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Happiest Minds Technologies Limited Interim / Quarterly Report 2022

Oct 27, 2021

61298_rns_2021-10-27_4acbeb6e-6511-4b35-b8f8-13ebd24454f1.pdf

Interim / Quarterly Report

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Happiest Minds Technologies Limited

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(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 Website: www.happiestminds.com Email: [email protected]

October 27, 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 October 27, 2021

We wish to inform that the Board of Directors of the Company at its meeting held today i.e., October 27, 2021, approved the unaudited financial statements of the Company (both standalone and consolidated) prepared in accordance with Indian Accounting Standards (IndAS) for the quarter and half year that ended on September 30, 2021 and also declared an interim dividend of Rs.1.75/- per equity share of face value Rs.2/- for the financial year 2021-22. Record date for the purpose of interim dividend has been fixed on November 10, 2021 and the dividend will be paid on and after November 18, 2021 to the equity shareholders of the Company whose names appear in the Register of Members of the Company or in the records of Depositories as beneficial owners of shares as on the Record date fixed for the purpose.

Attached are copies of the financial results together with presentation to Investors and press release covering the results for the quarter.

Further, Mr. Rajendra Kumar Srivastava has been designated as “Lead Independent Director” with effect from October 27, 2021.

The Board meeting commenced at 9.00 pm and concluded at 9.30 pm.

This is for your information and records.

Thanking you, Yours faithfully,

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For Happiest Minds Technologies Limited

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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

(Rs. in lakhs)

Statement of Unaudited Consolidate
I. Revenue
(a) Revenue from contracts with customers
(b) Other income
Total revenue
II. Expenses
(a) Employee benefits expense (Refer note 9)
(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 10)
V. Profit before tax
VI. Tax expense
Current tax
Tax expense for earlier periods
Deferred tax charge / (credit)
Total Tax expense
VII. Profit for the period / year
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
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
X. Paid-up equity share capital (Rs. 2/- each)
X. Other equity
XI. Earnings per share ("EPS") (of Rs. 2/- each) (not annualised for quarters):
Basic EPS (Rs.)
Diluted EPS (Rs.)
Particulars		 d Financial Results for the quarter and half year ended September 30, 2021
Quarter ended
Half year ended
Year ended
September 30, 2021
June 30, 2021
September 30, 2020
September 30, 2021
September 30, 2020
March 31, 2021
(Unaudited)
(Unaudited)
Refer Note 2
(Unaudited)
Refer Note 2
Refer Note 2
26,453
24,461
18,284
50,914
35,986
77,341
959
926
507
1,885
1,504
2,424
27,412
25,387
18,791
52,799
37,490
79,765
15,329
13,928
11,089
29,257
21,917
45,238
243
164
160
407
346
697
834
723
512
1,557
1,024
2,274
5,071
4,844
2,763
9,915
5,852
12,954
21,477
19,659
14,524
41,136
29,139
61,163
5,935
5,728
4,267
11,663
8,351
18,602
-
609
-
609
-
-
5,935
5,119
4,267
11,054
8,351
18,602
1,512
1,551
682
3,063
1,533
3,527
-
44
-
44
-
-
(21)
(49)
177
(70)
(1,608)
(1,171)
1,491
1,546
859
3,037
(75)
2,356
4,444
3,573
3,408
8,017
8,426
16,246
(35)
160
-
125
4
22
231
(376)
603
(145)
1,116
1,236
(59)
95
(151)
36
(97)
(127)
(14)
(60)
66
(74)
(119)
(144)
4
15
(17)
19
30
36
4,571
3,407
3,909
7,978
9,360
17,269
2,837
51,762
3.12
2.51
2.51
5.64
6.23
11.75
3.06
2.45
2.42
5.54
6.04
11.45

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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

Unaudited Consolidated Statement of Assets and Liabilities as at September 30, 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
Financial assets:
i. Investments
ii. Other financial assets
Income tax assets (Net)
Other non-current 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 (iii) above
v. Loans
vi. Other financial assets
Other current assets
Total current assets
Total assets (A+B)
EQUITY AND LIABILITIES
C
Equity
Equity share capital
Other equity
Total Equity
D
Non-current liabilities
Financial liabilities
i. Borrowings
ii. Lease liabilities
iii. Other financial liabilities
Provisions
Deferred tax liabilities (Net)
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
Other current liabilities
Provisions
Income tax liabilities (Net)
Total current liabilities
F
Total liabilities (D+E)
Total equity and liabilities (C+F)		 (Rs. in lakhs)
September 30, 2021
March 31, 2021
(Unaudited)
Refer Note 2
86
69
-
14
7,742
7,644
2,821
2,966
5,563
2,150
373
-
769
2,458
1,031
1,408
2
7
1,045
1,026
19,432
17,742
41,160
39,148
16,064
12,192
4,418
8,583
9,205
5,935
24
14
8,983
7,248
2,367
1,333
82,221
74,453
1,01,653
92,195
2,846
2,837
55,652
51,762
58,498
54,599
2,721
3,661
4,090
1,223
2,620
2,455
1,706
1,653
628
725
11,765
9,717
979
674
11,927
12,969
1,848
1,422
112
95
6,558
4,404
5,957
4,877
2,163
1,930
1,708
1,508
138
-
31,390
27,879
43,155
37,596
1,01,653
92,195

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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

Unaudited Consolidated Statement of Cash Flows for the half year ended September 30, 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
Net unrealised foreign exchange loss / (gain)
Bad debts written off
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 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
Investments in fixed deposits, net
Investment in Equity instruments
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
Repayment of short term borrowings, Net
Securities deposits given
Payment of principal portion of lease liabilities
Payment of interest portion of lease liabilities
Dividend paid
Proceeds from exercise of share options /(repayment of share options), Net
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 period
Cash and cash equivalents at the end of the period		 (Rs. in lakhs)
September 30, 2021
September 30, 2020
(Unaudited)
Refer Note 2
11,054
8,351
1,557
1,024
147
157
(560)
(462)
(349)
(4)
(286)
(525)
326
(227)
-
199
609
-
(198)
-
(7)
508
407
346
12,700
9,367
(3,803)
443
(10)
26
(1,030)
(681)
(1,982)
(810)
1,905
2,875
515
(169)
179
507
476
(171)
233
604
9,183
11,991
(2,592)
(453)
6,591
11,538
(40)
(18)
(275)
(6)
-
7
(1,485)
(969)
(373)
-
(33,075)
(4,330)
31,972
1,417
160
306
(3,116)
(3,593)
(1,016)
(401)
(1,184)
(2,051)
-
(300)
(793)
(943)
(202)
(186)
(4,311)
-
85
(47)
-
10,495
(197)
(155)
(7,618)
6,412
(4,143)
14,357
(22)
5
8,583
4,353
4,418
18,715

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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 Unaudited Consolidated Financial Results for the quarter ended and half year ended September 30, 2021

  1. In terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, this Statement of Unaudited Consolidated Financial Results for the quarter and half year ended September 30, 2021 ("Unaudited 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 October 27, 2021 and subjected to a limited review by the Statutory Auditors of the Company.

  2. The financial results of the Group for quarter ended September 30, 2020, half year ended September 30, 2020 and year ended March 31, 2021 were subject to limited review/audit by M/s S.R.Batliboi & Associates LLP, Chartered Accountants, the predecessor auditor who have expressed an unmodified review conclusion / audit opinion respectively.

  3. The Unaudited 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 follo
Particulars
Total revenue (including other income)
Profit before tax
Profit for the period / year
Total comprehensive income for the period / year ended		 ws:
(Rs. in lakhs)
Quarter ended
Half year ended
Year ended
September 30, 2021 June 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 March 31, 2021
(Unaudited)
(Unaudited)
Refer Note 2
(Unaudited)
Refer Note 2
Refer Note 2
26,002
23,968
18,791
49,970
37,410
78,438
5,978
5,018
4,267
10,996
8,211
18,602
4,448
3,501
3,408
7,949
8,286
16,193
4,610
3,175
3,909
7,785
9,216
17,193

  1. The Board of Directors of the Company at their meeting held on October 27, 2021 has declared an interim dividend of Rs.1.75/- per equity share of face value Rs.2/- for the financial year 202122. Record date for the purpose of interim dividend has been fixed on November 10, 2021 and the dividend will be paid on and after November 18, 2021.

  2. 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

Segment wise revenue and results are as follows:
Particulars
1. Segment revenue
IMSS
DBS
PES
Total
2. Segment results
IMSS
DBS
PES
Total
Unallocable other income
Unallocable finance cost
Unallocable depreciation and amortisation expenses
Other unallocable expenses
Tax (expense) / credit
Profit after tax		 (Rs. in lakhs)
Quarter ended
Half year ended
Year ended
September 30, 2021 June 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 March 31, 2021
(Unaudited)
(Unaudited)
Refer Note 2
(Unaudited)
Refer Note 2
Refer Note 2
5,747
5,251
3,959
10,998
7,600
16,421
8,046
7,569
4,710
15,615
9,308
21,288
12,660
11,641
9,615
24,301
19,078
39,632
26,453
24,461
18,284
50,914
35,986
77,341
1,338
1,287
449
2,625
1,394
3,967
2,295
1,584
963
3,879
2,270
7,106
4,856
4,512
1,713
9,368
5,770
15,924
8,489
7,383
3,125
15,872
9,434
26,997
959
926
506
1,885
1,423
2,340
(243)
(164)
(157)
(407)
(343)
(690)
(834)
(723)
(487)
(1,557)
(999)
(2,198)
(2,436)
(2,303)
1,280
(4,739)
(1,164)
(7,847)
(1,491)
(1,546)
(859)
(3,037)
75
(2,356)
4,444
3,573
3,408
8,017
8,426
16,246
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
September 30, 2021
March 31, 2021
(Unaudited)
Refer Note 2
6,743
4,282
18,210
5,741
11,012
8,284
65,688
73,888
1,01,653
92,195
1,425
396
12,495
1,874
2,070
1,174
27,165
34,152
43,155
37,596

  • The assets and liabilities relating to acquired entity Happiest Minds Inc., (Erstwhile PGS Inc.,) is included under DBS segment as of September 30, 2021. The same was grouped under unallocable assets and liabilities as of March 31, 2021.

  • The full impact of COVID-19 still remains uncertain and could be different from the estimates considered while preparing these Unaudited Consolidated Financial Results. The Group will continue to closely monitior any material changes to future economic conditions.

  • 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 Group 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.

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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 Unaudited Consolidated Financial Results for the quarter ended and half year ended September 30, 2021

  1. Employee benefit expense includes INR 146 lakhs paid/payable to beneficiaries of 7 employees of the Group who lost their lives due to Covid, illness and accident pursuant to a discretionary benefit announced by the Group.

  2. The Company had acquired 100% voting interest in Happiest Minds Inc. (erstwhile PGS Inc.) vide definitive agreements signed on January 27, 2021, for a total recorded consideration of US $ 13.31 million (INR 9,720 lakhs), comprising cash consideration of US $ 8.25 million (INR 6,025 lakhs) and fair-valued contingent consideration in the form of warrants of US $ 5.06 million (INR 3,696 lakhs) payable over the next 3 years. The contingent consideration was classified as a financial liability within the scope of Ind AS 109 'Financial Instruments' and was measured at fair value. Ind AS 109 mandates that any subsequent changes in such fair value will have to be recognized in the statement of profit and loss. The Company carried out a fair valuation at the end of the reporting periods and an increase in the liability of Rs 609 lakhs as of June 30, 2021 has been recognised in the statement of profit and loss and disclosed as ‘Exceptional Item’. There has been no changes in the fair valuation as of Septermber 30, 2021.

  3. An American national and an ex-employee on September 9, 2019 had filed a class-action complaint against our Company before the United States District Court, Northern District of California, San Jose Division, alleging that the Company engaged in discriminatory employment practices. During the adjudication process, the Court felt that the matter could be resolved through mediation and directed the parties to go in for an mediation/ settlement. The parties concluded a settlement of Rs.200 lakhs during year ended March 2021. During the quarter ended June 30, 2021, the Company received reimbursements from the insurance company covering its claim and related expenses amounting to Rs.200 lakhs which has been presented under ‘Other Income’ and included in "unallocated" for segment reporting purposes.

  4. The previous periods numbers have been regrouped/ rearranged wherever necessary to conform the current period presentation.

  5. The above Unaudited 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.

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----- 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: October 27, 2021

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 Unaudited Standalone
I. Revenue
(a) Revenue from contracts with customers
(b) Other income
Total revenue
II. Expenses
(a) Employee benefits expense (Refer note 8)
(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
VI. Tax expense
Current tax
Deferred tax charge / (credit)
Total tax expense
VII. Profit for the period / year
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 hedges
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
X. Paid-up equity share capital (Rs. 2/- each)
X. Other equity
XI. Earnings per share ("EPS") (of Rs. 2/- each) (not annualised for quarters):
Basic EPS (Rs.)
Diluted EPS (Rs.)
Particulars		 Financial Results for the quarter and half year ended September 30, 2021
Quarter ended
Half year ended
Year ended
September 30, 2021
June 30, 2021
September 30, 2020
September 30, 2021
September 30, 2020
March 31, 2021
(Unaudited)
(Unaudited)
Refer Note 2
(Unaudited)
Refer Note 2
Refer Note 2
25,043
23,041
18,284
48,084
35,986
76,096
959
927
507
1,886
1,424
2,342
26,002
23,968
18,791
49,970
37,410
78,438
15,114
13,728
11,089
28,842
21,917
45,012
242
163
160
405
346
692
619
509
512
1,128
1,025
2,063
4,049
3,941
2,763
7,990
5,911
12,069
20,024
18,341
14,524
38,365
29,199
59,836
5,978
5,627
4,267
11,605
8,211
18,602
-
609
-
609
-
-
5,978
5,018
4,267
10,996
8,211
18,602
1,477
1,493
682
2,970
1,533
3,527
53
24
177
77
(1,608)
(1,118)
1,530
1,517
859
3,047
(75)
2,409
4,448
3,501
3,408
7,949
8,286
16,193
231
(376)
603
(145)
1,116
1,236
(59)
95
(151)
36
(97)
(128)
(14)
(60)
66
(74)
(119)
(144)
4
15
(17)
19
30
36
4,610
3,175
3,909
7,785
9,216
17,193
2,837
51,830
3.12
2.46
2.51
5.59
6.13
11.71
3.06
2.40
2.42
5.49
5.93
11.41

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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

Unaudited Standalone Statement of Assets and Liabilities as at September 30, 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
Financial assets:
i. Investments
ii. Loans
iii. Other financial assets
Income tax assets (Net)
Other non-current 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 (iii) above
iv. Loans
v. Other financial assets
Other current assets
Total current assets
Total assets (A+B)
EQUITY AND LIABILITIES
C
Equity
Equity share capital
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
Other current liabilities
Provisions
Total current liabilities
F
Total liabilities (D+E)
Total equity and liabilities (C+F)		 (Rs. in lakhs)
September 30, 2021
March 31, 2021
(Unaudited)
Refer Note 2
83
67
-
14
611
611
311
65
5,562
2,149
9,720
9,720
742
-
769
2,458
1,031
1,408
2
7
1,005
1,026
19,836
17,525
41,160
39,148
15,626
11,610
3,356
7,952
9,205
5,935
23
14
8,330
7,209
2,333
1,302
80,033
73,170
99,869
90,695
2,846
2,837
55,527
51,830
58,373
54,667
2,721
3,661
4,090
1,223
2,620
2,455
1,706
1,653
11,137
8,992
817
365
11,927
12,969
1,848
1,422
112
95
5,826
3,876
5,957
4,877
2,164
1,924
1,708
1,508
30,359
27,036
41,496
36,028
99,869
90,695

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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

Unaudited Standalone Statement of Cash Flows for the half year ended September 30, 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
Net unrealised foreign exchange loss / (gain)
Fair value loss on warrant liability
Rent concession
Impairment loss on financial assets
Bad debts written off
Finance costs
Operating profit before working capital changes
Movements in working capital
(Increase)/ decrease in trade receivables
(Increase)/ decrease in loans
(Increase)/ decrease in other 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 liabilities
Cash generated from operating activities
Income tax paid
Net cash generated from operating activities (A)
B. Cash flow from investing activities
Purchase of intangible assets
Investments in fixed deposits, net
Loan to Subsidiary
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
Repayment of short term borrowings, Net
Security deposits given
Payment of principal portion of lease liabilities
Payment of interest portion of lease liabilities
Dividend paid
Proceeds from exercise of share options /(repayment of share options), Net
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 period
Cash and cash equivalents at the end of the period
Purchase of property, plant and equipment		 (Rs. in lakhs)
September 30, 2021
September 30, 2020
(Unaudited)
Refer Note 2
10,996
8,211
1,128
1,025
147
157
(560)
(462)
(349)
(4)
(286)
(525)
325
(113)
609
-
(198)
-
(58)
567
-
199
405
346
12,159
9,401
(3,877)
441
(9)
(33)
(1,026)
(678)
(1,387)
(810)
1,701
2,854
515
(169)
179
507
623
(134)
240
618
9,118
11,997
(2,593)
(453)
6,525
11,544
(40)
(18)
(275)
(6)
(1,485)
(969)
(739)
(33,075)
(4,330)
31,972
1,417
160
306
(3,482)
(3,600)
(1,017)
(401)
(1,184)
(2,051)
-
(300)
(793)
(939)
(202)
(186)
(4,311)
-
85
(47)
-
10,495
(195)
(155)
(7,617)
6,416
(4,574)
14,360
(22)
5
7,952
4,350
3,356
18,715

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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 Unaudited Standalone Financial Results for the quarter ended and half year ended September 30, 2021

  1. In terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, this Statement of Unaudited Standalone Financial Results for the quarter and half year ended September 30, 2021 ("Unaudited 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, approved by the Board of Directors at their meeting held on October 27, 2021 and subjected to a limited review by the Statutory Auditors of the Company.

  2. The financial results of the Company for quarter ended September 30, 2020, half year ended September 30, 2020 and year ended March 31, 2021 were subject to limited review/audit by M/s S.R.Batliboi & Associates LLP, Chartered Accountants, the predecessor auditor who have expressed an unmodified review conclusion / audit opinion respectively.

  3. The Unaudited 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 October 27, 2021 has declared an interim dividend of Rs.1.75/- per equity share of face value Rs.2/- for the financial year 202122. Record date for the purpose of interim dividend has been fixed on November 10, 2021 and the dividend will be paid on and after November 18, 2021.

  5. The segment reporting of the Company has been prepared in accordance with Ind AS-108 on 'Operating Segments'. The Executive management examines the Company'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

Segment wise revenue and results are as follows:

Segment wise revenue and results are as follows:
Particulars
1. Segment revenue
IMSS
DBS
PES
Total
2. Segment results
IMSS
DBS
PES
Total
Unallocable other income
Unallocable finance cost
Unallocable depreciation and amortisation expenses
Other unallocable expenses
Tax (expense) / credit
Profit After Tax		 (Rs. in lakhs)
Quarter ended
Half year ended
Year ended
September 30, 2021
June 30, 2021
September 30, 2020
September 30, 2021
September 30, 2020
March 31, 2021
(Unaudited)
(Unaudited)
Refer Note 2
(Unaudited)
Refer Note 2
Refer Note 2
5,671
5,324
3,959
10,995
7,600
16,421
6,711
6,077
4,710
12,788
9,308
20,043
12,661
11,640
9,615
24,301
19,078
39,632
25,043
23,041
18,284
48,084
35,986
76,096
1,262
1,360
449
2,622
1,394
3,967
2,196
1,198
881
3,394
2,188
7,194
4,856
4,512
1,713
9,368
5,770
15,924
8,314
7,070
3,043
15,384
9,352
27,085
959
927
506
1,886
1,423
2,340
(242)
(163)
(157)
(405)
(343)
(685)
(619)
(509)
(487)
(1,128)
(999)
(1,987)
(2,434)
(2,307)
1,362
(4,741)
(1,222)
(8,151)
(1,530)
(1,517)
(859)
(3,047)
75
(2,409)
4,448
3,501
3,408
7,949
8,286
16,193
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
September 30, 2021
March 31, 2021
(Unaudited)
Refer Note 2
6,743
4,282
16,101
5,094
11,012
8,284
66,013
73,035
99,869
90,695
1,425
396
10,836
1,049
2,070
1,174
27,165
33,409
41,496
36,028

  • The assets and liabilities relating to acquired entity Happiest Minds Inc., (Erstwhile PGS Inc.,) is included under DBS segment as of September 30,

  • The same was grouped under unallocable assets and liabilities as of March 31, 2021.

  • The full impact of COVID-19 still remains uncertain and could be different from the estimates considered while preparing these Unaudited Standalone Financial Results. The Company will continue to closely monitor any material changes to future economic conditions.

  • 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.

  • Employee benefit expense includes INR 146 lakhs paid/payable to beneficiaries of 7 employees of the Company who lost their lives due to Covid, illness and accident pursuant to a discretionary benefit announced by the Company.

  • The Company had acquired 100% voting interest in Happiest Minds Inc. (erstwhile PGS Inc.) vide definitive agreements signed on January 27, 2021, for a total recorded consideration of US $ 13.31 million (INR 9,720 lakhs), comprising cash consideration of US $ 8.25 million (INR 6,025 lakhs) and fair-valued contingent consideration in the form of warrants of US $ 5.06 million (INR 3,696 lakhs) payable over the next 3 years. The contingent consideration was classified as a financial liability within the scope of Ind AS 109 'Financial Instruments' and was measured at fair value. Ind AS 109 mandates that any subsequent changes in such fair value will have to be recognized in the statement of profit and loss. The Company carried out a fair valuation at the end of the reporting periods and an increase in the liability of Rs 609 lakhs as of June 30, 2021 has been recognised in the statement of profit and loss and disclosed as ‘Exceptional Item’. There has been no changes in the fair valuation as of Septermber 30, 2021.

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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 Unaudited Standalone Financial Results for the quarter ended and half year ended September 30, 2021

  1. An American national and an ex-employee on September 9, 2019 had filed a class-action complaint against our Company before the United States District Court, Northern District of California, San Jose Division, alleging that the Company engaged in discriminatory employment practices. During the adjudication process, the Court felt that the matter could be resolved through mediation and directed the parties to go in for an mediation/ settlement. The parties concluded a settlement of Rs.200 lakhs during year ended March 2021. During the quarter ended June 30, 2021, the Company received reimbursements from the insurance company covering its claim and related expenses amounting to Rs.200 lakhs which has been presented under ‘Other Income’ and included in "unallocated" for segment reporting purposes.

  2. The previous periods numbers have been regrouped/ rearranged wherever necessary to conform the current period presentation.

  3. The above Unaudited 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.

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For and on behalf of the Board
For Happiest Minds Technologies Limited
Venkatraman Narayanan
Managing Director & Chief Financial Officer
DIN : 01856347
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Place: Bengaluru, India Date: October 27, 2021

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October 2021

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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.

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www.happiestminds.com

2

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

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IPO

Digital Digital

Agile

Active clients

RoCE[1]

In September 2020

  • 50 Fortune2000 / Forbes200 / Billion $ corporations

  • 87% of repeat business

  • Completed 10 years of existence in August 2021

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RoE

• Strong Management Team & Corporate governance

Mission Statement

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Happiest Minds

  • Ranked India's Best Companies to work for 2021

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rating

  • Ranked Asia’s Best Workplaces 2021

  • 560,000 investors

SMILES Values

on Glassdoor

across 7 Countries Diversity 26.1%

Sharing, Mindful, Integrity, Learning, Excellence, Social Responsibility

  • Top Companies for Data Scientists to Work for 2021

#2 for Indian IT Services

  • Robust growth and rofitabili

  • p ty

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Promoter

Ashok Soota

3 www.happiestminds.com

*All logos are properties of their respective owners Note 1 : ROCE / ROE is half year annualized

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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
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4 www.happiestminds.com

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Learning Excellence Integrity Social Responsibility Mindful Sharing Our Mission Happiest People . Happiest Customers

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

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Design Happiest Accelerate Build & Sustain Minds for Profitable a World Class Perpetuity Growth Team

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Be the Ambassador of Happiness

Be Recognized for Thought Leadership in our focus areas of Technology & Solutions 3

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Be known for our ESG standards

www.happiestminds.com

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Business Agile
Transformation Organization
Agile
Business
CREATING
MINDFULLY
DIGITAL
AGILE
CAPITAL
Platformize and Agile
Modernize Delivery
Reimagining Engineering &
Customer Experience Operational Excellence
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www.happiestminds.com

6

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With a Fortune 100 Healthcare provider, Happiest Minds has signed a large multi-year Managed Security Service Provider deal

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For a large US retailer , Happiest Minds is managing its infrastructure services and cloud platform

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For a multi-billion-dollar supply chain industry leader , Happiest Minds is helping them build their new SaaS based product

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For a Fortune 100 Health insurance company , Happiest Minds is managing their Cloud Security

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For a publicly traded global leader in Information Security company , Happiest Minds is building an offshore center to take end-to-end ownership for new features development alongside their Engineering team

For a global supplier of mechanical and electrical drive systems , Happiest Minds is building a digital platform to enable their exponential revenue growth and excellent customer service

For one of the world's largest brokers of fine and decorative art, jewelry and collectibles , Happiest Minds was chosen to transform their Financial Services lending processes

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For a global supplier of mechanical and electrical drive systems , Happiest Minds is building a digital platform to enable their exponential revenue growth and excellent customer service

www.happiestminds.com

7

AWARDS

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Ranked Among India’s Top 50 Best Workplaces For Women 2021 by Great Place to Work® Institute

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Asiamoney Asia’s Outstanding Companies Poll 2021

  • Most Outstanding Company in India under Small / Mid-Caps category

  • Most Outstanding IPO in India

www.happiestminds.com

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9 www.happiestminds.com

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All amounts in ₹ Lakhs unless stated otherwise
Particulars
Q2 FY 22 Q1 FY 22
QoQ
Q2 FY 21
YoY
H1 FY 22
H1 FY21
YoY
Revenues($'000)
35,809
33,152
8.0%
24,712
44.9%
68,961
48,156
43.2%
Revenues
26,453
24,461
8.1%
18,284
44.7%
50,914
35,986
41.5%
Other Income
959
926
3.6%
507
89.2%
1,885
1,504
25.3%
Total Income
27,412
25,387
8.0%
18,791
45.9%
52,799
37,490
40.8%
EBITDA
7,012
6,615
6.0%
4,939
42.0%
13,627
9,721
40.2%
%
25.6%
26.1%
26.3%
25.8%
25.9%
PBT before Exceptional Item
5,935
5,728
3.6%
4,267
39.1%
11,663
8,351
39.7%
%
21.7%
22.6%
22.7%
22.1%
22.3%
Exceptional Item
-
(609)
-
(609)
-
PBT
5,935
5,119
15.9%
4,267
39.1%
11,054
8,351
32.4%
%
21.7%
20.2%
22.7%
20.9%
22.3%
Tax
1,491
1,546
(3.6)%
859
73.6%
3,037
(75)
%
5.4%
6.1%
4.6%
5.8%
PAT
4,444
3,573
24.4%
3,408
30.4%
8,017
8,426
(4.9)%
%
16.2%
14.1%
18.1%
15.2%*
22.5%		 All amounts in ₹ Lakhs unless stated otherwise
Particulars
Q2 FY 22 Q1 FY 22
QoQ
Q2 FY 21
YoY
H1 FY 22
H1 FY21
YoY
Revenues($'000)
35,809
33,152
8.0%
24,712
44.9%
68,961
48,156
43.2%
Revenues
26,453
24,461
8.1%
18,284
44.7%
50,914
35,986
41.5%
Other Income
959
926
3.6%
507
89.2%
1,885
1,504
25.3%
Total Income
27,412
25,387
8.0%
18,791
45.9%
52,799
37,490
40.8%
EBITDA
7,012
6,615
6.0%
4,939
42.0%
13,627
9,721
40.2%
%
25.6%
26.1%
26.3%
25.8%
25.9%
PBT before Exceptional Item
5,935
5,728
3.6%
4,267
39.1%
11,663
8,351
39.7%
%
21.7%
22.6%
22.7%
22.1%
22.3%
Exceptional Item
-
(609)
-
(609)
-
PBT
5,935
5,119
15.9%
4,267
39.1%
11,054
8,351
32.4%
%
21.7%
20.2%
22.7%
20.9%
22.3%
Tax
1,491
1,546
(3.6)%
859
73.6%
3,037
(75)
%
5.4%
6.1%
4.6%
5.8%
PAT
4,444
3,573
24.4%
3,408
30.4%
8,017
8,426
(4.9)%
%
16.2%
14.1%
18.1%
15.2%*
22.5%
PAT
%		 8,017
8,426
(4.9)%
15.2%
22.5%

* Loss on Fair Valuation of Warrant Liability

www.happiestminds.com

10

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Digital
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% of Revenue
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97.2% 97.1%
96.9% 96.8% 96.6% 96.6% 96.7%
96.3% 96.2%
FY 19 FY 20 FY 21 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22
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Agile
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% of Revenue

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93.9% 92.8% 92.8% 94.2% 93.4% 93.2%
90.2%
87.9%
71.1%
FY 19 FY 20 FY 21 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22
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www.happiestminds.com

11

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Revenue - Growth
Total Income (₹ Lakhs)
79,765
71,423
60,181
48,912
25,387 [27,412]
[22,374]
18,699 18,791 [20,129]
FY18 FY19 FY20 FY21 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22
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Revenue Share
3.4%
21.0%
46.2%
29.4%
PES DBS IMSS Oth Inc
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EBITDA High FCF [1] conversion
99.6
(₹ Lakhs) Margin % (₹ Lakhs) % %
27.0% 21,476
21,573
99.6
%
15.8%
11,266
11,312 25.6
26.1
%
26.3 % 98.8 99.3 96.2
11.0% 29.7 % % 99.5 % %
% 99.2 %
25.6 26.3 99.8 %
6,628 % % 5,969 5,883 6,615 7,012 6,549 99.8% % 5,920 5,853 6,569 6,743
4,782 4,939 4,772 4,931
1.6%
85.0
%
762 649
FY18 FY19 FY20 FY21 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 FY18 FY19 FY20 FY21 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22
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Note: 1. FCF Conversion = FCF/EBITDA and FCF = EBITDA – Capex. (Non-GAAP Measure)

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Happiest Minds & Utilization

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79.5% 81.6% 82.6% 82.1% 79.7%
76.9% 78.7%
77.3% 74.9%
68.4%
3,796
3,538
3,228 3,228
2,253 2,462 2,666 2,658 2,721 2,885
FY18 FY19 FY20 FY21 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22
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Offshore / Onsite
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By Number of Employees
95.3% 94.6% 95.4% 94.9% 95.3% 95.1% 95.0% 94.9% 94.9% 95.2%
4.7% 5.4% 4.6% 5.1% 4.7% 4.9% 5.0% 5.1% 5.1% 4.8%
FY18 FY19 FY20 FY21 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22
Onsite Offshore
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Voluntary Attrition % [1]
25.2%
18.7% 18.5%
16.2%
14.2% 14.7%
13.1%
12.4% 12.4%
FY19 FY20 FY21 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22
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Note 1: Trailing 12 Months

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Revenue Model
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Q2 22
Model Geography Digital Revenue [1] Vertical [1]
3.3% 11.6%
9.8% 23.2%
24.4% 10.0%
8.3%
13.0%
12.5% 42.8% 6.6%
13.5%
12.2%
11.1% 13.3%
65.9%
75.6% 10.6%
19.6% 13.0%
T&M FP Digital Infra / Cloud SAAS Edu Tech Hitech Retail / CPG
Americas Europe India ROW
Security Analytics / AI TME BFSI Industrial
IoT Others MFG Others
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Revenue Concentration [3]
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Million $ Customers [2]
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(% Revenue) (#)
61.5% 31 31
46.3% 25 26 23 24 25 26
21
31.1% 16
13.4%
Top 1 Top 5 Top 10 Top 20 FY18 FY19 FY20 FY21 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22
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Notes: 1. TME: Travel, Media & Entertainment, 2. Based on quarterly revenues annualized. 3. Top 20 includes Top 1, 5 & 10

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Onsite/Offshore

Average Annual Revenue / Active Customer

By Revenue

(USD ‘000)

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783
751
737
683
659
634
615 615
502
471
78.6% 78.0% 77.5% 81.0% 79.0% 78.1% 81.0%
85.0% 84.0% 83.9%
21.4% 22.0% 22.5% 19.0% 21.0% 21.9% 19.0%
15.0% 16.0% 16.1%
FY18 FY19 FY20 FY21 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 FY18 FY19 FY20 FY21 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22
Onsite Offshore
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FY18 FY19 FY20 FY21Q1 FY21Q2 FY21Q3 FY21Q4 FY21 FY22Q1 FY22Q2
Customer Industry group
Edutech 18.0% 21.3% 21.3% 27.0% 27.0% 24.9% 24.1% 25.6% 23.4% 23.2%
Hitech 24.6% 21.0% 21.0% 20.5% 19.5% 20.2% 13.5% 18.2% 14.2% 13.5%
BFSI 17.9% 18.2% 17.5% 17.4% 16.3% 17.4% 14.8% 16.4% 13.4% 13.3%
Travel, Media and
Entertainment (TME) 11.0% 13.8% 17.1% 12.9% 13.0% 14.4% 14.0% 13.6% 13.9% 13.0%
Retail / CPG 7.0% 6.9% 7.5% 5.7% 4.5% 2.2% 8.6% 5.4% 9.6% 10.6%
Industrial 6.2% 8.1% 7.0% 6.4% 6.9% 7.0% 7.7% 7.1% 7.1% 6.6%
Manufacturing 3.2% 3.8% 3.7% 5.7% 6.8% 6.9% 7.1% 6.6% 6.3% 8.3%
Others 12.3% 6.9% 4.9% 4.6% 6.0% 7.0% 10.2% 7.1% 12.0% 11.6%
Digital Service Offerings
Digital infrastructure/Cloud - 40.9% 31.2% 43.7% 41.1% 41.0% 44.2% 41.6% 42.3% 42.8%
SaaS - 28.6% 29.4% 23.6% 24.6% 21.6% 20.9% 22.7% 20.2% 19.6%
Security Solutions - 10.2% 14.9% 7.6% 7.4% 8.7% 9.1% 8.7% 11.0% 12.2%
Analytics/AI - 9.1% 11.6% 12.1% 13.5% 14.4% 12.9% 13.3% 12.9% 12.5%
IoT - 8.4% 9.8% 9.3% 10.5% 11.0% 9.5% 10.5% 9.9% 9.8%
Total - 97.2% 96.9% 96.3% 97.1% 96.6% 96.6% 96.8% 96.2% 96.7%
Automation as a % of total
revenue 20.7% 24.2% 24.3% 27.8% 24.4% 25.2% 23.9% 23.9%
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FY18 FY19 FY20 FY21 Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY 21 FY22 Q1 FY22 Q2
Location of external customer
USA 73.5% 75.5% 77.5% 77.3% 77.3% 72.2% 68.4% 73.4% 67.8% 65.9%
India 11.7% 11.9% 11.9% 10.9% 10.9% 13.4% 11.7% 11.8% 12.4% 13.0%
Europe 11.4% 9.5% 7.2% 9.8% 9.2% 10.6% 11.6% 10.4% 10.4% 11.1%
ROW 3.4% 3.1% 3.4% 2.0% 2.6% 3.8% 8.4% 4.4% 9.4% 10.0%
Million $ Customers1
$ 10 M + 1 1 1 1 1 1 1 1 1
$ 5M to $ 10M 2 2 - 1 - 2 3 3 3 6
$ 3M to $ 5M 2 1 9 4 6 5 6 6 6 3
$ 1M to $ 3M 12 17 15 17 17 17 16 16 21 21
Total 16 21 25 23 24 25 26 26 31 31
Revenue Mix
Onsite 21.4% 22.0% 22.5% 21.0% 21.9% 19.0% 15.0% 19.0% 16.0% 16.1%
Offshore2 78.6% 78.0% 77.5% 79.0% 78.1% 81.0% 85.0% 81.0% 84.0% 83.9%
Revenue Model
Fixed Price 18.4% 16.8% 19.0% 18.8% 19.3% 22.2% 26.0% 22.0% 26.0% 24.4%
Time and Material 81.6% 83.2% 81.0% 81.2% 80.7% 77.8% 74.0% 78.0% 74.0% 75.6%
Active customers
# of active customers 173 163 157 148 152 155 173 173 180 186
Billion $ corporation
# of customers 37 36 39 38 46 46 53 50

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

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FY18 FY19 FY20 FY21Q1 FY21Q2 FY21Q3 FY21Q4 FY21 FY22Q1 FY22Q2
Happiest Minds
Onsite 105 132 123 124 133 145 166 166 180 182
Offshore 2,148 2,330 2,543 2,534 2,588 2,740 3,062 3,062 3,358 3,614
Total 2,253 2,462 2,666 2,658 2,721 2,885 3,228 3,228 3,538 3,796
Happiest Minds by delivery
centres
Onsite 4.7% 5.4% 4.6% 4.7% 4.9% 5.0% 5.1% 5.1% 5.1% 4.8%
Offshore 95.3% 94.6% 95.4% 95.3% 95.1% 95.0% 94.9% 94.9% 94.9% 95.2%
Utilization
Utilization % 68.4% 77.3% 76.9% 74.9% 78.7% 81.6% 82.6% 79.5% 82.1% 79.7%
Diversity
Women Happiest Minds 22.0% 23.0% 24.0% 23.4% 23.3% 24.0% 24.5% 24.5% 25.2% 26.1%
Days Sales Outstanding
Billed 74 80 60 51 51 46 50 57 46 58
Unbilled 6 11 23 32 26 31 24 28 36 30
Total DSO 80 91 83 83 77 77 75 85 82 88
EPS₹
Diluted - - 5.36 3.72 2.42 2.94 2.48 11.45 2.45 3.06
Capital Return Ratios %
RoCE 28.9% 50.9% 37.0% 41.9% 33.3% 31.2% 30.7% 33.8%
RoE 27.1% 62.9% 29.4% 33.2% 26.4% 29.8% 24.7% 27.5%

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(All figures in ₹ Lakhs) FY18 FY19 FY20 FY21Q1 FY21Q2 FY21Q3 FY21Q4

FY21 FY22Q1 FY22Q2

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% 5,251 20.7% 5,747 21.0% 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% 7,570 29.8% 8,046 29.4% Product Engineering Services 21,024 43.0% 28,003 46.5% 35,293 49.4% 9,463 50.6% 9,615 51.2% 9,965 49.5% 10,589 47.3% 39,632 49.7% 11,639 45.8% 12,661 46.2% Total Revenue 46,289 94.6% 59,036 98.1% 69,821 97.8% 17,702 94.7% 18,284 97.3% 19,284 95.8% 22,071 98.6% 77,341 97.0% 24,460 96.4% 26,453 96.5% 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% 926 3.6% 959 3.5% 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% 25,387 100% 27,412 100.0%

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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 FY 22 Q1 FY 22 Q2
Income
Operating revenue 46,289
59,036
69,821		 17,702
18,284
19,284
22,071
77,341		 24,461 26,453
Other income 2,623
1,145
1,602		 997
507
845
303
2,424		 926 959
Total income 48,912
60,181
71,423		 18,699
18,791
20,129
22,374
79,765		 25,387 27,412
Cost of revenue 32,652
36,987
42,927		 9,978
10,401
11,155
12,849
44,382		 14,661 15,864
Gross margin 13,637
22,049
26,894		 7,724
7,884
8,129
9,222
32,959		 9,800 10,589
% 29.5% 37.3% 38.5% 43.6% 43.1% 42.2% 41.8% 42.6% 40.1% 40.0%
SG&A 15,498
16,566
17,184		 3,939
3,452
3,005
3,642
13,810		 4,111 4,536
EBITDA 762
6,628
11,312		 4,782
4,939
5,969
5,883
21,573		 6,615 7,012
% 1.6% 11.0% 15.8% 25.6% 26.3% 29.7% 26.3% 27.0% 26.1% 25.6%
Depreciation 2,075
2,478
2,023		 512
512
516
734
2,274		 723 834
EBIT (1,313) 4,150
9,289		 4,270
4,427
5,453
5,149
19,299		 5,892 6,178
% -2.7% 6.9% 13.0% 22.8% 23.6% 27.1% 23.0% 24.2% 23.2% 22.5%
Finance cost 995
1,594
802		 186
160
126
225
697		 164 243
PBT before exceptional items/adjustments
*		 (2,308) 2,556
8,487		 4,084
4,267
5,327
4,924
18,602		 5,728 5,935
% -4.7% 4.2% 11.9% 21.8% 22.7% 26.5% 22.0% 23.3% 22.6% 21.6%
**Exceptional Items+ ** - 1,258 1,126 - - - - - 609 -
**PBT *** (2,308) 1,298
7,361		 4,084
4,267
5,327
4,924
18,602		 5,119 5,935
% -4.7% 2.2% 10.3% 21.8% 22.7% 26.5% 22.0% 23.3% 20.2% 21.6%
Current tax - -
190		 851
682
1,105
889		 3,527 1,595 1,512
Deferred tax (61) (123) - (1,785) 177 7 430 (1,171) (49) (21)
**PAT *** (2,247) 1,421
7,171		 5,018
3,408
4,215
3,605
16,246		 3,573 4,444
% -4.6% 2.4% 10.0% 26.8% 18.1% 20.9% 16.1% 20.4% 14.1% 16.2%

* FY18 & FY19 are restated as per IndAs, forming part of our offer documents.

+ Exceptional items for FY19 & FY20 relate to Impairment of Goodwill, for FY22 Q1 refers to Loss on Fair Valuation of Warrant Liability

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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 30.06.2021 30.09.2021
Assets
Non-current Assets
Property, plant and equipment 264 214 93 77 60 72 69 83 86
Goodwill 2,961 1,736 610 610 611 611 7,644 7,756 7,742
Financial & Other assets 7,685 6,003 5,598 6,266 5,788 5,040 10,029 18,033 11,604
Total non-current assets (A) 10,910 7,953 6,301 6,953 6,459 5,723 17,742 25,872 19,432
Current assets
Financial & Other assets
i. Trade receivable 9,437 12,927 11,487 9,851 10,302 9,765 12,192 12,431 16,064
ii. Cash & Cash equivalents, Investments & Other financial
assets		 16,928 19,610 31,967 39,196 52,387 54,286 60,928 60,476 63,790
iii. Other assets 1,424 862 1,060 1,308 1,721 1,531 1,333 1,117 2,367
Total current assets (B) 27,789 33,399 44,514 50,355 64,410 65,582 74,453 74,024 82,221
Total assets (A + B) 38,699 41,352 50,815 57,308 70,869 71,305 92,195 99,896 101,653
Equity and Liabilities
Total equity (A) (10,888) (6,605) 26,531 31,901 46,380 50,836 54,599 58,125 58,498
Non-current liabilities
Financial liabilities 5,797 3,814 1,863 1,674 1,518 1,248 7,339 10,775 9,431
Provisions & Deferred tax liability 935 940 1,255 1,508 1,513 1,662 2,378 2,325 2,334
Total non-current liabilities (B) 6,732 4,754 3,118 3,182 3,031 2,910 9,717 13,100 11,765
Current liabilities
Financial & Contract liabilities
i. Trade payable 2,498 2,878 3,442 3,600 6,307 3,781 4,101 4,913 6,670
ii. Others 38,866 38,591 15,947 15,907 12,402 10,931 20,340 20,090 20,711
Provisions & Other current liabilities 1,491 1,734 1,777 2,718 2,749 2,847 3,438 3,668 4,009
Total current liabilities (C) 42,855 43,203 21,166 22,225 21,458 17,559 27,879 28,671 31,390
Total liabilities (D = B + C) 49,587 47,957 24,284 25,407 24,489 20,469 37,596 41,771 43,155
Total equity and liabilities (A + D) 38,699 41,352 50,815 57,308 70,869 71,305 92,195 99,896 101,653

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[email protected]

India | United States | United Kingdom | Canada | Australia | Dubai

www.happiestminds.com

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PRESS RELEASE

Happiest Minds reports yet another quarter of stellar performance.

US$ denominated QoQ & YoY revenue growth of 8.0% & 44.9%.

Revenues at ₹ 274 Crores and Profit Before Tax at ₹ 59 Crores.

Declares Interim Dividend of ₹ 1.75 per equity share.

Bengaluru, India, San Jose, California and London, October 27, 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 second quarter ended September 30, 2021 as approved by its Board of Directors.

Particulars
Revenues($'000)
Revenues
Other Income
Total Income
EBITDA
%
PBT before Exceptional Item
%
Exceptional Item
PBT
%
Tax
%
PAT
%*		 Q2 FY 22 Q1 FY 22
QoQ
Q2 FY 21
YoY
35,809
33,152
8.0%
24,712
44.9%
26,453
24,461
8.1%
18,284
44.7%
959
926
3.6%
507
89.2%
27,412
25,387
8.0%
18,791
45.9%
7,012
6,615
6.0%
4,939
42.0%
25.6%
26.1%
26.3%
5,935
5,728
3.6%
4,267
39.1%
21.7%
22.6%
22.7%
-
(609)
-
5,935
5,119
15.9%
4,267
39.1%
21.7%
20.2%
22.7%
1,491
1,546
(3.6)%
859
73.6%
5.4%
6.1%
4.6%
4,444
3,573
24.4%
3,408
30.4%
16.2%
14.1%
18.1%		 All amounts in₹Lakhs unless stated otherwise
H1 FY 22
H1 FY21
YoY
68,961
48,156
43.2%
50,914
35,986
41.5%
1,885
1,504
25.3%
52,799
37,490
40.8%
13,627
9,721
40.2%
25.8%
25.9%
11,663
8,351
39.7%
22.1%
22.3%
(609)
-
11,054
8,351
32.4%
20.9%
22.3%
3,037
(75)
5.8%
8,017
8,426
(4.9)%
15.2%
22.5%

* Loss on Fair Valuation of Warrant Liability

Joseph Anantharaju, Executive Vice Chairman, Happiest Minds Technologies said, “We continue our

growth momentum with, yet another quarter of stellar growth, driven by a strong demand environment. Given our strong brand recall as a ‘Born Digital . Born Agile’ company and razor-sharp focus on delivering high quality outcomes, we are able to win new logos and increase our wallet share across our existing customers”

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Venkatraman N, MD & CFO, Happiest Minds Technologies talking on the financials said, “we have closed yet another good quarter with all-round performance. I am happy to state that during the first half of the year we added on a net basis, 568 happiest minds. We continue to show healthy cash flows and have improved on our capital return ratios prompting us to declare an interim dividend of ₹ 1.75 per equity share”

Financial highlights for

Quarter ended September 30, 2021

  • Operating Revenues in US$ terms stood at $35.8 million (growth of 8.0% q-o-q; 44.9% y-o-y)

  • Total Income of ₹ 27,412 lakhs (growth of 8.0% q-o-q; 45.9% y-o-y)

  • EBITDA of ₹ 7,012 lakhs, 25.6% of Total Income (growth of 6.0 % q-o-q; 42.0% y-o-y)

  • PAT of ₹ 4,444 lakhs (growth of 24.4 % q-o-q; 30.4% y-o-y)

  • Free cash flows of ₹ 6,743 lakhs

  • EPS (diluted) for the quarter of ₹ 3.06 (growth of 24.9% q-o-q; 26.4% y-o-y)

Half Year ended September 30, 2021

  • Operating Revenues in US$ terms stood at $68.9 million (growth of 43.2% y-o-y)

  • Total Income of ₹ 52,799 lakhs (growth 40.8% y-o-y)

  • EBITDA of ₹ 13,627 lakhs, 25.8% of Total Income (growth of 40.2% y-o-y)

  • PAT of ₹ 8,017 lakhs (decline of 4.9% y-o-y)

  • Free cash flows of ₹ 13,312 lakhs

  • EPS (diluted) for half year ₹ 5.54 (decline of 8.3% y-o-y)

  • RoCE & RoE (half year annualized) of 33.8% and 27.5% respectively

Our Business:

Rajiv Shah, Member of the Executive Board, Happiest Minds Technologies said, “Enterprises continue to go full throttle in their digital journeys. Be it to enhance their end-user experience, driving operating efficiencies or recalibrating their business model through their cloud first initiatives. We are fully geared to capture opportunities in this space with our offerings that traverse the length and breadth of our customer’s digital journey”

Clients:

  • 186 as of September 30, 2021

  • 8 additions in the quarter

Our People - Happiest Minds:

  • 3,796 Happiest Minds as of September 30, 2021 (net addition for the quarter 258, half year 568 )

  • Trailing 12 months attrition of 18.5%

  • Utilization of 79.7%, from 82.1% in last quarter

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Key Project Wins:

  • For a multi-billion-dollar supply chain industry leader, Happiest Minds is helping them build their new SaaS based product

  • For a publicly traded global leader in Information Security company, Happiest Minds is building an offshore center to take end-to-end ownership for new features development alongside their Engineering team

  • For one of the world's largest brokers of fine and decorative art, jewelry and collectibles, Happiest Minds was chosen to transform their Financial Services lending processes

  • With a Fortune 100 Healthcare provider, Happiest Minds has signed a large multi-year Managed Security Service Provider deal

  • For one of the world’s largest global facilities management companies, Happiest Minds was awarded the contract for building digital platforms to enable digital engagement

  • For a large US retailer, Happiest Minds is managing its infrastructure services and cloud platform.

  • For a Fortune 100 Health insurance company, Happiest Minds is managing their Cloud Security

  • For a global supplier of mechanical and electrical drive systems, Happiest Minds is building a digital platform to enable their exponential revenue growth and excellent customer service

Awards:

  • Happiest Minds Is ranked among India’s Top 50 Best Workplaces for Women 2021 by Great Place to Work® Institute for the third consecutive year

  • Happiest Minds wins two awards at Asiamoney Asia’s Outstanding Companies Poll 2021

  • Most Outstanding Company in India under Small / Mid-Caps category

  • o Most Outstanding IPO in India

Announcements:

  • The Board of Directors of the Company at their meeting held on October 27, 2021 has declared an interim dividend of ₹ 1.75 per equity share of face value ₹ 2/- for the financial year 2021-22. Record date for the purpose of interim dividend has been fixed on November 10, 2021 and the dividend will be paid on and after November 18, 2021

For further details please refer to the Investors presentation hosted on the company website – – Investors section

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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, healthcare, 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 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]

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