Happiest Minds reports Industry leading growth of 11.6% y-o-y in constant currency backed by a strong EBITDA margin of 24.4%


Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a ‘Born Digital. Born Agile’, digital transformation and IT solutions company, today announced its consolidated results for the second quarter ended September 30, 2023 as approved by its Board of Directors.

Ashok Soota, Executive Chairman, said “Happiest Minds continues to lead the industry on growth and profitability metrics. We have yet again delivered a quarter of superior performance on all fronts. Separately, I would like to express my gratitude to all Happiest Minds and stakeholders on completing our 12th anniversary.

We had given revenue growth guidance for the year of 25% without making a distinction between organic and inorganic growth. Based on an assessment of market trends we are revising our revenue growth guidance for the year to 12% on an organic basis. Additional growth, if any, due to acquisition will be over and above this guidance. We retain our EBITDA guidance of 22% to 24% and remain committed to our long-term growth aspiration of becoming a billion-dollar enterprise by 2031.

I am happy to announce a major new organizational and strategic initiative for Happiest Minds. We are starting with immediate effect a Generative AI business unit (GBS) to capitalize on the transformative impact of Generative AI. The existing PES and DBS businesses will get combined into the PDES business unit. There will be no change in IMSS. We will therefore retain 3 BUs: PDES, IMSS and GBS.”

Financial highlights

Quarter ended September 30, 2023

  • Revenue in constant currency grew by 3.6% q-o-q and 11.6% y-o-y
  • Operating Revenues in US$ stood at $49.1 million (growth of 3.3% q-o-q: 10.8% y-o-y)
  • Total Income of ₹ 42,883 lakhs (growth of 6.0% q-o-q; 19.3% y-o-y)
  • EBITDA of ₹ 10,482 lakhs, 24.4% of Total Income (growth of 1.8% q-o-q; 11.1% y-o-y)
  • PAT of ₹ 5,846 lakhs (growth of 0.2% q-o-q; de-growth of 1.6% y-o-y)
  • Free cash flows of ₹ 10,296 Lakhs
  • EPS (diluted) for the quarter of ₹ 3.90

Half year ended September 30, 2023

  • Revenue in constant currency grew by 12.7% y-o-y
  • Operating Revenues in US$ stood at $96.7 million (growth of 11.7% y-o-y)
  • Total Income of ₹ 83,336 lakhs (growth of 20.9% y-o-y)
  • EBITDA of ₹ 20,781 lakhs, 24.9% of Total Income (growth of 14.1% y-o-y)
  • PAT of ₹ 11,679 lakhs (growth of 0.9% y-o-y)
  • Free cash flows of ₹ 20,429 Lakhs
  • EPS (diluted) for half year of ₹ 7.92

Financial results of Q2 for FY’24

All amounts in ₹ Lakhs unless stated otherwise


Q2 FY 24

Q1 FY 24


Q2 FY 23


HY 24

HY 23





4.0 %


14.4 %



16.5 %

Other Income 






Total Income



6.0 %


19.3 %



20.9 %




1.8 %


11.1 %



14.1 %


24.4 %

25.5 %

26.3 %

24.9 %

26.4 %




0.6 %


(1.2) %



1.4 %


18.5 %

19.4 %

22.3 %

18.9 %

22.6 %








4.8 %

5.0 %

5.8 %

4.9 %

5.8 %




0.2 %


(1.6) %



0.9 %


13.6 %

14.4 %

16.5 %

14.0 %

16.8 %

Revenues ($’000)



3.3 %


10.8 %



11.7 %

Growth in Constant Currency

3.6 %

11.6 %

12.7 %

Venkatraman N, MD & CFO, said “Our results reflect our ability to deliver industry leading performance. Our total Income for the quarter and half year have crossed $50M and $100M respectively, while delivering higher than EBITDA guidance for the fourteenth quarter in a row. Pertinent to note is that our results incorporate above industry-average pay increases, payment of variable pay, and strong net people additions, all areas where we have seen divergence in approach taken by other industry participants. In line with our progressive dividend policy the Board has approved an Interim dividend of ₹2.50 per equity share.”

Joseph Anantharaju, Executive Vice Chairman, said “I am extremely pleased to share another period of sustained growth with quality execution and delivery. The quarter saw significant operational improvements with utilization increasing while attrition continued to drop to 14.4% on a trailing twelve months basis. Our customers continue to trust us with their digital transformation initiatives based on our expertise in core and disruptive technologies like cloud, data, analytics, AI, DevOps, and Computer vision. We continued to make progress on our GenAI strategy engaging with multiple customers in formulating and implementing their GenAI roadmap with a dedicated trained team of GenAI experts.”


  • 244 as of September 30, 2023
  • 7 additions in the quarter

Our People – Happiest Minds:

  • 5,285 Happiest Minds as of September 30, 2023 (net addition for the quarter 237)
  • Trailing 12 months attrition of 14.4% (16.6% in the previous quarter)
  • Utilization of 75.6%, from 74.6% in last quarter

Q2 FY24 Key Project Wins:

  • For a large and global online retailer and hyperscaler, Happiest Minds was chosen to design interactive user interfaces and to provide automation services for their IoT division
  • For a global fabless semiconductor company specializing in 5G and cellular networks, Happiest Minds was chosen to provide ASIC Design & Verification services
  • For a large utilities company in the United States, this new win entails Happiest Minds to be a key partner for providing data engineering and governance services
  • For a multibillion-dollar enterprise in the energy distribution sector, Happiest Minds was chosen to transform their document management systems for automated retention, intelligent search and faster retrieval next generation digital platforms
  • For an industrial internet platforms provider specializing in AI, IoT, and big data technologies, this new win entails Happiest Minds to build their data platform for their farm-to-table process
  • For a US based networking services company, Happiest Minds was chosen to transform their service delivery platform to drive user experience and end user outcomes
  • For a leading warehouse club operator in the United States, Happiest Minds is engaged in providing security assessment services which includes threat modelling and application Security
  • For a large Australian consumer durables retailer, Happiest Minds is engaged in providing business intelligence and data visualization services
  • For a large ANZ based retail property group, Happiest Minds is engaged in delivering performance testing & vulnerability assessment
  • For a Southeast Asian Bottling company, Happiest Minds is engaged in setting up their automation Center of Excellence leveraging Microsoft Power Platform

Award Wins:

  • Happiest Minds’ work for DoubleVerify has been recognized by ISG as Standout in the 2022 Digital Case Study Awards
  • Happiest Minds is recognized among ‘Top 50 India’s Best Workplaces for Women™ 2023′ by Great Place To Work® Institute
  • Happiest Minds was awarded as ‘Cybersecurity Champion of the Year‘ at 100 CISO Forum – Summit & Awards 2023, Dubai
  • Happiest Minds won ‘IBM THINK Partner Excellence Award (Top Partner)‘ Trailblazers of 2023

Analyst Mentions

  • Happiest Minds is ‘Top 5 Challenger’ in Engineering Services 2023 – Everest
  • Happiest Minds is ‘Challenger’ in EUCS Services 2023 – Avasant
  • Happiest Minds is ‘Aspirant’ in IAM Services 2023 – Everest
  • Happiest Minds is among ‘Inspiring Firms in AI & Analytics’ at the 3AI Generative AI Conclave

Announcements :

  • The Board of Directors of the Company at their meeting held on October 17, 2023 has recommended an interim dividend of ₹ 2.50 per equity share of face value ₹ 2/- for the financial year 2023-24. Record date for the purpose of interim dividend has been fixed on October 30, 2023, and the dividend will be paid on and after November 13, 2023.

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


Happiest Minds wins Platinum and Gold Awards for its 2021 Annual Report from League of American Communication Professionals (LACP)


Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a ‘Born Digital. Born Agile’, Mindful IT Company, today announced winning Platinum and Gold awards at the LACP Spotlight 2021 Awards. The Happiest Minds Annual Report 2020-21 won the highest award – Platinum; and the CSG and ESG reporting each bagged Gold awards. The Company’s annual report is ranked 24th globally and 1st among Indian companies.

Venkatraman Narayanan, MD and CFO, Happiest Minds

said, “This award is testimony to the high levels of disclosures and governance practices adopted by us. We are thrilled that our very first Annual Report (after going public and being listed on BSE & NSE, through a very successful public offering) has been ranked #24 globally and #1 in India. Past and current winners of these awards include who’s who of the Global Corporate World, and to be a part of such a hallowed list as a young company makes this win even sweeter. We will continue to set higher benchmarks in our quest towards continued excellence, disclosures and governance.”

League of American Communications Professionals (LACP) Spotlight Awards established in 2001, aims to facilitate discussion on best-in-class practices observed in the communications domain and recognizing those who demonstrate exemplary communications capabilities. Happiest Minds’ Annual reports won top scores across the evaluation parameters of overall narrative, overall visual design, creativity, message clarity and perceived relevance; scoring 99 out of 100. The company’s win is among an elite group of the who’s who of global Fortune companies.