Happiest Minds Technologies Limited , a digital transformation and IT solutions company, has announced strong financial results for the first quarter, demonstrating robust growth and profitability.

Key Financial Highlights

• Revenue reached $64.40 million, growing 2.3% quarter-on-quarter and 17.5% year-on-year in constant currency
• Total income stood at ₹57,993.00 lakhs, up 1.7% q-o-q and 18.5% y-o-y
• EBITDA of ₹12,405.00 lakhs, representing 21.4% of total income
• Profit After Tax (PAT) of ₹5,713.00 lakhs, 9.9% of total income
• Adjusted PAT of ₹6,862.00 lakhs, 11.8% of total income

Operational Performance

Happiest Minds continued to expand its client base and maintain strong operational metrics:

• Active clients increased to 285, with 17 new additions in Q1
• Employee count stood at 6,523
• Utilization rate improved to 78.9% from 77.3% in the previous quarter
• Trailing 12-month attrition rate at 18.2%

Strategic Wins and Partnerships

The company secured several key wins across various sectors:

• Custom-building solutions for a Global Home Improvement Retail Chain
• Providing Gen AI services for a Multinational Logistics Company
• Implementing a database transformation program for a US Healthcare company
• Partnering with an Australian Furniture & Homewares retailer for data platform modernization

Management Commentary

Ashok Soota, Chairman & Chief Mentor, emphasized the company's focus on Generative AI and deep tech, stating, "We are well-positioned to sustain double-digit growth for the year and have laid a foundation for achieving three consecutive years of double-digit growth."

Joseph Anantharaju, Co-Chairman & CEO, highlighted the company's strong performance, noting, "Our differentiated capabilities in Generative AI, Data, and Cybersecurity—combined with our verticalized structure—position us as the partner of choice."

Venkatraman Narayanan, Managing Director, pointed out the company's consistent growth, saying, "We have delivered 20 quarters of sequential growth with a robust EBITDA of 21.4%."

Industry Recognition

Happiest Minds' performance and capabilities have been recognized by industry analysts:

• Named among 'Seasoned Vendors' in AIM Research's PeMa Quadrant for Data Engineering Service Providers
• Positioned as 'Aspirants' in Everest Group's Intelligent Process Automation (IPA) Solutions PEAK Matrix® Assessment

The company also won the CNBC-TV18 India Risk Management Award, further validating its operational excellence.

With its strong financial performance, expanding client base, and focus on cutting-edge technologies, Happiest Minds Technologies appears well-positioned for continued growth in the digital transformation and IT solutions market.

Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a digital transformation and IT solutions company, has announced robust financial results for the first quarter, ending June 30.

Key Financial Highlights

• Revenue reached $64.40 million, marking a 2.3% quarter-on-quarter and 17.5% year-on-year growth in constant currency.
• Total income stood at ₹57,993.00 lakhs, up 1.7% quarter-on-quarter and 18.5% year-on-year.
• EBITDA reported at ₹12,405.00 lakhs, representing 21.4% of total income.
• Profit After Tax (PAT) was ₹5,713.00 lakhs, constituting 9.9% of total income.
• Adjusted PAT, excluding non-cash charges and exceptional items, reached ₹6,862.00 lakhs, or 11.8% of total income.
• Adjusted Earnings Per Share (EPS) stood at ₹4.55.

Operational Performance

The company demonstrated strong operational metrics:

• Active client base grew to 285, with 17 new additions in Q1.
• Employee count reached 6,523 Happiest Minds.
• Trailing 12-month attrition rate improved to 18.2% from 16.6% in the previous quarter.
• Utilization rate increased to 78.9% from 77.3% in the last quarter.
• Digital revenue mix maintained at 94.4%.

Strategic Wins and Partnerships

Happiest Minds secured several key projects across various sectors:

• Custom-building solutions for a Global Home Improvement Retail Chain's Finance and IT programs.
• Providing Gen AI services for a Multinational Logistics Company to boost innovation and productivity.
• Partnering with Tech4TH to implement a next-gen customer interaction platform for a US Airport.
• Implementing a large-scale database transformation program for a US Healthcare company, migrating from on-premises to AWS Cloud.
• Chosen as an implementation partner for GenAI workflow automation by a US-based Insurance & Financial solutions company.
• Building an LMS platform for a US Education Training provider.
• Providing IT infrastructure and cybersecurity services for an Australian Mining Services company.
• Collaborating on data platform modernization for an Australian Furniture & Homewares retailer.

Management Commentary

Ashok Soota, Chairman & Chief Mentor, expressed confidence in the company's digital capabilities and its focus on Generative AI and deep tech. He stated, "We are well-positioned to sustain double-digit growth for the year and have laid a foundation for achieving three consecutive years of double-digit growth."

Joseph Anantharaju, Co-Chairman & CEO, highlighted the company's strong Q1 performance and attributed it to their differentiated capabilities in Generative AI, Data, and Cybersecurity, combined with a verticalized structure.

Venkatraman Narayanan, Managing Director, emphasized the company's consistent growth, noting, "We have delivered 20 quarters of sequential growth with a robust EBITDA of 21.4%."

Leadership Re-appointments and Corporate Actions

The board of directors approved the following key decisions:

• Re-appointment of Joseph Anantharaju as Co-Chairman & CEO for a five-year term from November 2025 to November 2030.
• Re-appointment of Venkatraman Narayanan as Managing Director for a five-year term from November 2025 to November 2030.
• Approval of a scheme of amalgamation with the wholly-owned subsidiary Aureustech Systems Private Limited.

Recognition and Industry Standing

Happiest Minds' performance and capabilities have been recognized in the industry:

• Won the CNBC-TV18 India Risk Management Award.
• Ranked among 'Seasoned Vendors' in AIM Research's PeMa Quadrant for Data Engineering Service Providers.
• Classified as 'Aspirants' in Everest Group's Intelligent Process Automation (IPA) Solutions PEAK Matrix® Assessment.

The company's strong start reflects its continued focus on digital transformation, strategic partnerships, and emerging technologies like Generative AI, positioning it for sustained growth in the evolving IT services landscape.