Bengaluru, India, San Jose, California and London, January 17, 2024: 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 that ended December 31, 2023 as approved by its Board of Directors.

Ashok Soota, Executive Chairman, said “Our results reflect the resilience of our business model which has continued to deliver industry-leading revenue growth in a generally difficult quarter for the industry. We have strengthened our sales engine by creating a focused Gen-AI Business unit. Effective April 2024, we will be creating five Industry Groups, operating as independent profit centers and led by specialized industry managers. We expect these changes to add significantly towards our FY25 growth.

Financial highlights

Quarter ended December 31, 2023

  • Revenue in constant currency grew by 0.8% q-o-q and 9.4% y-o-y
  • Operating Revenues in US$ stood at $49.4 million (growth of 0.5% q-o-q: 9.0% y-o-y)
  • Total Income of ₹ 43,417 lakhs (growth of 1.2% q-o-q; 15.9% y-o-y)
  • EBITDA of ₹ 10,519 lakhs, 24.2% of Total Income (growth of 0.4% q-o-q; 8.2% y-o-y)
  • PAT of ₹ 5,962 lakhs (growth of 2.0% q-o-q; 3.5% y-o-y)
  • Free cash flows of ₹ 9,894 Lakhs
  • EPS (diluted) for the quarter at ₹ 3.96

Nine months ended December 31, 2023

  • Revenue in constant currency grew by 11.5% y-o-y
  • Operating Revenues in US$ stood at $146.1 million (growth of 10.8% y-o-y)
  • Total Income of ₹ 1,26,753 lakhs (growth of 19.1% y-o-y)
  • EBITDA of ₹ 31,300 lakhs, 24.7% of Total Income (growth of 12.0% y-o-y)
  • PAT of ₹ 17,641 lakhs (growth of 1.8% y-o-y)
  • Free cash flows of ₹ 30,323 Lakhs
  • EPS (diluted) for nine months at ₹ 11.89

Venkatraman N, MD & CFO, said “We have delivered healthy growth in profits of 12% in the current nine-month period and have beaten profit guidance for the fifteenth quarter in a row. I would like to reiterate that our growth in profit numbers is despite considering above industry average pay increase, and continued investments in newer technologies.

Joseph Anantharaju, Executive Vice Chairman, said, “With a strong value proposition across cloud, data, analytics, AI, intelligent automation, and cyber security, we are at the center of our customer’s strategic imperatives. This is evidenced by the ten customer additions for the quarter, with our billion-dollar customer count increasing to 59. Being recognized among Top 50 India’s Best Workplaces in IT & IT-BPM 2023 by Great Place To Work® Institute, we remain committed to sustaining a strong, diverse, equitable & inclusive culture for our team.


  • 245 as of December 31, 2023
  • 10 additions in the quarters

Our People – Happiest Minds:

  • 5,246 Happiest Minds as of December 31, 2023
  • Trailing 12 months attrition of 14.1% (14.4% in the previous quarter)
  • Utilization of 76.7%, from 75.6% in last quarter

Key Project Wins:

  • For a global education and learning company, Happiest Minds is building their Gen AI-powered hyper-personalized tutor, study plan generator and assistant platform
  • For one of the largest integrated automotive service companies, Happiest Minds was chosen as their strategic partner to accelerate their cloud journey on Microsoft Azure
  • For an Australian Hi-Tech Company, Happiest Minds has been chosen to build its digital retail platform
  • For an Indian not-for-profit organization in the healthcare sector, Happiest Minds has been chosen to upgrade its proprietary surgical platform to drive better user experience
  • For one of the world’s largest automobile original equipment manufacturer (OEM), Happiest Minds was chosen as a strategic partner to enhance dealer experience and drive omni-channel experience for their customer-facing platform
  • For a leading property marketplace in South Asia, Happiest Minds is the preferred partner to upgrade its customer-facing platform
  • For a global manufacturer of materials-handling equipment, this consulting-led engagement entails Happiest Minds to advise and build their data platform.

Award Wins:

  • Happiest Minds is recognized among ‘Top 50 India’s Best Workplaces in IT & IT-BPM 2023 by Great Place To Work® Institute
  • Happiest Minds recognized among 100 Best Companies for Women in India 2023 by Avtar and Seramount
  • Happiest Minds was awarded the GOLD award for its 2023 Integrated Annual Report from the League of American Communication Professionals (LACP)
  • Happiest Minds’ Integrated Annual Report 2022 won Gold at the SAFA Best Presented Annual Report Awards
  • Happiest Minds won ‘India’s Fittest Disruptors 2023’ Award
  • Happiest Minds was recognized as ‘Procurement Organization of the Year’ at the 8th Annual ISM-INDIA Conference and CPO Awards 2023

Analyst Mentions:

  • Happiest Minds is ‘Niche & Established’ in Digital Engineering and ER&D Services – Generative AI Engineering Services – Zinnov Zones
  • Happiest Minds is ‘Leader’ in Digital Engineering and ER&D Services – Enterprise Software – Zinnov Zones
  • Happiest Minds is ‘Leader’ in Digital Engineering and ER&D Services – Consumer Software – Zinnov Zones
  • Happiest Minds is ‘Leader’ in Digital Engineering and ER&D Services – Software Platform Engineering – Zinnov Zones
  • Happiest Minds is ‘Leader’ in Digital Engineering and ER&D Services – Small and Medium Service Providers – Zinnov Zones
  • Happiest Minds is ‘Aspirant’ in Lending IT Services PEAK Matrix® Assessment 2023 – Everest Group
  • Happiest Minds is ‘Aspirant‘ in Cloud Services in Insurance PEAK Matrix® Assessment 2023 – Everest Group
  • Happiest Minds is featured in ‘Transforming the Banking Industry with ESG Services’ – Nelson Hall

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 Product & Digital Engineering Services (PDES), Generative AI Business Services (GBS) and Infrastructure Management & Security Services (IMSS). 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. The company has been recognized for its excellence in Corporate Governance practices by Golden Peacock and ICSI. 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]