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