==> picture [185 x 68] intentionally omitted <==

Happiest Minds Technologies Limited (formerly known as Happiest Minds Technologies Pvt Ltd) Regd. Office : #53/1-4, Hosur Main Road, Madivala, Bangalore-560068, Karnataka, India CIN of the Co. L72900KA2011PLC057931 P: +91 80 6196 0300, F: +91 80 6196 0700 www.happiestminds.com

May 12, 2021

Listing Compliance & Legal Regulatory BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai 400 001 Stock Code: 543227

Listing & Compliance National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex Bandra East, Mumbai 400 051 Stock Code: HAPPSTMNDS

Dear Sir/Madam,

Sub: Outcome of the Board Meeting held on May 12, 2021

We wish to inform that the Board of Directors of the Company at its meeting held today i.e., May 12, 2021, has approved the audited financial statements of the Company (both standalone and consolidated) prepared in accordance with Indian Accounting Standards (IndAS) for the quarter and financial year ended as on March 31, 2021 and recommended a final dividend of Rs.3/- per equity share of Rs.2/- each for the financial year ended March 31, 2021, subject to the approval of the members at the ensuing 10[th] Annual General Meeting of the Company (AGM).

Further, the AGM has been scheduled on Wednesday, July 7, 2021 through Video Conference / Other Audio-Visual means without the physical presence of the members at a common venue. The Register of Members of the Company will be closed from Thursday, July 1, 2021 to Wednesday, July 7, 2021 (both days inclusive) for the purpose of AGM, annual closing and for determining entitlement of members for the final dividend for FY’21. The record date for payment of final dividend would be June 30, 2021 and the dividend approved by the members will be paid on and after 12th July, 2021.

We hereby declare that S.R Batliboi & Associates LLP, Chartered Accountants (FRN101049W/E300004), Statutory Auditors of our Company, have issued the Auditor’s Report with unmodified opinion on the audited financial results of the Company (Standalone and Consolidated).

A copy of the said Financial Results, Investor presentation and Press release are enclosed herewith. The Board meeting commenced at 8.45 pm and concluded at 9.30 pm.

This is for your information and records.

Thanking you, Yours faithfully,

==> picture [81 x 83] intentionally omitted <==

For Happiest Minds Technologies Limited

==> picture [89 x 35] intentionally omitted <==

Praveen Kumar Darshankar Company Secretary & Compliance Officer Membership No. F6706

Happiest Minds Technologies Limited

CIN : L72900KA2011PLC057931

Regd. Office:#53/1-4, Hosur Main Road, Madivala (next to Madivala Police Station) Bangalore 560 068, Karnataka, India Website: www.happiestminds.com , Email: [email protected] , Tel: +91 80 6196 0300

Statement of Audited C
I. Revenue
(a) Revenue from contracts with customers
(b) Other income
Total revenue
II. Expenses
(a) Employee benefits expense
(b) Finance costs
(c) Depreciation and amortisation expense
(d) Other expenses
Total expenses
III. Profit before exceptional items and tax (I-II)
IV. Exceptional items (refer note 9)
V. Profit before tax (III-IV)
VI. Tax expense
Current tax
Tax expense for earlier periods
Deferred tax charge / (credit)
VII. Profit for the period / year (V-VI)
VIII. Other comprehensive income, net of tax [(loss)/profit]
(i) Item to be reclassified to profit or loss in subsequent
periods / year
Exchange difference on translating the financial
statements of a foreign operation
Net movement on effective portion of cash flow
hedges [gain/(loss)]
Income tax effect
(ii) Item not to be reclassified to profit or loss in
subsequent periods / year
Re-measurement gains/ (losses) on defined
benefit plans
Income tax effect
IX. Total comprehensive income for the period / year (VII-VIII)
X. Paid-up equity share capital (Rs. 2/- each)
XI. Other equity
XI. Earnings per share ("EPS") (of Rs. 2/- each) (not annualised
for quarters):
Basic EPS (Rs.)
Diluted EPS (Rs.)
Particulars

(Rs. in lakhs)
onsolidated Financial Results for the quarter and year ended March 31, 2021
Quarter ended
March 31, 2021
December 31, 2020
March 31, 2020
March 31, 2021
March 31, 2020
(refer note 2)
(refer note 2)
(Audited)
(Unaudited)
(Unaudited)
(Audited)
(Audited)
22,071
19,284
18,635
77,341
69,821
303
845
386
2,424
1,602
22,374
20,129
19,021
79,765
71,423
12,292
11,029
12,418
45,238
44,123
225
126
206
697
802
734
516
511
2,274
2,023
4,199
3,131
4,040
12,954
15,988
17,450
14,802
17,175
61,163
62,936
4,924
5,327
1,846
18,602
8,487
-
-
1,126
-
1,126
4,924
5,327
720
18,602
7,361
889
1,105
172
3,527
172
-
-
18
-
18
430
7
-
(1,171)
-
3,605
4,215
530
16,246
7,171

18
-
(9)
22
(12)

(7)
127
(947)
1,236
(967)
2
(32)
-
(127)
-
40
(65)
(52)
(144)
(139)
(10)
16
-
36
-
3,648
4,261
(478)
17,269
6,053
2,837
2,831
879
2,837
879
51,762
25,652
2.55
2.98
0.49
11.75
7.04
2.48
2.89
0.39
11.45
5.36
Year ended

==> picture [83 x 84] intentionally omitted <==

==> picture [93 x 22] intentionally omitted <==

==> picture [115 x 16] intentionally omitted <==

----- Start of picture text -----

Happiest Minds Technologies Limited
CIN : L72900KA2011PLC057931
----- End of picture text -----

Regd. Office:#53/1-4, Hosur Main Road, Madivala (next to Madivala Police Station) Bangalore 560 068, Karnataka, India Website: www.happiestminds.com , Email: [email protected] , Tel: +91 80 6196 0300

==> picture [445 x 519] intentionally omitted <==

----- Start of picture text -----

Audited Consolidated Statement of Assets and Liabilities as at March 31, 2021
(Rs. in lakhs)
As at As at
Sl No Particulars March 31, 2021 March 31, 2020
(Audited) (Audited)
ASSETS
A Non-current assets
Property, plant and equipment 69 93
Capital work-in-progress 14 -
Goodwill 7,644 610
Other intangible assets 2,966 72
Right-of-use assets 2,150 3,006
Intangible assets under development - 17
Financial assets:
i. Loans 349 767
ii. Other financial assets 2,109 368
Income tax assets (net) 1,408 1,335
Other assets 7 33
Deferred tax assets, net 1,026 -
Total non-current assets 17,742 6,301
B Current assets
Financial assets
i. Investments 39,148 8,337
ii. Trade receivables 12,192 11,487
iii. Cash and cash equivalents 8,583 4,353
iv. Bank balance other cash and cash equivalent 5,935 14,607
v. Loans 812 100
vi. Other financial assets 6,450 4,570
Other assets 1,333 1,060
Total current assets 74,453 44,514
Total assets (A+B) 92,195 50,815
EQUITY AND LIABILITIES
C Equity
Equity share capital 2,837 879
Instruments entirely in the nature of equity - 3,634
Other equity 51,762 22,018
Total Equity 54,599 26,531
D Non-current liabilities
Financial liabilities
i. Borrowings 3,661 132
ii. Lease liabilities 1,223 1,731
ii. Other Financial liabilities 2,455 -
Provisions 1,653 1,255
Deferred tax liabilities (net) 725 -
Non-current liabilities 9,717 3,118
E Current liabilities
Contract liability 1,072 818
Financial liabilities
i. Borrowings 10,972 6,916
ii. Lease liabilities 1,422 1,816
iii. Trade payables
(A) Total outstanding dues to micro and small enterprises 95 12
(B) Total outstanding dues to creditors other than micro and small 4,006 3,430
enterprises
iv. Other financial liabilities 6,874 6,397
Provisions 1,508 1,246
Other current liabilities 1,930 531
Total current liabilities 27,879 21,166
F Total liabilities (D+E) 37,596 24,284
Total equity and liabilities (C+F) 92,195 50,815
----- End of picture text -----

==> picture [83 x 85] intentionally omitted <==

==> picture [93 x 21] intentionally omitted <==

Happiest Minds Technologies Limited

CIN : L72900KA2011PLC057931

Regd. Office:#53/1-4, Hosur Main Road, Madivala (next to Madivala Police Station) Bangalore 560 068, Karnataka, India Website: www.happiestminds.com , Email: [email protected] , Tel: +91 80 6196 0300

Audited Consolidated Statement of Cash Flows for the year ended March 31, 2021

A. Cash flow from operating activities
Profit before tax
Adjustments to reconcile profits before tax to net cash flows:
Depreciation and amortization expense
Share-based payment expense
Gain on investments carried at fair value through profit and loss
Gain on sale of investments carried at fair value through profit and loss
Interest income
Impairment of goodwill
Gain on liquidation of subsidiary
Net unrealised foreign exchange loss / (gain)
Fair value loss on warrant liability
Rent concession
Impairment loss on financial assets
Finance costs
Operating profit before working capital changes
Movements in working capital
(Increase)/ decrease in trade receivables
(Increase)/ decrease in loans
(Increase)/ decrease in non-financial assets
(Increase)/ decrease in financial assets
Increase/ (decrease) in trade payables
Increase/ (decrease) in financial liabilities
Increase/ (decrease) in provisions
Increase/ (decrease) in contract liabilities
Increase/ (decrease) in other non-financial liabilities
Cash generated from operating activities
Income tax paid (net of refunds)
Net cash generated from operating activities (A)
B. Cash flow from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Proceeds from subleasing the premises
Maturities of / Investments in fixed deposits, net
Investment in equity shares of subsidiary acquired
Investments in mutual funds
Proceeds from sale of mutual funds
Interest received
Net cash used in investing activities (B)
C. Cash flow from financing activities
Repayment of long-term borrowings
Proceeds from long-term borrowings
Security deposits given
Net repayment of short-term borrowings
Payment of principal portion of lease liabilities
Payment of interest portion of lease liabilities
Proceeds from exercise of share options
Proceeds from Initial Public Offerings (IPO) (net of offer expenses)
Interest paid
Net cash generated from/(used in) financing activities (C)
Net increase in cash and cash equivalents (A+B+C)
Net foreign exchange difference
Cash and cash equivalents at the beginning of the year
Cash acquired on acquisition of subsidiary
Cash and cash equivalents at the end of the year

(Rs. in lakhs)
Year ended
March 31, 2021
Year ended
March 31, 2020
(Audited)
(Audited)
18,602
7,361
2,274
2,023
297
266
(184)
(121)
(671)
(455)
(838)
(466)
-
1,126
(82)
-
66
(173)
28
-
(302)
-
1,021
762
669
802
20,880
11,125
(511)
1,352
64
(105)
(279)
(189)
(1,443)
(2,776)
(644)
477
(1,684)
1,976
516
424
(43)
(249)
1,109
(208)
17,965
11,827
(3,600)
(605)
14,365
11,222
(78)
(46)
(19)
(67)
7
75
6,931
(9,769)
(6,025)
-
(69,269)
-
39,313
2,054
777
379
(28,363)
(7,374)
(1,256)
(755)
6,025
-
(300)
-
4,213
1,430
(1,661)
(1,710)
(328)
(414)
72
442
10,544
0
(373)
(327)
16,936
(1,334)
2,938
2,514
(6)
212
4,353
1,627
1,298
-
8,583
4,353

==> picture [83 x 85] intentionally omitted <==

==> picture [94 x 22] intentionally omitted <==

==> picture [546 x 576] intentionally omitted <==

----- Start of picture text -----

Happiest Minds Technologies Limited
CIN : L72900KA2011PLC057931
Regd. Office:#53/1-4, Hosur Main Road, Madivala (next to Madivala Police Station) Bangalore 560 068, Karnataka, India
Website: www.happiestminds.com , Email: [email protected] , Tel: +91 80 6196 0300
Notes to Statement of Audited Consolidated Financial Results for the quarter ended and year ended March 31, 2021
1. In terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, this Statement of Audited Consolidated Financial Results for the quarter and year ended
March 31, 2021 ("Audited Consolidated Financial Results") of Happiest Minds Technologies Limited (the “Holding Company” or the "Company") and its subsidiary (the Holding Company and its
subsidiary together referred to as “the Group”) has been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on May 12, 2021.
2. The figures of the quarter ended March 31, 2021 are the balancing figures between audited figures in respect of full financial year upto March 31, 2021 and the published year-to-date figure upto
December 31, 2020 being the date of the end of the third quarter of the financial year. Further, the year to date figures for the nine months ended December 31, 2020 were compilation of reviewed
figures of the quarter ended September 30, 2020 and December 31, 2020 and the figures for the quarter ended June 30, 2020, which were subject to audit. The financial results and other financial
information for the quarter ended March 31, 2020 have been prepared solely based on the information compiled by the Company and has been approved by the Board of Directors which have not
been audited or reviewed by our statutory auditors.
3. The Audited Consolidated Financial Results of the Group have been prepared in accordance with the recognition and measurement principles laid down in the applicable Indian Accounting
Standards ("Ind AS") as prescribed under section 133 of the Companies Act 2013, as amended, read with relevant rules thereunder and in terms of Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations 2015, as amended and SEBI Circular No.CIR/CFD/CMD1/44/2019 dated March 29, 2019.
4. The financial results of the Company on standalone basis is as follows: (Rs. in lakhs)
Particulars Quarter ended Year ended
March 31, 2021 December 31, 2020 March 31, 2020 March 31, 2021 March 31, 2020
(Unaudited) (Unaudited) (Unaudited) (Audited) (Audited)
Total revenue (including other income) 21,127 20,129 19,017 78,438 71,419
Profit before tax 5,064 5,327 679 18,602 7,533
Profit for the period / year 3,692 4,215 489 16,193 7,343
Total comprehensive income for the period / year ended 3,716 4,261 (510) 17,193 6,237
5. The Company has completed its Initial Public Offering (IPO) of 4,22,90,091 equity shares of face value of Rs. 2/- each for cash at an issue price of Rs.166/- per equity share aggregating to Rs.
70,202 lakhs, consisting fresh issue of 66,26,506 equity shares aggregating to Rs. 11,000 lakhs and an offer for sale of 3,56,63,585 equity shares aggregating to Rs. 59,202 lakhs by the selling
shareholders. The equity shares of the Company were listed on BSE Limited and National Stock Exchange of India Limited on September 17, 2020.
The utilisation of IPO proceeds is summarised below:
(Rs. in lakhs)
Particulars Objects of the issue as Utilisation up to Unutilised amounts as
per prospectus 31.03.2021 on 31.03.2021
To meet long term working capital requirements 10,463 10,463 -
General corporate purposes 80 80 -
Net utilisation 10,544 10,544 -
As per the Prospectus, the Company had estimated Rs. 300 Lakhs to be utilised for general corporate purpose. However, during the quarter ended March 31, 2021, the Company has utilised only
Rs. 80 Lakhs and the differential was utilised for working capital requirement.
6.The Board of Directors of the Company at their meeting held on May 12, 2021 have, for the financial year ended March 31, 2021, recommended the payout of a final dividend of Rs.3/- per equity
share of face value Rs.2/- each. This recommendation is subject to approval of shareholders at the 10th Annual General Meeting of the Company scheduled to be held on July 7, 2021.
7. The segment reporting of the Group has been prepared in accordance with Ind AS-108 on 'Operating Segments'. The Group executive management committee examines the Group's performance
on the basis of its business units and has identified three reportable segments: Infrastructure Management & Security Services (IMSS), Digital Business Solutions (DBS) and Product Engineering
Services (PES).
Segment wise revenue and results are as follows: (Rs. in lakhs)
Particulars Quarter ended Year ended
March 31, 2021 December 31, 2020 March 31, 2020 March 31, 2021 March 31, 2020
(Audited) (Unaudited) (Unaudited) (Audited) (Audited)
1. Segment revenue
IMSS 4,487 4,334 3,832 16,421 15,361
DBS 6,995 4,985 5,352 21,288 19,167
PES 10,589 9,965 9,451 39,632 35,293
Total 22,071 19,284 18,635 77,341 69,821
2. Segment results
IMSS 1,035 1,103 814 3,967 2,961
DBS 2,511 1,853 1,294 7,106 3,724
PES 4,324 4,035 2,955 15,924 11,860
Total 7,870 6,991 5,063 26,997 18,545
Unallocable other income 259 659 385 2,340 1,601
Unallocable finance cost (223) (124) (206) (690) (802)
Unallocable depreciation and amortisation expenses (709) (491) (511) (2,198) (2,023)
Other unallocable expenses (2,273) (1,708) (4,011) (7,847) (9,960)
Tax (expense) / credit (1,319) (1,112) (190) (2,356) (190)
Profit after tax 3,605 4,215 530 16,246 7,171
----- End of picture text -----

==> picture [82 x 85] intentionally omitted <==

==> picture [93 x 22] intentionally omitted <==

Happiest Minds Technologies Limited CIN : L72900KA2011PLC057931

Regd. Office:#53/1-4, Hosur Main Road, Madivala (next to Madivala Police Station) Bangalore 560 068, Karnataka, India Website: www.happiestminds.com , Email: [email protected] , Tel: +91 80 6196 0300

Notes to Statement of Audited Consolidated Financial Results for the quarter ended and year ended March 31, 2021

Segment wise assets and liabilities are as follows: Particulars 1. Segment assets IMSS DBS PES Other unallocable assets Total assets 2. Segment liabilities IMSS DBS PES Other unallocable liabilities Total liabilities	(Rs. in lakhs) As at March 31, 2021 March 31, 2020 4,282 4,207 5,741 4,216 8,284 7,841 73,888 34,551 92,195 50,815 396 594 1,874 1,029 1,174 675 34,152 21,986 37,596 24,284

The full impact of COVID-19 still remains uncertain and could be different from the estimates considered while preparing these Audited Consolidated Financial Results. The Group will continue to closely monitior any material changes to future economic conditions.
The Group was carrying a Goodwill of Rs. 1,887 lakhs relating to the business acquisition from OSS Cube Solutions Limited. During the year ended March 31, 2020, the Group had recognised an impairment loss of Rs. 1,126 lakhs.

10. Liquidation of subsidiary :

The Company in its Board Meeting on March 16, 2020 passed a resolutions to voluntarily dissolve and wind up the operation of its subsidiary, i.e. Happiest Minds Technologies LLC, USA. Pursuant to such resolutions, the Company had filed a request for termination of the aforesaid subsidiary and received a certificate from the Office of Secretary of State approving such winding up on June 1, 2020 and consequent to such approval the Company has liquidated its subsidiary.

Pursuant to such liquidation, the Company has de-recognised the assets and liabilities and recognised a loss of Rs. 82 lakhs including foreign currency translation reserve balance that has been reclassified as gain on liquidation of subsidiary under other income in statement of profit and loss on such liquidation.

The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified and the final rules/interpretation have not yet been issued. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period in which the Code becomes effective.
. On January 27, 2021, the Company signed definitive agreements acquiring 100% voting interest in PGS Inc., a US based end-to-end digital e-commerce solutions company, from Moonscape Inc., USA (parent company of PGS Inc.) for total computed/recorded consideration of US $ 13.31 million (approximately Rs. 9,720 lakhs), comprising cash consideration of US $ 8.25 million (approximately Rs. 6,025 lakhs) and fair-valued contingent consideration in the form of warrants of US $ 5.06 million (approximately Rs. 3,696 lakhs) over the next three years, to be settled by PGS Inc. to Moonscape Inc. with the backing by Company, of the warrant liability settlement, subject to achievement of set targets for respective years. The excess of purchase consideration recorded/paid over fair value of net assets and intangible assets acquired has been attributed to goodwill amounting to Rs. 7,020 lakhs. The acquisition is expected to strengthen Company’s digital e-commerce solutions to its customers looking for online offering of their products/services.
The previous period/year numbers have been regrouped/ rearranged wherever necessary to conform the current period presentation.
The above Audited Consolidated Financials Results of the Group are available on Company's website www.happiestminds.com and also on the website of BSE (www.bseindia.com) and NSE (www.nseindia.com), where the shares of the Company are listed.

Place: Bengaluru, India Date: May 12, 2021

==> picture [82 x 85] intentionally omitted <==

For and on behalf of the Board For Happiest Minds Technologies Limited Venkatraman Narayanan Managing Director & Chief Financial Officer DIN : 01856347

Happiest Minds Technologies Limited

CIN : L72900KA2011PLC057931

Regd. Office:#53/1-4, Hosur Main Road, Madivala (next to Madivala Police Station) Bangalore 560 068, Karnataka, India Website: www.happiestminds.com , Email: [email protected] , Tel: +91 80 6196 0300

										(Rs. in lakhs)
	Statement of Audited Standalone	Financial Results	for the quarter and year		ended March 31,	2021
			Quarter ended					Year ended
Particulars		March 31, 2021	December 31, 2020		March 31, 2020		March 31, 2021		March 31, 2020
		(refer note 2)			(refer note 2)
		(Audited)	(Unaudited)		(Unaudited)			(Audited)	(Audited)
I. Revenue
(a) Revenue from contracts with customers		20,826	19,284		18,635			76,096		69,821
(b) Other income		301		845	382			2,342		1,598
Total revenue		21,127	20,129		19,017			78,438		71,419
II. Expenses
(a) Employee benefits expense		12,066	11,029		12,418			45,012		44,123
(b) Finance costs		220		126	206			692		799
(c) Depreciation and amortisation expense		522		516	511			2,063		2,023
(d) Other expenses		3,255	3,131		4,077			12,069		15,815
Total expenses		16,063	14,802		17,212			59,836		62,760
III. Profit before exceptional items	and tax (I-II)	5,064	5,327		1,805			18,602		8,659
IV. Exceptional items (refer note 8)		-		-	1,126			-		1,126
V. Profit before tax (III-IV)		5,064	5,327		679			18,602		7,533
VI. Tax expense
Current tax		889	1,105		172			3,527		172
Tax expense for earlier periods		-		-	18			-		18
Deferred tax charge / (credit)		483		7	-			(1,118)		-
VII. Profit for the period / year (V-VI)		3,692	4,215		489			16,193		7,343
VIII. Other comprehensive income, net of tax [(loss)/profit]
(i) Item to be reclassified to profit or loss in subsequent
periods / year
Net movement on effective portion of cash flow		(7)		127	(947)			1,236		(967)
hedges [gain/(loss)]
Income tax effect		1		(32)	-			(128)		-
(ii) Item not to be reclassified to profit or loss in subsequent
periods / year
Re-measurement gains/ (losses) on defined		40		(65)	(52)			(144)		(139)
benefit plans
Income tax effect		(10)		16	-			36		-
IX. Total comprehensive income for the period / year (VII-VIII)		3,716	4,261		(510)			17,193		6,237
X. Paid-up equity share capital (Rs. 2/- each)		2,837	2,831		879			2,837		879
XI. Other equity								51,830		25,682
XI. Earnings per share ("EPS") (of	Rs. 2/- each) (not annualised
for quarters):
Basic EPS (Rs.)		2.61		2.98	0.45			11.71		7.21
Diluted EPS (Rs.)		2.54		2.89	0.36			11.41		5.49

==> picture [81 x 83] intentionally omitted <==

==> picture [97 x 22] intentionally omitted <==

Happiest Minds Technologies Limited

CIN : L72900KA2011PLC057931

Regd. Office:#53/1-4, Hosur Main Road, Madivala (next to Madivala Police Station) Bangalore 560 068, Karnataka, India Website: www.happiestminds.com , Email: [email protected] , Tel: +91 80 6196 0300

Audited Standalone Statement of Assets and Liabilities as at March 31, 2021

Sl No
Particulars
ASSETS
A
Non-current assets
Property, plant and equipment
Capital work-in-progress
Goodwill
Other intangible assets
Right-of-use assets
Intangible assets under development
Financial assets:
i. Investment
ii. Loans
iii. Other financial assets
Income tax assets (net)
Other assets
Deferred tax assets, net
Total non-current assets
B
Current assets
Financial assets
i. Investments
ii. Trade receivables
iii. Cash and cash equivalents
iv. Bank balance other than cash and cash equivalent
v. Loans
vi. Other financial assets
Other assets
Total current assets
Total assets (A+B)
EQUITY AND LIABILITIES
C
Equity
Equity share capital
Instruments entirely in the nature of equity
Other equity
Total Equity
D
Non-current liabilities
Financial liabilities
i. Borrowings
ii. Lease liabilities
iii. Other financial liabilities
Provisions
Total non-current liabilities
E
Current liabilities
Contract liability
Financial liabilities
i. Borrowings
ii. Lease liabilities
iii. Trade payables
(A) Total outstanding dues of micro and small enterprises
(B) Total outstanding dues of creditors other than micro and small
enterprises
iv. Other financial liabilities
Provisions
Other current liabilities
Total current liabilities
F
Total liabilities (D+E)
Total equity and liabilities (C+F)

(Rs. in lakhs)
As at
March 31, 2021
As at
March 31, 2020
(Audited)
(Audited)
67
91
14
-
611
611
65
73
2,149
3,005
-
17
9,720
-
349
767
2,109
368
1,408
1,335
7
33
1,026
-
17,525
6,300
39,148
8,337
11,610
11,487
7,952
4,350
5,935
14,607
812
100
6,411
4,567
1,302
1,063
73,170
44,511
90,695
50,811
2,837
879
-
3,634
51,830
22,048
54,667
26,561
3,661
132
1,223
1,731
2,455
-
1,653
1,255
8,992
3,118
763
781
10,972
6,916
1,422
1,812
95
12
3,478
3,451
6,874
6,397
1,508
1,246
1,924
517
27,036
21,132
36,028
24,250
90,695
50,811

==> picture [81 x 83] intentionally omitted <==

==> picture [97 x 23] intentionally omitted <==

Happiest Minds Technologies Limited

CIN : L72900KA2011PLC057931

Regd. Office:#53/1-4, Hosur Main Road, Madivala (next to Madivala Police Station) Bangalore 560 068, Karnataka, India Website: www.happiestminds.com , Email: [email protected] , Tel: +91 80 6196 0300

Audited Standalone Statement of Cash Flows for the year ended March 31, 2021

A. Cash flow from operating activities
Profit before tax
Adjustments to reconcile profit before tax to net cash flows:
Depreciation and amortization expense
Share-based payment expense
Gain on investments carried at fair value through profit and loss
Gain on sale of investments carried at fair value through profit and loss
Interest income
Impairment of goodwill
Net unrealised foreign exchange loss / (gain)
Fair value loss on warrant liability
Rent concession
Impairment loss on financial assets
Finance costs
Operating profit before working capital changes
Movements in working capital
(Increase)/ decrease in trade receivables
(Increase)/ decrease in loans
(Increase)/ decrease in non-financial assets
(Increase)/ decrease in financial assets
Increase/ (decrease) in trade payables
Increase/ (decrease) in financial liabilities
Increase/ (decrease) in provisions
Increase/ (decrease) in contract liabilities
Increase/ (decrease) in other non-financial liabilities
Cash generated from operating activities
Income tax paid (net of refunds)
Net cash generated from operating activities (A)
B. Cash flow from investing activities
Purchase of intangible assets
Maturities of / Investments in fixed deposits, net
Investment in equity shares of subsidiary acquired
Investments in mutual funds
Proceeds from sale of mutual funds
Interest received
Net cash used in investing activities (B)
C. Cash flow from financing activities
Repayment of long-term borrowings
Proceeds from long-term borrowings
Security deposits given
Net repayment of short-term borrowings
Payment of principal portion of lease liabilities
Payment of interest portion of lease liabilities
Proceeds from exercise of share options
Proceeds from Initial Public Offerings (IPO) (net of offer expenses)
Interest paid
Net cash generated from/(used in) financing activities (C)
Net increase in cash and cash equivalents (A+B+C)
Net foreign exchange difference
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Purchase of property, plant and equipment

(Rs. in lakhs)
Year ended
March 31, 2021
Year ended
March 31, 2020
(Audited)
(Audited)
18,602
7,533
2,063
2,023
297
266
(184)
(121)
(671)
(455)
(838)
(463)
-
1,126
73
(173)
28
-
(302)
-
945
657
664
799
20,677
11,192
(1,247)
1,330
5
(48)
(213)
(194)
(1,400)
(2,775)
176
472
(1,269)
1,958
516
424
(18)
(286)
1,407
(206)
18,634
11,867
(3,600)
(605)
15,034
11,262
(78)
(46)
(19)
(67)
6,931
(9,769)
(6,025)
-
(69,269)
-
39,313
2,054
777
379
(28,370)
(7,449)
(1,257)
(755)
6,025
-
(300)
-
4,213
1,430
(1,657)
(1,659)
(328)
(412)
72
442
10,544
-
(368)
(326)
16,944
(1,280)
3,608
2,533
(6)
212
4,350
1,605
7,952
4,350

==> picture [81 x 83] intentionally omitted <==

==> picture [96 x 22] intentionally omitted <==

==> picture [488 x 570] intentionally omitted <==

----- Start of picture text -----

Happiest Minds Technologies Limited
CIN : L72900KA2011PLC057931
Regd. Office:#53/1-4, Hosur Main Road, Madivala (next to Madivala Police Station) Bangalore 560 068, Karnataka, India
Website: www.happiestminds.com , Email: [email protected] , Tel: +91 80 6196 0300
Notes to Statement of Audited Standalone Financial Results for the quarter ended and year ended March 31, 2021
1. In terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, this Statement of Audited Standalone Financial Results for the quarter and year ended
March 31, 2021 ("Audited Standalone Financial Results") of Happiest Minds Technologies Limited (formerly known as “Happiest Minds Technologies Private Limited”) (the "Company") has been
reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on May 12, 2021.
2. The figures of the quarter ended March 31, 2021 are the balancing figures between audited figures in respect of full financial year upto March 31, 2021 and the unaudited published year-to-date
figure upto December 31, 2020 being the date of the end of the third quarter of the financial year. Further, the year to date figures for the nine months ended December 31, 2020 were compilation
of reviewed figures of the quarter ended September 30, 2020 and December 31, 2020 and the figures for the quarter ended June 30, 2020, which were not subject to audit or review. The financial
results and other financial information for the quarter ended March 31, 2020 have been prepared solely based on the information compiled by the Company and has been approved by the Board of
Directors which have not been audited or reviewed by our statutory auditors.
3. The Audited Standalone Financial Results of the Company have been prepared in accordance with the recognition and measurement principles laid down in the applicable Indian Accounting
Standards ("Ind AS") as prescribed under section 133 of the Companies Act 2013, as amended, read with relevant rules thereunder and in terms of Regulation 33 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations 2015, as amended and SEBI Circular No.CIR/CFD/CMD1/44/2019 dated March 29, 2019.
4. The Board of Directors of the Company at their meeting held on May 12, 2021 have for the financial year ended March 31, 2021 recommended the payout of a final dividend of Rs.3/- per equity
share of face value Rs.2/- each. This recommendation is subject to approval of shareholders at the 10th Annual General Meeting of the Company scheduled to be held on July 7, 2021.
5. The Company has completed its Initial Public Offering (IPO) of 4,22,90,091 equity shares of face value of Rs.2/- each for cash at an issue price of Rs.166/- per equity share aggregating to Rs.
70,202 lakhs, consisting fresh issue of 66,26,506 equity shares aggregating to Rs. 11,000 lakhs and an offer for sale of 3,56,63,585 equity shares aggregating to Rs. 59,202 lakhs by the selling
shareholders. The equity shares of the Company were listed on BSE Limited and National Stock Exchange of India Limited on September 17, 2020.
The utilisation of IPO proceeds is summarised below:
(Rs. in lakhs)
Particulars Objects of the issue as Utilisation up to Unutilised amounts
per prospectus 31.03.2021 as on 31.03.2021
To meet long term working capital requirements 10,463 10,463 -
General corporate purposes 80 80 -
Net utilisation 10,544 10,544 -
As per the Prospectus, the Company had estimated Rs.300 Lakhs to be utilised for general corporate purpose. However, during the quarter ended March 31, 2021, the Company has utilised only
Rs.80 Lakhs and the differential was utilised for working capital requirement.
6. The segment reporting of the Group has been prepared in accordance with Ind AS-108 on 'Operating Segments'. The Group executive management committee examines the Group's
performance on the basis of its business units and has identified three reportable segments: Infrastructure Management & Security Services (IMSS), Digital Business Solutions (DBS) and Product
Engineering Services (PES).
Segment wise revenue and results are as follows: (Rs. in lakhs)
Particulars Quarter ended Year ended
March 31, 2021 December 31, 2020 March 31, 2020 March 31, 2021 March 31, 2020
(Audited) (Unaudited) (Unaudited) (Audited) (Audited)
1. Segment revenue
IMSS 4,487 4,334 3,832 16,421 15,361
DBS 5,750 4,985 5,352 20,043 19,167
PES 10,589 9,965 9,451 39,632 35,293
Total 20,826 19,284 18,635 76,096 69,821
2. Segment results
IMSS 1,035 1,103 814 3,967 2,961
DBS 2,681 1,853 1,310 7,194 3,950
PES 4,324 4,035 2,955 15,924 11,860
Total 8,040 6,991 5,079 27,085 18,771
Unallocable other income 259 658 380 2,340 1,596
Unallocable finance cost (218) (124) (206) (685) (799)
Unallocable depreciation and amortisation expenses (497) (490) (511) (1,987) (2,023)
Other unallocable expenses (2,520) (1,708) (4,063) (8,151) (10,012)
Tax (expense) / credit (1,372) (1,112) (190) (2,409) (190)
Profit After Tax 3,692 4,215 489 16,193 7,343
Segment wise assets and liabilities are as follows: (Rs. in lakhs)
Particulars As at
March 31, 2021 March 31, 2020
(Audited) (Audited)
1. Segment assets
IMSS 4,282 4,207
DBS 5,094 4,216
PES 8,284 7,841
Other unallocable assets 73,035 34,547
Total assets 90,695 50,811
2. Segment liabilities
IMSS 396 594
DBS 1,049 992
PES 1,174 675
Other unallocable liabilities 33,409 21,989
Total liabilities 36,028 24,250
----- End of picture text -----*

==> picture [81 x 83] intentionally omitted <==

==> picture [97 x 22] intentionally omitted <==

Happiest Minds Technologies Limited CIN : L72900KA2011PLC057931

Regd. Office:#53/1-4, Hosur Main Road, Madivala (next to Madivala Police Station) Bangalore 560 068, Karnataka, India Website: www.happiestminds.com , Email: [email protected] , Tel: +91 80 6196 0300

Notes to Statement of Audited Standalone Financial Results for the quarter ended and year ended March 31, 2021

The full impact of COVID-19 still remains uncertain and could be different from the estimates considered while preparing these Audited Standalone Financial Results. The Company will continue to closely monitor any material changes to future economic conditions.
The Company was carrying a Goodwill of Rs. 1,887 lakhs relating to the business acquisition from OSS Cube Solutions Limited. During the year ended March 31, 2020, the Company had recognised an impairment loss of Rs. 1,126 lakhs.
The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified and the final rules/interpretation have not yet been issued. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period in which the Code becomes effective.
On January 27, 2021, the Company signed definitive agreements acquiring 100% voting interest in PGS Inc., a US based end-to-end digital e-commerce solutions company, from Moonscape Inc., USA (parent company of PGS Inc.) for total computed/recorded consideration of US $ 13.31 million (approximately Rs. 9,720 lakhs), comprising cash consideration of US $ 8.25 million (approximately Rs. 6,025 lakhs) and fair-valued contingent consideration in the form of warrants of US $ 5.06 million (approximately Rs. 3,696 lakhs) over the next three years, to be settled by PGS Inc. to Moonscape Inc. with the backing by Company, of the warrant liability settlement, subject to achievement of set targets for respective years. The excess of purchase consideration recorded/paid over fair value of net assets and intangible assets acquired has been attributed to goodwill amounting to Rs. 7,020 lakhs. The acquisition is expected to strengthen Company’s digital e-commerce solutions to its customers looking for online offering of their products/services.
The previous period/year numbers have been regrouped/ rearranged wherever necessary to conform the current period presentation.
The above Audited Standalone Financials Results of the Company are available on Company's website www.happiestminds.com and also on the website of BSE (www.bseindia.com) and NSE (www.nseindia.com), where the shares of the Company are listed.

==> picture [81 x 83] intentionally omitted <==

==> picture [118 x 67] intentionally omitted <==

----- Start of picture text -----

For and on behalf of the Board
For Happiest Minds Technologies Limited
Venkatraman Narayanan
Managing Director & Chief Financial Officer
DIN : 01856347
----- End of picture text -----

Place: Bengaluru, India Date: May 12, 2021

==> picture [253 x 99] intentionally omitted <==

May 2021

==> picture [173 x 26] intentionally omitted <==

==> picture [173 x 68] intentionally omitted <==

==> picture [137 x 5] intentionally omitted <==

==> picture [162 x 5] intentionally omitted <==

This presentation may contain certain forward-looking statements, which involves risks and uncertainties that could cause our future results to differ materially from those in such forwardlooking 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 those due to the We do not undertake to of our including pandemic. update any forward-looking statements that may be made from time to time by us or on our behalf.

==> picture [162 x 4] intentionally omitted <==

www.happiestminds.com

==> picture [327 x 32] intentionally omitted <==

==> picture [173 x 68] intentionally omitted <==

==> picture [137 x 5] intentionally omitted <==

Next Generation Digital Transformation, Infrastructure, Security and Product Engineering Services Company

==> picture [48 x 18] intentionally omitted <==

==> picture [47 x 19] intentionally omitted <==

==> picture [67 x 19] intentionally omitted <==

IPO

Digital Digital

Agile Active clients

RoCE[2]

In September 2020

46 Fortune2000 / Forbes200 / Billion $ corporations
87% of repeat business [1]
100 % digitally executed IPO

==> picture [68 x 18] intentionally omitted <==

==> picture [281 x 24] intentionally omitted <==

Heavily oversubscribed with healthy listing gains Reflects

RoE

Mission Statement

==> picture [174 x 15] intentionally omitted <==

==> picture [126 x 16] intentionally omitted <==

Happiest Minds

Ranked Amongst IT Services
Our growth and profitability

==> picture [150 x 16] intentionally omitted <==

rating

• Top India’s Best Workplaces for Women on Glassdoor • Top India’s Best Workplaces #2 amongst Indian IT Services

Management Team & Corporate governance

SMILES Values across 7 Countries Sharing, Mindful, Integrity, Learning, Excellence, Social Responsibility

==> picture [742 x 112] intentionally omitted <==

----- Start of picture text -----

2019
----- End of picture text -----

Promoter

Ashok Soota

www.happiestminds.com

*All logos are properties of their respective owners Note 1: Trailing 12 months Revenue from existing customers; 2: ROCE / ROE is for full year FY 21

==> picture [186 x 25] intentionally omitted <==

==> picture [818 x 471] intentionally omitted <==

----- Start of picture text -----

IoT Blockchain
DevOps & RPA Cloud
Software Defined Networking / NFV BPM & Integration
Big Data & Adv. Analytics Security
BFSI Edutech Hi-Tech
Mfg/Industrial Retail Travel & Hosp.
4
----- End of picture text -----

4 www.happiestminds.com

==> picture [379 x 28] intentionally omitted <==

==> picture [173 x 68] intentionally omitted <==

==> picture [137 x 5] intentionally omitted <==

==> picture [500 x 309] intentionally omitted <==

----- Start of picture text -----

Learning Excellence
Integrity
Social
Responsibility
Mindful
Sharing
Our Mission
Happiest People . Happiest Customers
----- End of picture text -----

Achieve a very Be the Be known as the Happiness successful IPO by or for each Evangelists before FY23 and in the company with highest other, our standards of interim provide a Customers and monetization event for Corporate Society Governance investors/team by FY20

==> picture [271 x 223] intentionally omitted <==

Happiest Minds is the first Indian IT firm to be The Mindful IT Company

==> picture [9 x 15] intentionally omitted <==

Be recognized for Be a leader in Thought Leadership in Social Responsibility our focused areas of initiatives technology and solutions

www.happiestminds.com

==> picture [347 x 32] intentionally omitted <==

==> picture [173 x 68] intentionally omitted <==

==> picture [137 x 5] intentionally omitted <==

==> picture [784 x 337] intentionally omitted <==

----- Start of picture text -----

Business Agile
Transformation Organization
Agile
Business
CREATING
MINDFULLY
DIGITAL
AGILE
CAPITAL
Platformize and Agile
Modernize Delivery
Reimagining Engineering &
Customer Experience Operational Excellence
----- End of picture text -----

www.happiestminds.com

==> picture [162 x 540] intentionally omitted <==

==> picture [486 x 34] intentionally omitted <==

==> picture [173 x 68] intentionally omitted <==

==> picture [192 x 29] intentionally omitted <==

7 www.happiestminds.com

==> picture [263 x 27] intentionally omitted <==

==> picture [173 x 68] intentionally omitted <==

==> picture [137 x 5] intentionally omitted <==

Particulars	Q4 FY 21	Q3 FY 21	*QoQ*	Q4 FY 20	*YoY*	FY 21	FY 20	*YoY*

Revenues($'000)	30,235	26,202	15.4%	25,613	18.0%	104,592	98,348	6.3%

Revenues(₹ lakhs)	22,071	19,284	14.5%	18,635	18.4%	77,341	69,821	10.8%

Other Income(₹ lakhs)	303	845	(64.1)%	386	(21.5)%	2,422	1,602	51.2%

Total Income(₹ lakhs)	22,374	20,129	11.2%	19,021	17.6%	79,765	71,423	11.7%

EBITDA (₹ lakhs)	5,883	5,969	(1.4)%	2,563	129.5%	21,573	11,312	90.7%
%	26.3%	29.7%		13.5%		27.0%	15.8%

PBT (₹ lakhs)	4,924	5,327	(7.6)%	720	583.9%	18,602	7,361	152.7%
%	22.0%	26.5%		3.8%		23.3%	10.3%

Tax	1,319	1,112	18.6%	190	594.2%	2,356	190	1140.0%
%	5.9%	5.5%		1.0%		3.0%	0.3%

PAT (₹ lakhs)	3,605	4,215	(14.5)%	530	580.2%	16,246	7,171	126.6%
%	16.1%	20.9%		2.8%		20.4%	10.0%

www.happiestminds.com

==> picture [65 x 24] intentionally omitted <==

==> picture [92 x 32] intentionally omitted <==

==> picture [82 x 24] intentionally omitted <==

==> picture [74 x 32] intentionally omitted <==

==> picture [5 x 6] intentionally omitted <==

==> picture [173 x 68] intentionally omitted <==

==> picture [137 x 5] intentionally omitted <==

==> picture [440 x 36] intentionally omitted <==

----- Start of picture text -----

Digital
----- End of picture text -----

% of Revenue

==> picture [401 x 250] intentionally omitted <==

----- Start of picture text -----

97.2% 97.1%
96.9% 96.8%
96.6% 96.6%
96.3%
FY 19 FY 20 FY 21 Q1 21 Q2 21 Q3 21 Q4 21
----- End of picture text -----

==> picture [439 x 36] intentionally omitted <==

----- Start of picture text -----

Agile
----- End of picture text -----

% of Revenue

==> picture [401 x 244] intentionally omitted <==

----- Start of picture text -----

93.9% 94.2%
92.8% 92.8%
90.2%
87.9%
71.1%
FY 19 FY 20 FY 21 Q1 21 Q2 21 Q3 21 Q4 21
----- End of picture text -----

www.happiestminds.com

==> picture [454 x 32] intentionally omitted <==

==> picture [173 x 68] intentionally omitted <==

==> picture [137 x 5] intentionally omitted <==

==> picture [457 x 392] intentionally omitted <==

----- Start of picture text -----

Revenues - Growth
(₹ Lakhs)
79,765
71,423
60,181
48,912
22,374
20,129
18,699 18,791
FY18 FY19 FY20 FY21 Q1 21 Q2 21 Q3 21 Q4 21
----- End of picture text -----

==> picture [457 x 390] intentionally omitted <==

----- Start of picture text -----

Revenue Contributories
3.0%
20.6%
49.7%
26.7%
PES DBS IMSS Oth Inc
----- End of picture text -----

www.happiestminds.com

==> picture [580 x 32] intentionally omitted <==

==> picture [173 x 68] intentionally omitted <==

==> picture [137 x 5] intentionally omitted <==

==> picture [919 x 411] intentionally omitted <==

----- Start of picture text -----

EBITDA High FCF [1] conversion
(₹ Lakhs) Margin % (₹ lacs) FCF Conversion %
99.6%
27.0% 21,476
21,573
99.6%
15.8%
11,266
11,312
11.0% 98.8%
99.5%
99.2%
29.7% 26.3%
99.8% 99.8%
25.7% 26.3% 6,549
6,628 5,920 5,853
5,969 5,883 4,772 4,931
4,782 4,939
1.6%
85.0%
762 649
FY18 FY19 FY20 FY21 Q1 21 Q2 21 Q3 21 Q4 21 FY18 FY19 FY20 FY21 Q1 21 Q2 21 Q3 21 Q4 21
----- End of picture text -----

Note: 1. FCF Conversion = FCF/EBITDA and FCF = EBITDA – Capex

www.happiestminds.com

==> picture [580 x 32] intentionally omitted <==

==> picture [173 x 68] intentionally omitted <==

==> picture [137 x 5] intentionally omitted <==

	Utilization & Happiest Minds, Offshore / Onsite 68.4% % 4.7% 5.4% 4.6% 5.1% 4.7% 4.9% 5.0% 5.1% 95.3% 94.6% 95.4% 94.9% 95.3% 95.1% 95.0% 94.9% Number of Employees Utilization 2,253 2,462 2,666 3,228 2,658 2,721 2,885 3,228 77.3% 76.9% 79.5% 74.9% 78.7% 81.6% 82.6%			Voluntary Attrition %1 25.2% 18.7% 12.4% 16.2% 14.2% 13.1% 12.4% FY19 FY20 FY21 Q1 21 Q2 21 Q3 21 Q4 21 Attrition
	FY18 FY19 FY20 FY21 Q1 21 Q2 21 Q3 21 Q4 21 Onsite Offshore

Note: 1. Attrition % : Trailing 12 Months

www.happiestminds.com

==> picture [580 x 32] intentionally omitted <==

==> picture [173 x 68] intentionally omitted <==

==> picture [137 x 5] intentionally omitted <==

==> picture [920 x 22] intentionally omitted <==

----- Start of picture text -----

Revenue model
----- End of picture text -----

==> picture [436 x 150] intentionally omitted <==

----- Start of picture text -----

Q4 21
Model Geography
8.4%
26.0%
11.7%
11.6%
68.4%
74.0%
T&M FP Americas Europe India ROW
----- End of picture text -----

==> picture [469 x 167] intentionally omitted <==

----- Start of picture text -----

Digital Revenue [1] Vertical [1]
3.4%
10.2%
9.5%
24.1%
7.1%
12.9%
44.2% 7.7%
9.1% 13.5%
14.8%
20.9% 14.0% 8.6%
Digital Infra / Cloud SAAS Edu Tech Hitech Retail / CPG
Security Analytics / AI
TME BFSI Industrial
IoT Others
MFG Others
----- End of picture text -----

==> picture [446 x 21] intentionally omitted <==

----- Start of picture text -----

Revenue Concentration [3]
----- End of picture text -----

==> picture [446 x 21] intentionally omitted <==

----- Start of picture text -----

Million $ Customers [2]
----- End of picture text -----

==> picture [875 x 143] intentionally omitted <==

----- Start of picture text -----

(% Revenue) (#)
62.5% 26 26
25 24 25
23
21
46.0%
16
31.4%
13.8%
Top 1 Top 5 Top 10 Top 20 FY18 FY19 FY20 FY21 Q1 21 Q2 21 Q3 21 Q4 21
----- End of picture text -----

Notes: 1. TME: Travel, Media & Entertainment, 2. Based on quarter revenues on an annualized basis. 3. Top 20 includes Top 1, 5 & 10

==> picture [10 x 8] intentionally omitted <==

----- Start of picture text -----

13
----- End of picture text -----

www.happiestminds.com

==> picture [580 x 32] intentionally omitted <==

==> picture [173 x 68] intentionally omitted <==

==> picture [137 x 5] intentionally omitted <==

==> picture [440 x 38] intentionally omitted <==

----- Start of picture text -----

Onsite/Offshore
----- End of picture text -----

By Revenue

(USD ‘000)

Avg. annual revenue / active customer

==> picture [438 x 307] intentionally omitted <==

----- Start of picture text -----

78.6% 78.0% 77.5% 81.0% 79.0% 78.1% 81.0%
85.0%
21.4% 22.0% 22.5% 19.0% 21.0% 21.9% 19.0%
15.0%
FY18 FY19 FY20 FY21 Q1 21 Q2 21 Q3 21 Q4 21
Onsite Offshore
----- End of picture text -----

==> picture [408 x 246] intentionally omitted <==

----- Start of picture text -----

737
683
659
634
615 615
502
471
FY18 FY19 FY20 FY21 Q1 21 Q2 21 Q3 21 Q4 21
----- End of picture text -----

www.happiestminds.com

==> picture [580 x 32] intentionally omitted <==

==> picture [173 x 68] intentionally omitted <==

==> picture [137 x 5] intentionally omitted <==

	FY18	FY19	FY20	FY21Q1 FY21Q2 FY21Q3 FY21Q4 27.0% 27.0% 24.9% 24.1% 20.5% 19.5% 20.2% 13.5% 17.4% 16.3% 17.4% 14.8% 12.9% 13.0% 14.4% 14.0% 5.7% 4.5% 2.2% 8.6% 6.4% 6.9% 7.0% 7.7% 5.7% 6.8% 6.9% 7.1% 4.6% 6.0% 7.0% 10.2% 43.7% 41.1% 41.0% 44.2% 23.6% 24.6% 21.6% 20.9% 7.6% 7.4% 8.7% 9.1% 12.1% 13.5% 14.4% 12.9% 9.3% 10.5% 11.0% 9.5% 96.3% 97.1% 96.6% 96.6% 24.2% 24.3% 27.8% 24.4%	FY21Q1 FY21Q2 FY21Q3 FY21Q4 27.0% 27.0% 24.9% 24.1% 20.5% 19.5% 20.2% 13.5% 17.4% 16.3% 17.4% 14.8% 12.9% 13.0% 14.4% 14.0% 5.7% 4.5% 2.2% 8.6% 6.4% 6.9% 7.0% 7.7% 5.7% 6.8% 6.9% 7.1% 4.6% 6.0% 7.0% 10.2% 43.7% 41.1% 41.0% 44.2% 23.6% 24.6% 21.6% 20.9% 7.6% 7.4% 8.7% 9.1% 12.1% 13.5% 14.4% 12.9% 9.3% 10.5% 11.0% 9.5% 96.3% 97.1% 96.6% 96.6% 24.2% 24.3% 27.8% 24.4%	FY21Q1 FY21Q2 FY21Q3 FY21Q4 27.0% 27.0% 24.9% 24.1% 20.5% 19.5% 20.2% 13.5% 17.4% 16.3% 17.4% 14.8% 12.9% 13.0% 14.4% 14.0% 5.7% 4.5% 2.2% 8.6% 6.4% 6.9% 7.0% 7.7% 5.7% 6.8% 6.9% 7.1% 4.6% 6.0% 7.0% 10.2% 43.7% 41.1% 41.0% 44.2% 23.6% 24.6% 21.6% 20.9% 7.6% 7.4% 8.7% 9.1% 12.1% 13.5% 14.4% 12.9% 9.3% 10.5% 11.0% 9.5% 96.3% 97.1% 96.6% 96.6% 24.2% 24.3% 27.8% 24.4%	FY21
Customer Industry group
Edutech	18.0%	21.3%	21.3%				25.6%
Hitech	24.6%	21.0%	21.0%				18.2%
BFSI	17.9%	18.2%	17.5%				16.4%
Travel, Media and Entertainment (TME)	11.0%	13.8%	17.1%				13.6%
Retail / CPG	7.0%	6.9%	7.5%				5.4%
Industrial	6.2%	8.1%	7.0%				7.1%
Manufacturing	3.2%	3.8%	3.7%				6.6%
Others	12.3%	6.9%	4.9%				7.1%

Digital Service Offerings
Digital infrastructure/Cloud	-	40.9%	31.2%				41.6%
SaaS	-	28.6%	29.4%				22.7%
Security Solutions	-	10.2%	14.9%				8.7%
Analytics/AI	-	9.1%	11.6%				13.3%
IoT	-	8.4%	9.8%				10.5%
Total	-	97.2%	96.9%				96.8%

Automation as a % of total revenue			20.7%	24.2%	24.3%	27.8%	25.2%

www.happiestminds.com

==> picture [580 x 32] intentionally omitted <==

==> picture [173 x 68] intentionally omitted <==

==> picture [137 x 5] intentionally omitted <==

	FY18	FY19	FY20	FY21 Q1	FY21 Q2	FY21 Q3	FY21 Q4	FY 21
Location of external customer
USA	73.5%	75.5%	77.5%	77.3%	77.3%	72.2%	68.4%	73.4%
India	11.7%	11.9%	11.9%	10.9%	10.9%	13.4%	11.7%	11.8%
Europe	11.4%	9.5%	7.2%	9.8%	9.2%	10.6%	11.6%	10.4%
ROW	3.4%	3.1%	3.4%	2.0%	2.6%	3.8%	8.4%	4.4%

Million $ Customers1
$ 10 M +		1	1	1	1	1	1	1
$ 5M to $ 10M	2	2	-	1	-	2	3	3
$ 3M to $ 5M	2	1	9	4	6	5	6	6
$ 1M to $ 3M	12	17	15	17	17	17	16	16
Total	16	21	25	23	24	25	26	26

Revenue Mix
Onsite	21.4%	22.0%	22.5%	21.0%	21.9%	19.0%	15.0%	19.0%
Offshore2	78.6%	78.0%	77.5%	79.0%	78.1%	81.0%	85.0%	81.0%

Revenue Model
Fixed Price	18.4%	16.8%	19.0%	18.8%	19.3%	22.2%	26.0%	22.0%
Time and Material	81.6%	83.2%	81.0%	81.2%	80.7%	77.8%	74.0%	78.0%

Active customers
# of active customers	173	163	157	148	152	155	173	173

Billion $ corporation
# of customers			37	36	39	38	46	46

www.happiestminds.com

Note: 1: Based on quarter revenue annualized 2: Offshore: Revenues from customers served from India;

==> picture [580 x 32] intentionally omitted <==

==> picture [173 x 68] intentionally omitted <==

==> picture [137 x 5] intentionally omitted <==

	FY18	FY19	FY20	FY21Q1	FY21Q2	FY21Q3	FY21Q4	FY21

Happiest Minds
Onsite	105	132	123	124	133	145	166	166
Offshore	2,148	2,330	2,543	2,534	2,588	2,740	3,062	3062
Total	2,253	2,462	2,666	2,658	2,721	2,885	3,228	3,228

Happiest Minds by delivery centres
Onsite	4.7%	5.4%	4.6%	4.7%	4.9%	5.0%	5.1%	5.1%
Offshore1	95.3%	94.6%	95.4%	95.3%	95.1%	95.0%	94.9%	94.9%

Utilization
Utilization %	68.4%	77.3%	76.9%	74.9%	78.7%	81.6%	82.6%	79.5%

Diversity
Women Happiest Minds	22.0%	23.0%	24.0%	23.4%	23.3%	24.0%	24.5%	24.5%

Days Sales Outstanding
Billed	74	80	60	51	51	46	50	57
Unbilled	6	11	23	32	26	31	24	28
Total DSO (Days)	80	91	83	83	77	77	75	85

EPS (₹ Per Share)
Full Year(Diluted)			5.36					11.45

Capital Return Ratios %
Return on Capital Employed RoCE			28.9%					31.2%
Return on EquityRoE			27.1%					29.8%

www.happiestminds.com

==> picture [580 x 32] intentionally omitted <==

==> picture [173 x 68] intentionally omitted <==

==> picture [137 x 5] intentionally omitted <==

(All figures in ₹ Lakhs)	FY18	FY18	FY19	FY19	FY20	FY20	FY21Q1	FY21Q1	FY21Q2	FY21Q2	FY21Q3	FY21Q3	FY21Q4	FY21Q4	FY21	FY21
Revenue by Business Units
Infrastructure Management & Security Services	9,862	20.2%	12,943	21.5%	15,361	21.5%	3,641	19.5%	3,959	21.1%	4,334	21.5%	4,487	20.1%	16,421	20.6%
Digital Business Services	15,403	31.5%	18,090	30.1%	19,167	26.8%	4,598	24.6%	4,710	25.1%	4,985	24.8%	6,995	31.3%	21,288	26.7%
Product Engineering Services	21,024	43.0%	28,003	46.5%	35,293	49.4%	9,463 17,702	50.6% *94.7%*	9,615 18,284	51.2% *97.3%*	9,965 19,284	49.5% *95.8%*	10,589 22,071	47.3% *98.6%*	39,632	49.7%
Total Revenue	46,289	*94.6%*	59,036	*98.1%*	69,821	*97.8%*									77,341	*97.0%*
Other income	2,623	5.4%	1,145	1.9%	1,602	2.2%	997	5.3%	507	2.7%	845	4.2%	303	1.4%	2,424	3.0%
Total income	48,912	*100%*	60,181	*100%*	71,423	*100%*	18,699	*100%*	18,791	*100%*	20,129	*100%*	22,374	100%	79,765	100%

www.happiestminds.com

==> picture [580 x 33] intentionally omitted <==

==> picture [173 x 68] intentionally omitted <==

==> picture [137 x 5] intentionally omitted <==

Summary Profit & Loss statement	Summary Profit & Loss statement	Summary Profit & Loss statement	Summary Profit & Loss statement	Summary Profit & Loss statement	Summary Profit & Loss statement	Summary Profit & Loss statement	Summary Profit & Loss statement
(All figures in₹Lakhs)	FY 18	FY 19	FY 20	FY 21 Q1	FY 21 Q2	FY 21 Q3	FY 21 Q4	FY 21
Income
Operating revenue	46,289	59,036	69,821	17,702	18,284	19,284	22,071	77,341
Other income	2,623	1,145	1,602	997	507	845	303	2,424
Total income	48,912	60,181	71,423	18,699	18,791	20,129	22,374	79,765
Cost of revenue	32,652	36,987	42,927	9,978	10,401	11,155	12,849	44,382
Gross margin	13,637	22,049	26,894	7,724	7,884	8,129	9,222	32,959
%	29.5%	37.3%	38.5%	43.6%	43.1%	42.2%	41.8%	42.6%
SG&A	15,498	16,566	17,184	3,939	3,452	3,005	3,642	13,810
EBITDA	762	6,628	11,312	4,782	4,939	5,969	5,883	21,573
%	1.6%	11.0%	15.8%	25.6%	26.3%	29.7%	26.3%	27.0%
Depreciation	2,075	2,478	2,023	512	512	516	734	2,274
EBIT	(1,313)	4,150	9,289	4,270	4,427	5,453	5,149	19,299
%	-2.7%	6.9%	13.0%	22.8%	23.6%	27.1%	23.0%	24.2%
Finance cost	995	1,594	802	186	160	126	225	697
PBT before exceptional items *	(2,308)	2,556	8,487	4,084	4,267	5,327	4,924	18,602
%	-4.7%	4.2%	11.9%	21.8%	22.7%	26.5%	22.0%	23.3%
Exceptional Items+	-	1,258	1,126	-	-	-	-	-
PBT *	(2,308)	1,298	7,361	4,084	4,267	5,327	4,924	18,602
%	-4.7%	2.2%	10.3%	21.8%	22.7%	26.5%	22.0%	23.3%
Current tax	-	-	190	851	682	1,105	889	3,527
Deferred tax	(61)	(123)	-	(1,785)	177	7	430	(1,171)
PAT *	(2,247)	1,421	7,171	5,018	3,408	4,215	3,605	16,246
%	-4.6%	2.4%	10.0%	26.8%	18.1%	20.9%	16.1%	20.4%

www.happiestminds.com

==> picture [580 x 33] intentionally omitted <==

==> picture [173 x 68] intentionally omitted <==

==> picture [137 x 5] intentionally omitted <==

Condensed Balance Sheet	Condensed Balance Sheet	Condensed Balance Sheet	Condensed Balance Sheet	Condensed Balance Sheet	Condensed Balance Sheet	Condensed Balance Sheet

(All figures in₹Lakhs)	31.03.2018	31.03.2019	31.03.2020	30.06.2020	30.09.2020	31.12.2020	31.03.2021
Assets
Non-current Assets
Property, plant and equipment	264	214	93	77	60	72	69
Goodwill	2,961	1,736	610	610	611	611	7,644
Financial & Other assets	7,685	6,003	5,598	6,266	5,788	5,040	10,029
Total non-current assets (A)	10,910	7,953	6,301	6,953	6,459	5,723	17,742
Current assets
Financial & Other assets
i. Trade receivable	9,437	12,927	11,487	9,851	10,302	9,765	12,192
ii. Cash & Cash equivalents, Investments & Other financial assets	16,928	19,610	31,967	39,196	52,387	54,286	60,928
iii. Other assets	1,424	862	1,060	1,308	1,721	1,531	1,333
Total current assets (B)	27,789	33,399	44,514	50,355	64,410	65,582	74,453
Total assets (A + B)	38,699	41,352	50,815	57,308	70,869	71,305	92,195

Equity and Liabilities
Total equity (A)	(10,888)	(6,605)	26,531	31,901	46,380	50,836	54,599
Non-current liabilities
Financial liabilities	5,797	3,814	1,863	1,674	1,518	1,248	7,339
Provisions & Deferred tax liability	935	940	1,255	1,508	1,513	1,662	2,378
Total non-current liabilities (B)	6,732	4,754	3,118	3,182	3,031	2,910	9,717
Current liabilities
Financial & Contract liabilities
i. Trade payable	2,498	2,878	3,442	3,600	6,307	3,781	4,101
ii. Others	38,866	38,591	15,947	15,907	12,402	10,931	20,340
Provisions & Other current liabilities	1,491	1,734	1,777	2,718	2,749	2,847	3,438
Total current liabilities (C)	42,855	43,203	21,166	22,225	21,458	17,559	27,879
Total liabilities (D = B + C)	49,587	47,957	24,284	25,407	24,489	20,469	37,596
Total equity and liabilities (A + D)	38,699	41,352	50,815	57,308	70,869	71,305	92,195

~~www.happiestminds.com~~

==> picture [464 x 125] intentionally omitted <==

==> picture [181 x 66] intentionally omitted <==

==> picture [346 x 19] intentionally omitted <==

[email protected]

www.happiestminds.com

==> picture [117 x 42] intentionally omitted <==

PRESS RELEASE

Happiest Minds’ FY21 Total income grows at 11.7% to ₹ 798 Crores

while PAT increases to ₹ 162 Crores and recommends maiden dividend

Bengaluru, India, San Jose, California and London, May 12, 2021: Happiest Minds Technologies Limited (NSE:HAPPSTMNDS), a ‘Born Digital. Born Agile’, digital transformation and IT solutions company, today announced its consolidated results today for the fourth quarter and year ended March 31, 2021 as approved by its Board of Directors.

Particulars	Q4 FY 21	Q3 FY 21	*QoQ*	Q4 FY 20	*YoY*	FY 21	FY 20	*YoY*

Revenues($'000)	30,235	26,202	15.4%	25,613	18.0%	104,592	98,348	6.3%

Revenues(₹ lakhs)	22,071	19,284	14.5%	18,635	18.4%	77,341	69,821	10.8%

Other Income(₹ lakhs)	303	845	(64.1)%	386	(21.5)%	2,422	1,602	51.2%

Total Income(₹ lakhs)	22,374	20,129	11.2%	19,021	17.6%	79,765	71,423	11.7%

EBITDA (₹ lakhs)	5,883	5,969	(1.4)%	2,563	129.5%	21,573	11,312	90.7%
%	26.3%	29.7%		13.5%		27.0%	15.8%

PBT (₹ lakhs)	4,924	5,327	(7.6)%	720	583.9%	18,602	7,361	152.7%
%	22.0%	26.5%		3.8%		23.3%	10.3%

Tax	1,319	1,112	18.6%	190	594.2%	2,356	190	1140.0%
%	5.9%	5.5%		1.0%		3.0%	0.3%

PAT (₹ lakhs)	3,605	4,215	(14.5)%	530	580.2%	16,246	7,171	126.6%
%	16.1%	20.9%		2.8%		20.4%	10.0%

Ashok Soota, Executive Chairman, Happiest Minds Technologies said, “The highlight for the year FY21 was our successful IPO. We have been able to fulfil all our promises and are grateful to our customers, our team, and all stakeholders, who helped make this possible. As we begin FY22, we will look to achieving 20 percent organic growth as indicated at the time of our IPO.”

Financial highlights:

Venkatraman N, MD & CFO, Happiest Minds Technologies talking on the financials said, “Our fiscal year revenue growth of 6.3% in US$ terms is reflective of our business model which positions us as a go to player for customers building a digital ready enterprise. Revenues for the quarter grew sequentially by 15.4% which includes Pimcore Global Services (PGS) the Company we acquired earlier during the Quarter. Our growth for the quarter even on a standalone basis has been robust. Considering our performance, strong cash generation and capital allocation priorities, I am happy to highlight the maiden divided of ₹ 3 per share recommended by the Board.”

==> picture [117 x 42] intentionally omitted <==

Quarter ended March 31, 2021

Operating Revenues stood at $30.2 million (growth of 15.4% q-o-q ; 18.0% y-o-y)
Total Income stood at ₹ 22,374 lakhs (growth of 11.2% q-o-q ; 17.6% y-o-y)
EBITDA stood at ₹ 5,883 lakhs, 26.3% of Total Income (decline of 1.4 % q-o-q ; growth of 129.5% y-o-y)
PAT at ₹ 3,605 lakhs (decline of 14.5 % q-o-q; growth of 580.2% y-o-y)
Free cash flows of ₹ 5,853 lakhs for the quarter

Year ended March 31, 2021

Operating Revenues stood at $104.6 million (growth of 6.3% y-o-y)
Total Income stood at ₹ 79,765 lakhs (growth of 11.7% y-o-y)
EBITDA stood at ₹ 21,573 lakhs, 27.0% of Total Income (growth of 90.7% y-o-y)
PAT at ₹ 16,246 lakhs (growth of 126.6% y-o-y)
EPS(diluted) for the year is ₹ 11.45 (growth of 113.6% y-o-y)
Free cash flows of ₹ 21,476 lakhs
RoCE & RoE for the year stood at 31.2% and 29.8% respectively

Our Business:

Joseph Anantharaju, Exec. Vice Chairman, Happiest Minds Technologies said, “We continue to see good demand for digital skills across verticals, with good growth in EduTech, Industrial & Manufacturing and Retail. All our geos have demonstrated impressive growth, especially Middle East and Europe. We are truly among India's best companies to work, as reflected in our high Glassdoor rating of 4.3 and low attrition levels of 12.4%”.

Clients:

173 as of March 31, 2021
23 additions during the quarter

Our People - Happiest Minds:

3,228 Happiest Minds as of March 31, 2021 (net addition for the quarter 343; for the year 562);
Trailing 12 months attrition of 12.4%
Utilization of 82.6%, up from 81.6% in Q3 FY21

Key Project Wins:

For a large US financial services company, Happiest Minds was chosen as a partner for implementing a cloud-based loan and leasing solution
For a leading US based Credit Union Services Organization, Happiest Minds was chosen to transform the legacy HR performance Solution
For a leading US manufacturer of electrical wiring and lighting control systems, Happiest Minds is building the next generation system to control, configure, and monitor their commercial lighting systems
For a large US professional services company, Happiest Minds is providing onsite and offshore IT Security services for Identity and Access Management

==> picture [117 x 42] intentionally omitted <==

For a large Health care company in USA, Happiest Minds is providing managed security services for Governance risk and compliance and security operations
For one of the largest and most successful estate agency groups in the UK, Happiest Minds has been selected to deliver multi-year Managed Vulnerability and Penetration Testing Services
For a large UK based Utilities company, Happiest Minds has been selected to deliver a critical Cloud Transformation project
For a large bank in UAE, Happiest Minds is providing high end security services in the space of DevSecOps and Big Data Security.

Awards:

Recognized with Peoplefirst’s Leading Practices in Talent Acquisition Award
Preeti Menon, Senior Vice President, Product Engineering Services was recognized among the Top 25 Women Leaders in IT Managed Services of 2021 by IT Services Report

Announcements:

The Board of Directors have recommended a final dividend of 150% (₹ 3 per equity share of par value ₹ 2 each) for the financial year ended March 31, 2021 which is subject to the approval of shareholders at the Annual General Meeting

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 digital solutions, infrastructure, product engineering and security. We deliver these services across industry sectors such as automotive, BFSI, consumer packaged goods, e-commerce, eduTech, engineering R&D, hi-tech, manufacturing, retail and travel/transportation/hospitality.

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

==> picture [117 x 42] intentionally omitted <==

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]

AI assistant

Happiest Minds Technologies Limited — Annual Report 2021

61298_rns_2021-05-12_1cee1084-4f4c-44d1-9787-fa2d3eff9885.pdf

Sub: Outcome of the Board Meeting held on May 12, 2021

Happiest Minds Technologies Limited

CIN : L72900KA2011PLC057931

Happiest Minds Technologies Limited

CIN : L72900KA2011PLC057931

Audited Consolidated Statement of Cash Flows for the year ended March 31, 2021

Happiest Minds Technologies Limited CIN : L72900KA2011PLC057931

Notes to Statement of Audited Consolidated Financial Results for the quarter ended and year ended March 31, 2021

10. Liquidation of subsidiary :

Happiest Minds Technologies Limited

CIN : L72900KA2011PLC057931

Happiest Minds Technologies Limited

CIN : L72900KA2011PLC057931

Happiest Minds Technologies Limited

CIN : L72900KA2011PLC057931

Audited Standalone Statement of Cash Flows for the year ended March 31, 2021

Notes to Statement of Audited Standalone Financial Results for the quarter ended and year ended March 31, 2021

May 2021

Next Generation Digital Transformation, Infrastructure, Security and Product Engineering Services Company

IPO

Agile Active clients

RoCE[2]

RoE

Mission Statement

rating

Promoter

Ashok Soota

% of Revenue

% of Revenue

Avg. annual revenue / active customer

PRESS RELEASE

Happiest Minds’ FY21 Total income grows at 11.7% to ₹ 798 Crores

while PAT increases to ₹ 162 Crores and recommends maiden dividend

Financial highlights:

Quarter ended March 31, 2021

Year ended March 31, 2021

Our Business:

Clients:

Our People - Happiest Minds:

Key Project Wins:

Awards:

Announcements:

About Happiest Minds Technologies:

Safe harbor

More from Happiest Minds Technologies Limited

Happiest Minds Technologies Limited Annual Report 2021