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

July 28, 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: Earnings Presentation on the financial results of Q1 for FY’22

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed a copy of the Earnings Presentation of the financial results of the Company for the quarter ended June 30, 2021 that will be circulated to the Investors/Analysts for the Earnings Call scheduled on July 29, 2021.

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

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July 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

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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

53 Fortune2000 / Forbes200 / Billion $ corporations
Completing 10 years of existence in August 2021

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90% of repeat business

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
325,000 investors

SMILES Values

on Glassdoor

across 7 Countries Diversity 25.2%

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 quarterly 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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Be the Happiness Evangelists for each other, our Customers and Society

Be known as the company with highest standards of Corporate Governance

Achieve a very successful IPO

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

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

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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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For a multinational

company , Happiest Minds was chosen as a partner to accelerate their Digital roadmap

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For the software business group of a Fortune 500 company , Happiest Minds was chosen as a partner to consult on the API strategy for their on-prem and cloud products

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For a leading US electric For a large US leasing vehicle infrastructure company , Happiest Minds company , Happiest Minds was chosen to upgrade their was chosen as a partner cloud-based leasing and once again to build a realorigination services time scalable Edge Analytics Solution for Asset Monitoring and Monetization.

For a large US based For a leading European For a leading Australian Telecom supplier , Happiest GameTech company , retailer , Happiest Minds was Minds has been chosen as a Happiest Minds has been chosen as a partner for partner for their Cloud chosen to build & deliver the security incident response Security programs Automation framework and automation services

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www.happiestminds.com

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Two case studies recognized as Standout Case Studies

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on the Best Workplaces in Asia[TM] 2021 list in India’s Best Companies To Work For 2021 Top 50 Companies for Data Scientists to Work For - 2021 for APAC Best in Class - Build on IBM Cloud Partner

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www.happiestminds.com

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9 www.happiestminds.com

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All amounts in ₹ Lakhs unless stated otherwise

Particulars	Q1 FY 22	Q4 FY 21	*QoQ*	Q1 FY 21	*YoY*

Revenues($'000)	33,152	30,235	9.6%	23,444	41.4%

Revenues	24,461	22,071	10.8%	17,702	38.2%

Other Income	926	303	205.6%	997	(7.1)%

Total Income	25,387	22,374	13.5%	18,699	35.8%

EBITDA	6,615	5,883	12.4%	4,782	38.3%
%	26.1%	26.3%		25.6%

PBT before Exceptional Item	5,728	4,924	16.3%	4,084	40.3%
%	22.6%	22.0%		21.8%

Exceptional Item*	(609)	-		-

PBT	5,119	4,924	4.0%	4,084	25.3%
%	20.2%	22.0%		21.8%

Tax	1,546	1,319	17.2%	(934)	(265.5)%
%	6.1%	5.9%		(5.0)%

PAT	3,573	3,605	(0.9)%	5,018	(28.8)%
%	14.1%	16.1%		26.8%

* Loss on Fair Valuation of Warrant Liability

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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%
96.3% 96.2%
FY 19 FY 20 FY 21 Q1 21 Q2 21 Q3 21 Q4 21 Q1 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%
90.2%
87.9%
71.1%
FY 19 FY 20 FY 21 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22
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Revenues - Growth
Total Income (₹ Lakhs)
79,765
71,423
60,181
48,912
25,387
22,374
20,129
18,699 18,791
FY18 FY19 FY20 FY21 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22
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Revenue Contributories
3.6%
20.7%
45.8%
29.8%
PES DBS IMSS Oth Inc
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EBITDA High FCF [1] conversion
(₹ Lakhs) Margin % FCF (INR mn) FCF Conversion %
99.6%
27.0%
21,476
21,573
99.6%
15.8%
11,266
11,312
11.0% 26.1% 98.8% 99.3%
29.7% 26.3% 99.2% 99.5%
6,628 25.6% 26.3% 6,615 6,549 99.8% 99.8% 6,569
5,969 5,883 5,920 5,853
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
FY18 FY19 FY20 FY21 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22
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Note: 1. FCF Conversion = FCF/EBITDA and FCF = EBITDA – Capex

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

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Revenue model
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Q1 22
Model Geography Digital Revenue [1] Vertical [1]
3.8% 12.0%
26.0% 9.4% 9.9% 23.4%
6.3%
12.4%
12.9% 42.3% 7.1%
10.4% 11.0% 13.4% 14.2%
74.0% 67.8%
20.2% 13.9% 9.6%
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) (#)
31
60.3%
25 26 23 24 25 26
44.4% 21
16
30.2%
13.1%
Top 1 Top 5 Top 10 Top 20 FY18 FY19 FY20 FY21 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22
$ 1M Customers 15 www.happiestminds.com
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Notes: 1. TME: Travel, Media & Entertainment, 2. Based on quarter revenues on an annualized basis. 3. Top 20 includes Top 1, 5 & 10

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Onsite/Offshore
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By Revenue

(USD ‘000)

Avg. annual revenue / active customer

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751
737
683
659
634
615 615
502
78.6% 78.0% 77.5% 81.0% 79.0% 78.1% 81.0% 471
85.0% 84.0%
21.4% 22.0% 22.5% 19.0% 21.0% 21.9% 19.0%
15.0% 16.0%
FY18 FY19 FY20 FY21 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 FY18 FY19 FY20 FY21 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22
Onsite Offshore
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	FY18	FY19	FY20	FY21Q1 FY21Q2 FY21Q3 FY21Q4	FY21Q1 FY21Q2 FY21Q3 FY21Q4	FY21Q1 FY21Q2 FY21Q3 FY21Q4	FY21Q1 FY21Q2 FY21Q3 FY21Q4	FY21 FY22Q1	FY21 FY22Q1
Customer Industry group
Edutech	18.0%	21.3%	21.3%	27.0%	27.0%	24.9%	24.1%	25.6%	23.4%
Hitech	24.6%	21.0%	21.0%	20.5%	19.5%	20.2%	13.5%	18.2%	14.2%
BFSI	17.9%	18.2%	17.5%	17.4%	16.3%	17.4%	14.8%	16.4%	13.4%
Travel, Media and Entertainment (TME)	11.0%	13.8%	17.1%	12.9%	13.0%	14.4%	14.0%	13.6%	13.9%
Retail / CPG	7.0%	6.9%	7.5%	5.7%	4.5%	2.2%	8.6%	5.4%	9.6%
Industrial	6.2%	8.1%	7.0%	6.4%	6.9%	7.0%	7.7%	7.1%	7.1%
Manufacturing	3.2%	3.8%	3.7%	5.7%	6.8%	6.9%	7.1%	6.6%	6.3%
Others	12.3%	6.9%	4.9%	4.6%	6.0%	7.0%	10.2%	7.1%	12.0%

Digital Service Offerings
Digital infrastructure/Cloud	-	40.9%	31.2%	43.7%	41.1%	41.0%	44.2%	41.6%	42.3%
SaaS	-	28.6%	29.4%	23.6%	24.6%	21.6%	20.9%	22.7%	20.2%
Security Solutions	-	10.2%	14.9%	7.6%	7.4%	8.7%	9.1%	8.7%	11.0%
Analytics/AI	-	9.1%	11.6%	12.1%	13.5%	14.4%	12.9%	13.3%	12.9%
IoT	-	8.4%	9.8%	9.3%	10.5%	11.0%	9.5%	10.5%	9.9%
Total	-	97.2%	96.9%	96.3%	97.1%	96.6%	96.6%	96.8%	96.2%

Automation as a % of total revenue			20.7%	24.2%	24.3%	27.8%	24.4%	25.2%	23.9%

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	FY18	FY19	FY20	FY21 Q1	FY21 Q2	FY21 Q3	FY21 Q4	FY22 Q1
Location of external customer
USA	73.5%	75.5%	77.5%	77.3%	77.3%	72.2%	68.4% 73.4%	67.8%
India	11.7%	11.9%	11.9%	10.9%	10.9%	13.4%	11.7% 11.8%	12.4%
Europe	11.4%	9.5%	7.2%	9.8%	9.2%	10.6%	11.6% 10.4%	10.4%
ROW	3.4%	3.1%	3.4%	2.0%	2.6%	3.8%	8.4% 4.4%	9.4%

Million $ Customers1
$ 10 M +		1	1	1	1	1	1 1	1
$ 5M to $ 10M	2	2	-	1	-	2	3 3	3
$ 3M to $ 5M	2	1	9	4	6	5	6 6	6
$ 1M to $ 3M	12	17	15	17	17	17	16 16	21
Total	16	21	25	23	24	25	26 26	31

Revenue Mix
Onsite	21.4%	22.0%	22.5%	21.0%	21.9%	19.0%	15.0% 19.0%	16.0%
Offshore2	78.6%	78.0%	77.5%	79.0%	78.1%	81.0%	85.0% 81.0%	84.0%

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

Active customers
# of active customers	173	163	157	148	152	155	173 173	180

Billion $ corporation
# of customers			37	36	39	38	46 46	53
N 1 Bd lid 2 Offh R f d f Idi				www.happiestminds.com 18

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

Happiest Minds
Onsite	105	132	123	124	133	145	166	166	180
Offshore	2,148	2,330	2,543	2,534	2,588	2,740	3,062	3062	3,358
Total	2,253	2,462	2,666	2,658	2,721	2,885	3,228	3,228	3,538

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

Utilization
Utilization %	68.4%	77.3%	76.9%	74.9%	78.7%	81.6%	82.6%	79.5%	82.1%

Diversity
Women Happiest Minds	22.0%	23.0%	24.0%	23.4%	23.3%	24.0%	24.5%	24.5%	25.2%

Days Sales Outstanding
Billed	74	80	60	51	51	46	50	57	46
Unbilled	6	11	23	32	26	31	24	28	36
Total DSO(Days)	80	91	83	83	77	77	75	85	82

EPS(₹ Per Share)
Diluted			5.36	3.72	2.42	2.94	2.48	11.45	2.45

Capital Return Ratios %
Return on Capital Employed RoCE			28.9%	50.9%	37.0%	41.9%	33.3%	31.2%	30.7%
Return on EquityRoE			27.1%	62.9%	29.4%	33.2%	26.4%	29.8%	24.7%

www.happiestminds.com

FY22Q1

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(All figures in ₹ Lakhs) FY18 FY19 FY20

FY21Q1 FY21Q2 FY21Q3 FY21Q4 FY21

Revenue by Business Units

(All figures in ₹ Lakhs)	FY18	FY18	FY19	FY19	FY20	FY20	FY21Q1	FY21Q1	FY21Q2	FY21Q2	FY21Q3	FY21Q3	FY21Q4	FY21Q4	FY21	FY21	FY22Q1	FY22Q1
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%
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%
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%
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%*
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%
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%*

www.happiestminds.com

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

* "PBT before exceptional items, PBT and PAT " for FY18 & FY19 are restated as per IndAS, forming part of our IPO documents.

[+] Exceptional items for FY19 & FY20 refer to Impairment of Goodwill and for FY22 Q1 refers to Valuation Loss on Warrant Liability

www.happiestminds.com

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Condensed Balance Sheet	Condensed Balance Sheet	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	30.06.2021
Assets
Non-current Assets
Property, plant and equipment	264	214	93	77	60	72	69	83
Goodwill	2,961	1,736	610	610	611	611	7,644	7,756
Financial & Other assets	7,685	6,003	5,598	6,266	5,788	5,040	10,029	18,033
Total non-current assets (A)	10,910	7,953	6,301	6,953	6,459	5,723	17,742	25,872
Current assets
Financial & Other assets
i. Trade receivable	9,437	12,927	11,487	9,851	10,302	9,765	12,192	12,431
ii. Cash & Cash equivalents, Investments & Other financial assets	16,928	19,610	31,967	39,196	52,387	54,286	60,928	60,476
iii. Other assets	1,424	862	1,060	1,308	1,721	1,531	1,333	1,117
Total current assets (B)	27,789	33,399	44,514	50,355	64,410	65,582	74,453	74,024
Total assets (A + B)	38,699	41,352	50,815	57,308	70,869	71,305	92,195	99,896

Equity and Liabilities
Total equity (A)	(10,888)	(6,605)	26,531	31,901	46,380	50,836	54,599	58,125
Non-current liabilities
Financial liabilities	5,797	3,814	1,863	1,674	1,518	1,248	7,339	10,775
Provisions & Deferred tax liability	935	940	1,255	1,508	1,513	1,662	2,378	2,325
Total non-current liabilities (B)	6,732	4,754	3,118	3,182	3,031	2,910	9,717	13,100
Current liabilities
Financial & Contract liabilities
i. Trade payable	2,498	2,878	3,442	3,600	6,307	3,781	4,101	4,913
ii. Others	38,866	38,591	15,947	15,907	12,402	10,931	20,340	20,090
Provisions & Other current liabilities	1,491	1,734	1,777	2,718	2,749	2,847	3,438	3,668
Total current liabilities (C)	42,855	43,203	21,166	22,225	21,458	17,559	27,879	28,671
Total liabilities (D = B + C)	49,587	47,957	24,284	25,407	24,489	20,469	37,596	41,771
Total equity and liabilities (A + D)	38,699	41,352	50,815	57,308	70,869	71,305	92,195	99,896

www.happiestminds.com

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AI assistant

Happiest Minds Technologies Limited Investor Presentation 2021

61298_rns_2021-07-28_45c801de-4cbc-408d-9d13-4678f3826d01.pdf

Sub: Earnings Presentation on the financial results of Q1 for FY’22

July 2021

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

IPO

Active clients

RoCE[1]

RoE

Mission Statement

Happiest Minds

rating

SMILES Values

Promoter

Ashok Soota

All amounts in ₹ Lakhs unless stated otherwise

Avg. annual revenue / active customer

Revenue by Business Units

Summary Profit & Loss statement

AI assistant

Happiest Minds Technologies Limited — Investor Presentation 2021

61298_rns_2021-07-28_45c801de-4cbc-408d-9d13-4678f3826d01.pdf

Sub: Earnings Presentation on the financial results of Q1 for FY’22

July 2021

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

IPO

Active clients

RoCE[1]

RoE

Mission Statement

Happiest Minds

rating

SMILES Values

Promoter

Ashok Soota

All amounts in ₹ Lakhs unless stated otherwise

Avg. annual revenue / active customer

Revenue by Business Units

Summary Profit & Loss statement

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Happiest Minds Technologies Limited Investor Presentation 2021