agents to help enterprises move AI initiatives from pilots to production. It is already in use with customers and is designed to reduce time to market while improving service delivery productivity across all industries we serve. Solutions built on this platform are delivering tangible outcomes today. Following its successful implementation with a healthcare customer, the platform is now being scaled across verticals to accelerate time to market and improve service delivery productivity.

Our AI First spans four areas—building advanced AI solutions, AI-native software development, ITSM, and cybersecurity. We are delivering AI assistants that go beyond chatbots, domain-specific copilots embedded in workflows, and intelligent search tools that boost productivity. At the platform level, we modernize legacy systems, integrate autonomous workflows, and add governance agents to ensure compliance, while in operations we provide AI-powered support agents, sales automation, and predictive insights that reduce costs and improve performance.

We now have 32 Generative AI & Agentic AI use cases that have successfully moved beyond prototypes, many of which are scaling into full projects with the potential to be replicated across dozens of accounts in multiple verticals.

Our recent wins demonstrate how our AI First strategy is moving from experimentation to real business transformation. Partnering with a premium interiors retailer in Australia to build a GenAI powered sales assistant that enables image, text and voice-based product discovery, automated quote generation and seamless customer onboarding through natural language interactions. Collaborating with a leading academic and research institution in Asia to transform their end-to-end operations through digital and AIdriven initiatives, enabling a future-ready campus experience.”

Joseph Anantharaju, Co-Chairman & CEO, Happiest Minds, said: “Happiest Minds has embraced becoming India’s leading AI First customer-centric digital engineering and Mindful IT company, helping clients to transition and succeed in an AI-competitive world. AI First also aligns with our customers’ shift from using AI at the edges to making it the core of their business strategy. We are excited about the scale and depth of impact towards improving productivity and delivering value to our customers. We believe that AgenticAI approach using a Hybrid Coding paradigm – Coding Agents and Human Developers – presents a huge untapped opportunity of modernizing applications and platforms that customers were shying away from because of lack of business logic understanding and the risk this posed while also getting huge productivity enhancements. We are in discussion with several customer and PE firms and their portfolio companies to help address their tech debt in a cost-efficient and risk-free manner.”

Venkatraman Narayanan, Managing Director, said: “We continue to deliver healthy revenue growth and operating and EBITDA margins in line with our commitments. I would like to draw your attention to the adjusted PAT, which, excluding non-cash acquisition costs and the one-time wage code charge, stood at 11.6% in the quarter, compared to 11.0% in the previous quarter. Supported by robust cash flows and a steadfast focus on long-term value creation through our AI First approach, we remain well positioned to drive sustainable growth, profitability, and returns for our stakeholders. We plan to double down on our AI/GenAI investments and build a dedicated 1,000 team by the end of FY27.”

Result PDF

IT Consulting & Software company Happiest Minds Technologies announced Q2FY26 results

  • Revenue in constant currency grew 2.3% QoQ and 6.7% YoY.
  • Operating Revenues in USD stood at USD 65.1 million, growing 1.2% QoQ and 4.4% YoY.
  • Total income of Rs 59,517 lakh grew 2.6% QoQ and 8.5% YoY.
  • EBITDA of Rs 12,027 lakh stood at 20.2% of Total Income.
  • PAT of Rs 5,402 lakh 9.1% of Total Income. Growth of 9.1% YoY.
  • Adjusted PAT and EPS (adjusted only for non-cash charges and exceptional items), a more reliable profitability measures stood at:
    • Adjusted PAT of Rs 6,552 lakh at 11% of Total income. Growth of 3.1% YoY.
    • Adjusted EPS at Rs 4.35.

Ashok Soota, Chairman & Chief Mentor, said: “Our ten strategic transformations, announced in the last quarter of FY25, are clearly yielding results. Organisationally, the most important of these was Joseph Anantharaju becoming the Co-Chairman and CEO. Joseph has settled into his enhanced responsibilities remarkably well, as reflected in our performance. Of the other strategic changes, I would like to highlight two that have contributed significantly and are poised to accelerate growth - our Generative AI Business Unit (GBS) and our sharper focus on expanding Net New (NN) accounts. The momentum we are seeing in GBS and the strength of our NN pipelines give us the confidence to extend our earlier commitment of three consecutive years of double-digit growth to four years.”

Joseph Anantharaju, Co-Chairman & CEO, said: “We have delivered a robust H1FY26 performance with revenues of USD 129.5 million, reflecting the continued success of our ten strategic transformations. Our success in Generative and Agentic AI is evident from 22 transformative use cases that have progressed into replicable projects, unlocking a GBS-led sales potential of nearly USD50 million. Our investment in an independent Net New (NN) sales unit has also delivered strong early outcomes, with 30 new client additions during H1 representing a revenue potential of about USD 50–60 million over the next three years. Agentic AI is creating significant opportunities as customers embrace intelligent automation to reimagine operations and accelerate growth. Our AI-first approach, anchored on platforms with AI at the core of their architecture, is enabling enterprises to drive transformation with speed, precision, and measurable impact. Combined with deep capabilities in data, cybersecurity, and verticalized delivery, we are confident of sustaining our growth momentum and creating long-term value.”

Venkatraman Narayanan, Managing Director, said: “Our H1FY26 performance reflects disciplined execution and prudent financial management, even as we continue to invest in growth. We have maintained margins comfortably above our lower guidance of 20% despite salary revisions and continued investments in our Generative AI Business Unit, new sales organization, and other strategic initiatives outlined earlier. I would also like to reiterate that recent changes in U.S. immigration (H1-B) policies have had no impact on Happiest Minds, we have sent only two professionals on H1-B visas in the past 12 months, underscoring our strong offshore-led model and minimal onsite dependence. Backed by a robust balance sheet, healthy cash flows, and a steadfast focus on long-term value creation, we remain wellpositioned to drive sustainable growth and deliver consistent returns to our stakeholders.”

Result PDF

IT Consulting & Software company Happiest Minds Technologies announced Q1FY26 results

  • Revenue in constant currency grew 2.3% QoQ and 17.5% YoY
  • Operating Revenues in US $ stood at $ 64.4 million, growing 2.3% QoQ and 15.9% YoY
  • Total income of Rs 57,993 lakh grew 1.7% QoQ and 18.5% YoY
  • EBITDA of Rs 12,405 lakh stood at 21.4% of Total Income. Growth of 12.9% QoQ and 6.3% YoY
  • PAT of Rs 5,713 lakh 9.9% of Total Income. Growth of 68% QoQ and 12% YoY
  • Adjusted PAT and EPS (adjusted only for non-cash charges and exceptional items), a more reliable
  • Profitability measures stood at:
    • Adjusted PAT of Rs 6,862 lakh at 11.8% of Total income. Growth of 19.1% QoQ
    • Adjusted EPS at Rs 4.55

Ashok Soota, Chairman & Chief Mentor, said, “Our strong start to Q1FY26 underscores the continued confidence our customers place in us and the impact of our differentiated digital capabilities. As we harness the transformative power of Generative AI and deep tech, Happiest Minds remains steadfast in delivering purposeful innovation and long-term value. With a sharp focus on mindful execution, customer-centricity, and technology leadership, we are well-positioned to sustain double-digit growth for the year and have laid a foundation for achieving three consecutive years of double-digit growth.”

Joseph Anantharaju, Co-Chairman & CEO, said “We have delivered a strong Q1 performance with revenues of USD 64.4 Million, marking 2.3% QoQ and 17.5% YoY growth in constant currency. This momentum reflects the contribution of the ten transformations we have undertaken to drive our growth. Our differentiated capabilities in Generative AI, Data, and Cybersecurity—combined with our verticalized structure—position us as the partner of choice. We remain confident in our ability to scale impact and drive sustainable growth for our clients and stakeholders.”

Venkatraman Narayanan, Managing Director, said, “Even as we continue to invest into AI and strengthen our sales engine, we have delivered 20 quarters of sequential growth with a robust EBITDA of 21.4%. Our unwavering focus remains on driving sustainable growth, enhancing operational efficiency, and consistently creating long-term value for our shareholders.”

Result PDF

IT Consulting & Software company Happiest Minds Technologies announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue in constant currency grew 1.1% QoQ and 27.9% YoY.
  • Operating Revenues in US stood at USD 63 million, growing 0.3% QoQ and 25.6% YoY.
  • Total Income of Rs 57,052 lakh grew 3.0 % QoQ and 28.9% YoY.
  • EBITDA of Rs 10,984 lakh, stood at 19.3% of Total Income. Decline of 6.0% QoQ on account of an unfortunate bad debt of Rs 1,204 lakh while growing 1.5% YoY.
  • PAT of Rs 3,401 lakh 6.0% of Total Income.
  • Adjusted PAT and EPS (adjusted only for non-cash charges and exceptional items), a more reliable profitability measures stand at:
    • Adjusted PAT of Rs 5,668 lakh at 9.9% of Total Income (decline of 4.5% and 13.0% YoY).
    • Adjusted EPS at Rs 3.76.

FY25 Financial Highlights:

  • Revenue in constant currency grew 25.6%.
  • Operating Revenues at US at USD 243.6 million grew 24.2%.
  • Total Income of Rs 216,222 lakh grew 26.4%.
  • EBITDA of Rs 46,224 lakh, at 21.4% of Total income, Absolute growing of Rs 4,102 lakh.
  • PAT of Rs18,466 lakh at 8.5% of Total Income.
  • Adjusted PAT and EPS (adjusted for non-cash charges and exceptional items), a more reliable profitability measure stands at:
    • Adjusted PAT of Rs 24,638 lakh 11.4% of Total Income.
    • Adjusted EPS at Rs 16.37.

Ashok Soota, Chairman & Chief Mentor, said: “Happiest Minds continues to show above-industry-leading growth this fiscal year. The ten strategic transformational changes that we rolled out are shaping Happiest Minds' future. Our strategic initiatives, along with the continued commitment of our teams, have us wellpositioned for strong double-digit organic growth in FY26 and beyond. Economists are projecting a slowdown in some of our largest markets; I want to emphasize that we have healthy pipelines of demand and do not see any recession-driven slowdown.”

Joseph Anantharaju, Co-Chairman & CEO, said: “The transformative initiatives we have launched over the last year are beginning to yield results and are laying a robust foundation for future growth. Our move to a vertical structure has resulted in accelerated growth in several verticals like Healthcare and BFSI. We continue to see an increase in the share of the Healthcare vertical, which saw large new deals totalling USD 20 million from 4 customers and these are likely to be repeated next year. The two transformations that we initiated around GenAI BU and the independent NN hunting team have seen a good buildup in the pipeline that should result in revenue growth. Our other initiatives around High Potential accounts, GCC and Private Equity pursuit are beginning to take hold and should start yielding results in the ensuing quarters.”

Venkatraman Narayanan, MD & CFO, said: “I am extremely happy to report on an annual growth of 26% in constant currency with an EBITDA of 21.4%, the latter, well in line with our guidance. Adjusted for a one-time bad debt and continued investments in Gen AI and Sales teams, Operating margin and EBIDTA continue to be industry leading and comparable to the previous year. PAT and EPS adjusted for acquisition related costs and exceptional item, a reliable measure of performance, continues to remain steady"

Result PDF

IT Consulting & Software company Happiest Minds Technologies announced Q3FY25 results

  • Revenue in constant currency grew 0.8% QoQ and 28.2% YoY.
  • Operating Revenues in USD stood at USD 62.7 million growing 0.5% QoQ and 27.0% YoY.
  • Total Income of Rs 55,376 lakh growing 0.9% QoQ and 27.5% YoY.
  • EBITDA of Rs 11,686 lakh, 21.1% of Total Income (decline of 1.6% QoQ and growth of 11.1% YoY).
  • PAT of Rs 5,010 lakh 9.0% of Total Income (growth of 1.2% and decline of 16.0% YoY).
  • Free cash flows of Rs 11,180 lakh and EPS (diluted) at Rs 3.33.

Ashok Soota, Executive Chairman, said: “Happiest Minds has reported another quarter of strong deal momentum and performance with a revenue growth of 28.2% YoY in constant currency and we are set to report our best performance since IPO in absolute terms.

We launched four transformational initiatives this year which included the acquisitions of Puresoftware and Aureus. The success of the same is evident from our YoY growth. The other three initiatives will accelerate our organic growth in the year ahead. These initiatives are the creation of the GenAI Business Unit, Verticalization into six Industry groups and induction of our Chief Growth Officer.

At our Generative AI Business Services (GBS), we are collaborating with our clients to explore opportunities for leveraging generative AI to enhance business value, efficiency, and productivity. Our goal is to integrate generative AI features into their products, services and provide them with a competitive advantage. The adoption of this promising technology has picked up speed with our customers embarking into enterprisewide adoption. Apart from projects already delivered, we have about 15 projects in a proof-of-concept stage which will lead to significant orders/projects in the next fiscal.

All our transformational initiatives will also ensure superior performance ahead.”

Result PDF

IT Consulting & Software company Happiest Minds Technologies announced H1FY25 & Q2FY25 results

Q2FY25 Financial Highlights:

  • Revenue in constant currency grew 12.7% QoQ and 28.2% YoY.
  • Operating Revenues in USD stood at USD 62.4 million growing 12.3% QoQ and 27.0% YoY.
  • Total Income of Rs 54,867 lakh growing 12.1% QoQ and 27.9% YoY.
  • EBITDA of Rs 11,882 lakh, 21.7% of Total Income (growth of 1.8% QoQ and 13.4% YoY).
  • PAT of Rs 4,951 lakh 9.0% of Total Income (decline of 3.0% QoQ and 15.3% YoY).
  • Free cash flows of Rs 11,612 lakh and EPS (diluted) at Rs 3.29.

H1FY25 Financial Highlights:

  • Revenue in constant currency grew 23.1% YoY.
  • Operating Revenues in USD stood at USD 117.9 million growing 22.0% YoY.
  • Total Income of Rs 103,793 lakh growing 24.5% YoY.
  • EBITDA of Rs 23,553 lakh, 22.7% of Total Income (growth of 13.3% YoY).
  • PAT of Rs 10,054 lakh 9.7% of Total Income (Decline of 13.9% YoY).
  • Free cash flows of Rs 23,181 lakh and EPS (diluted) at Rs 6.68.

Ashok Soota, Executive Chairman, said: “Happiest Minds has delivered our best growth results since the last two years with 12.7% QoQ growth and 28.2% YoY growth. The transformational changes we initiated this year are all gathering momentum. These changes include the acquisition of PureSoftware and Aureus, the creation of our GenAI Business Unit (GBS), hiring a senior leader to expand net new (NN Sales), and creating six Industry Groups, each headed by an Industry Manager. The full impact of all these changes on revenue and growth will become visible in the quarters ahead.”

Result PDF

IT Consulting & Software company Happiest Minds Technologies announced Q1FY25 results:

  • Revenue in constant currency grew 11.4% QoQ and 17.8% YoY 
  • Operating Revenues in USD stood at USD 55.5 million growing 10.9% QoQ and 16.8% YoY
  • Total Income of Rs 48,926 lakh growing 10.6% QoQ and 20.9% YoY
  • EBITDA of Rs 11,671 lakh, 23.9% of Total Income (growth of 7.8% QoQ and 13.3% YoY)
  • PAT of Rs 5,103 lakh 10.4% of Total Income (decline of 29.1% QoQ and 12.5% YoY)
  • Free cash flows of Rs 11,569 lakh and EPS (diluted) at Rs 3.39

Venkatraman Narayanan, MD & CFO, said “The quarter was eventful, and our results for the same include that of our two acquisitions: PureSoftware and Aureus. Our revenues in constant currency grew year over year by 17.8% while EBITDA grew by 13.3%. Variation in PBT and PAT are primarily on account of non-recurring expenses in the current quarter versus a large exceptional write-back in the previous, and increased amortization and financing costs arising from acquisitions.”

Joseph Anantharaju, Executive Vice Chairman, said, “Our sustained growth reflects our resilience and agility to adapt to market conditions quickly. We remain laser-focused on our client's needs and are set to leverage our Industry Groups and recent acquisitions to deliver on our client's strategic imperatives. The newly created Generative AI Business Services (GBS) is also helping us create transformative solutions that are helping customers to further extend their digital journeys.” 

Result PDF

IT Consulting & Software company Happiest Minds Technologies announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

• Revenue in constant currency grew by 1.4% QoQ and 9.5% YoY
• Operating Revenues in USD stood at $50.1 million (growth of 1.4% QoQ: 9.1% YoY)
• Total Income of Rs 44,250 lakh (growth of 1.9% QoQ; 14.5% YoY)
• EBITDA of Rs 10,822 lakh, 24.5% of Total Income (growth of 2.9% QoQ; 7.6% YoY)
• PAT of Rs 7,198 lakh (growth of 20.7% QoQ; 24.8% YoY)
• Free cash flows of Rs 10,744 lakh
• EPS (diluted) for the quarter at Rs 4.79

FY24 Financial Highlights:

• Revenue in constant currency grew by 11% YoY
• Operating Revenues in USD stood at $196.1 million (growth of 10.3% YoY)
• Total Income of Rs 171,003 lakh (growth of 17.9% YoY)
• EBITDA of Rs 42,122 lakh, 24.6% of Total Income (growth of 10.9% YoY)
• PAT of Rs 24,839 lakh (growth of 7.5% YoY)
• Free cash flows of Rs 41,069 lakh
• EPS (diluted) for the full year of Rs 16.73

Venkatraman Narayanan, MD & CFO, said “Happy to report a full year revenue growth in constant currency of 11% and EBITDA of 24.6%. I am proud of our performance especially in the face of a challenging year faced by our industry. Acquisition of PureSoftware Technologies and Macmillan Learning should help us in our growth story while delivering value to all our stakeholders”

Joseph Anantharaju, Executive Vice Chairman, said,“We have onboarded ten new customers and have built up a good sales pipeline for FY25. This, along with the cross-selling opportunities afforded by our acquisitions, we are well positioned for a rewarding FY25. Our Customer Happiness Survey this year has yielded excellent and best net promoterscores, validating our compelling customer value proposition and quality execution.”

Result PDF

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