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companylogoHappiest Minds Technologies Ltd

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BSE Code : 543227 | NSE Symbol : HAPPSTMNDS | ISIN : INE419U01012 | Industry : Computers - Software - Medium / Small |


Chairman's Speech

Dear Stakeholders,

In FY 2024-25, your Company has delivered an exceptional performance for the year with constant currency growth of 25.6%, which makes the reported fiscal performance the best year since our IPO in absolute terms. The growth was backed by a superior margin profile, which we have maintained in our guided range for 19 quarters in a row.

We began a journey of a new growth phase for Happiest Minds in FY 2024-25 with a series oftransformational changes. These ten initiatives have created a foundation for three consecutive years of double-digit growth through innovation, integration and industry expertise.

1. On March 19th 2025, we announced our new apex organizational structure: Joseph Anantharaju as our Co-Chairman and CEO; Ashok Soota as Chairman & Chief Mentor and Venkatraman Narayanan as Managing Director.

Joseph has been part of Happiest Minds since its inception and will drive Happiest Minds towards accelerating profitable growth and strategic strength. The current Executive Board will maintain continuity this year while we transition to a next-generation leadership team focused on long-term profitable growth. We also expanded our Board of Directors with the appointment of Mittu Sridhara as an Independent Director and Rajiv Shah as the Executive Director.

2. We completed two acquisitions, Pure Software and Aureus, whose results were integrated in Q1 of FY 2024-25. The acquisitions have given a fillip to growth and helped us deliver well above the industry average fiscal performance. We have acquired the Middle East business of GAVS Technologies Limited in Feb 2025. The transaction aims to consolidate existing customer relations in the region along with a local delivery team with expertise in application development, maintenance, and infrastructure services.

Three more transformational changes followed in the second halfofFY 2024-25. We did say these changes would begin to make an impact in FY 2025-26, which you will see starting from this fiscal.

3. Reorganizing Happiest Minds on an Industry Group (IG) wise basis: Banking, Financial Services & Insurance (BFSI); EdTech; Healthcare & Life Sciences; Hi-Tech, Media & Entertainment, PSO; Industrial, Manufacturing, Energy & Utilities; and Retail, CPG & Logistics. We welcomed Balasubramanian K as the Head of the Hi-Tech, Media & Entertainment and PSO Industry Group.

4. Being the very first Company to recognize the potential of GenAI by creating an independent business unit headed by Sridhar Mantha, a Happiest Minds veteran and our erstwhile CTO for 12 years. The adoption of GenAI has picked up speed, with our customers embarking on enterprise-wide adoption. Apart from projects already delivered, we have about 15 projects in a proof-of- concept stage which will leadto significant orders/projects in the next fiscal.

5. We appointed Chief Growth Officer, Maninder Singh, with the responsibility for net new sales. Maninder's team is already making visible impact by bringing in new

logos. These transformational changes will show great growth in FY 2025-26 and even more so in FY 2026-27, assuring us of healthy organic growth in FY 2025-26 and then FY 2026-27.

6. Private Equity (PE) firms have become increasingly influential, with Happiest Minds seeing a significant rise in PE-owned customers. We are shifting from tactical to strategic engagement with PE firms, appointing a senior leader to lead this effort. Our offerings will support both PE firms and their portfolio companies, including due diligence, post-acquisition roadmaps, security risk management, modernization, innovation consulting, cost optimization, GenAI adoption, and integration of acquired entities. We will leverage existing customer relationships to build these connections and deliver tailored solutions.

7. Over the past decade, our ‘land and expandRs.strategy has grown many accounts to US$ 2-3 Mn, with some reaching US$ 5-10 Mn. Our goal is to scale key accounts to US$ 20 Mn and create more US$ 5-10 Mn clients by investing in dedicated Client Partners, aligning incentives, and prioritizing these accounts. The formation of a dedicated NN sales team has freed up bandwidth to enable this focus.

8. We also see strong potential in the expanding Global Capability Center (GCC) segment. We will tailor our offerings based on GCC maturity - from strategy and compliance support for new GCCs to innovation, modernization, and data-driven value creation for established centers.

9. As the IT industry has come under pressure in recent years, we have been feeling that it needs to be strengthened by a Products & SaaS Solutions approach. We were fortunate in gaining one such product, Arttha in the BFSI space through our acquisition of Pure Software.

As we chart our path ahead,our focus remains on achieving sustainable and profitable growth by enhancing our technological expertise, expanding into key markets, and building deeper, long-term partnerships with our customers.

A product team has been enhancing the product capability and moving to a SaaS platform. Both the product and the SaaS solution will co-exist. We plan to create a separate P&Land invest in market-specific features and go-to-market strategies for India, while expanding internationally into Europe and North America through partnerships and enhanced digital banking capabilities.

10. We have developed exceptional capabilities in bioinformatics, which are unparalleled in the industry, with in-house experts in areas like molecular biology, data scientists, engineers, and healthcare domain specialists. Additionally, we work with leading medical research communities, some from prestigious institutions in India and abroad. The tenth and final transformational change is our revolutionary healthcare product, which is expected to be available for launch by Q1 FY 2026-27. At this time, we have the Board of DirectorsRs.permission to make a directional statement. The final decision to include this in our offerings will be taken by our Board only when the business plan is ready towards the end of FY 2025-26. Lest there is a fear that development of the product will require large capital expenditure and strain our resources, let us assure you that even

in the first full year, the business will run on a cash-positive basis. It is also important to mention that our product is being developed through the unique bio-informatics capability of Happiest Minds, of which we have been speaking during the last year.

As we chart our path ahead, our focus remains on achieving sustainable and profitable growth by enhancing our technological expertise, expanding into key markets, and building deeper, long-term partnerships with our customers. By embracing an inclusive work culture and adhering to the highest standards of corporate governance, we are creating lasting value for our stakeholders and shaping a responsible, resilient organization for the future.

We extend our sincere appreciation to our customers for their continued trust and confidence in Happiest Minds, as well as to our delivery teams for their tireless efforts in ensuring customer satisfaction. We also want to thank all our support teams for keeping our operations seamless. Our gratitude goes to our Board of Directors, shareholders, and all stakeholders for their supportive guidance in shaping our journey.

We wish you all good health, happiness, and success.

With warm regards,

Ashok Soota

Chairman & Chief Mentor

Joseph Anantharaju

Co-Chairman & CEO

   

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