Corporate NewsNews

Happiest Minds grows 6.0% sequentially in dollar terms. EBITDA margin rises to 29.7%

Happiest Minds Technologies, a  digital transformation and IT solutions company, announced its consolidated results today for the third quarter ended December 31, 2020 as approved by its Board of Directors.


Q3 FY 21 Q2 FY 21


Q3 FY 20



9M FY 21 9M FY 20


Revenue ($’000)

26,202 24,712 6.0% 24,085 8.8% 74,358 72,735 2.2%

Revenue (₹ lakhs)

20,129 18,791 7.1% 17,557 14.6% 57,433 52,402 9.6%

EBITDA (₹ lakhs)

5,969 4,939 20.9% 2,811 112.3% 15,690 8,749 79.3%


29.7% 26.3% 337 bps 16.0% 1364 bps 27.3% 16.7% 1062 bps

PAT (₹ lakhs)

4,215 3,408 23.7% 2,138 97.1% 12,641 6,641 90.3%


20.9% 18.1% 280 bps 12.2% 876 bps 22.0% 12.7% 934 bps

 Joseph Anantharaju, Exec. Vice Chairman and CEO – Product Engineering Services, Happiest Minds Technologies said, “We have a strong deal pipeline on the back of increasing market demand and are thankful to all our customers for the trust they have reposed in us. Our people are our key strength and they continue to play a critical role in our growth and ensuring customer delight “.

Venkatraman Narayanan, Managing Director & CFO, Happiest Minds Technologies said, “We are indeed happy to deliver another successful quarter showing good growth in revenue and profits. Revenues in US dollar terms grew YoY by 8.8% and QoQ by 6.0% while our profits after tax have grown YoY by 97.1% and QoQ by 23.7%. We continue to maintain and improve on key capital return ratios which are key to increasing our shareholder and stakeholder value”.

Financial highlights:

Quarter ended December 31, 2020

  • Operating Revenues stood at $26.2 million (growth of 6.0% q-o-q ; 8.8% y-o-y)
  • Total Income stood at ₹ 20,129 lakhs (growth of 7.1% q-o-q ; 14.6% y-o-y)
  • EBITDA stood at ₹ 5,969 lakhs, 29.7% of Total Income (growth of 20.9 % q-o-q ; 112.3% y-o-y)
  • PAT at ₹ 4,215 lakhs (growth of 23.7 % q-o-q; 97.1% y-o-y)
  • Diluted EPS for 9 months stood at ₹ 8.95
  • Free cash flows of ₹ 5,920 lakhs for the quarter
  • RoCE & RoE (annualized) for the nine months stood at 36.2% and 33.2% respectively



  • 155 as of December 31, 2020;
  • 6 additions during the quarter
  • 2,885 Happiest Minds as of December 31, 2020 (net addition during the quarter of 164);
  • Trailing 12 months attrition of 13.1%
  • Utilization of 81.6%, up from 78.7% in Q2 FY21.

Key Project Wins:

  • For a US Fortune 500 Engineering Giant on an Industry 4.0 transformation, Happiest Minds leveraged virtual voice assistants to converse and retrieve asset monitoring and performance metrics of various IoT devices at customer sites
  • For US K12 EduTech company, Happiest Minds is leveraging augmented reality to enrich curriculum contents and provide new age learning experience to students; also providing engineering services to enhance their adaptive remediation platform.
  • For an APAC based sports-tech startup, Happiest Minds was selected to build a sensor-enabled device that captures player movements, analyze, and provide insights for better performance
  • For a retail-tech company in ANZ, Happiest Minds has been chosen to implement automated service desk for its order orchestration platform which is used by leading retailers of the world
  • For a global leader in construction and infrastructure services and monitoring company in Europe, this multi-year deal entails Happiest Minds to provide end-to-end cloud based IoT, Edge Digital Platform for asset monitoring and tracking performance for infrastructure assets globally including laying the foundations for Automation, Analytics & Digital Twins
  • For a large professional services company in Europe, this multi-year deal entails Happiest Minds to deliver a ‘customized to process’ service desk chat-bot commercially ‘as-a-Service’ which reduces human intervention and becoming the primary channel for user assistance


  • Recognized by Intel’s Winners’ Circle Program as a Solution Plus partner for contributing towards the acceleration of 5G and virtual network transformation
  • Awarded ‘Diversity & Inclusion Company of the Year by Women Leadership Forum of Asia. Also recognized for best D&I Awareness Campaign and best D&I Talent Management Practice
  • Awarded Jalarushi Puraskar by Bangalore’s Water Authority for implementing environment friendly initiatives towards water conservation.

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