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 today for the third quarter ended December 31, 2021 as approved by its Board of Directors.

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 5.5% q-o-q; 44.2% y-o-y)
  • Total Income of ₹ 29,228 lakhs (growth of 6.6% q-o-q; 45.2% y-o-y)
  • EBITDA of ₹ 7,631 lakhs, 26.1% of Total Income (growth of 8.8% q-o-q; 27.8% y-o-y)
  • PAT of ₹ 4,892 lakhs (growth of 10.1% q-o-q; 16.1% y-o-y)
  • Free cash flows of ₹ 7,585 lakhs
  • EPS (diluted) for the quarter of ₹ 3.38 (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 43.6% y-o-y)
  • Total Income of ₹ 82,027 lakhs (growth 42.8% y-o-y)
  • EBITDA of ₹ 21,258 lakhs, 25.9% of Total Income (growth of 35.5% y-o-y)
  • PAT of ₹ 12,909 lakhs (growth of 2.1% y-o-y)
  • Free cash flows of ₹ 20,897 lakhs
  • EPS (diluted) for half year ₹ 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 21.1%
  • 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 multiyear, 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
  1. Leader for Enterprise Software
  2. Leader for ER&D (Small & Medium Service Providers)
  3. Niche-Established for AI Engineering
  4. 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 Nite.

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

About Happiest Minds Technologies:

Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a Mindful IT Company, enables digital transformation for enterprises and technology providers by delivering seamless customer experiences, business efficiency and actionable insights. We do this by leveraging a spectrum of disruptive technologies such as: artificial intelligence, blockchain, cloud, digital process automation, internet of things, robotics/drones, security, virtual/augmented reality, etc. Positioned as ‘Born Digital . Born Agile’, our capabilities span digital solutions, infrastructure, product engineering and security. We deliver these services across industry sectors such as automotive, BFSI, consumer packaged goods, e-commerce, EduTech, engineering R&D, healthcare, hi-tech, manufacturing, retail and travel/transportation/hospitality.

A Great Place to Work-Certified™ company, Happiest Minds is headquartered in Bangalore, India with operations in the U.S., UK, Canada, Australia and Middle East.

Safe harbor

This release may contain certain forward-looking statements, which involves risks and uncertainties that could cause our future results to differ materially from those in such forward-looking statements. The COVID-19 pandemic could decrease our customers’ technology spend, delaying prospective customers’ purchasing decisions, and impact our ability to provide services; all of which could adversely affect our future revenue, margin, and overall financial performance. Our operations could also be negatively impacted by a range of external factors not within our control including those due to the pandemic. We do not undertake to update any of our forward-looking statements that may be made from time to time by us or on our behalf.

For more information, contact:

Media Contact: [email protected]

Investors Relations: [email protected]