Financial-Results - May 08, 2023

Happiest Minds Technologies Limited
Regd. Office: #53/1-4, Hosur Main Road, Madivala,

Bengaluru-560068, Karnataka, India
CIN of the Co. L72900KA2011PLC057931
P: +91 80 6196 0300, F: +91 80 6196 0700
Website: www.happiestminds.com
Email: investors@happiestminds.com
May 08, 2023
Listing Compliance & Legal Regulatory Listing & Compliance

BSE Limited National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers Dalal Exchange Plaza, Bandra Kurla Complex
Street, Mumbai 400 001 Bandra East, Mumbai 400 051
Stock Code: 543227 & 974728 Stock Code: HAPPSTMNDS
Dear Sir/Madam,
Sub: Outcome of the Board Meeting held on May 08, 2023

We wish to inform that the Board of Directors of the Company at its meeting held today i.e., May 08,
2023, transacted the following businesses:
1. Financial results:
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, 2023. A copy of the said Financial Results together with Auditor’s Report,
Investor presentation, Press release and the declaration as per regulation 33(3)(d) and 52(3)(a) of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are enclosed herewith.
2. Dividend:
Recommended a final dividend of Rs.3.40/- per equity share of Rs.2/- each for the financial year ended
March 31, 2023, subject to the approval of the members at the ensuing 12th Annual General Meeting
of the Company (AGM).
3. Annual General Meeting:
The AGM has been scheduled on Monday, July 17, 2023, 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 Saturday, July 8, 2023 to Monday, July 17, 2023 (both
days inclusive) for the purpose of AGM, annual closing and for determining entitlement of members for
the final dividend for FY’23. The record date for payment of the final dividend would be Friday, July 7,
2023, and the dividend approved by the members will be paid on and after July 24, 2023.
4. Allotment of Non-Convertible Debentures:
Approved the allotment of the Debentures for raising funds to be utilized towards the general corporate
purposes of the Company.
The relevant details pertaining to the Debentures are as below:
P: +91 80 6196 0300, F: +91 80 6196 0700
SECURITY NAME Reset Rate Unsecured Rated Listed Redeemable

Non-Convertible Debentures (INE419U08025)
ISSUER NAME Happiest Minds Technologies Limited
MODE OF ISSUE Private Placement
DATE OF ALLOTMENT May 08, 2023
NUMBER OF DEBENTURES ISSUED 4,500 (Four Thousand Five Hundred)
ISSUE SIZE INR 45,00,00,000 (Indian Rupees Forty-Five Crores)
The Board meeting commenced at 1.45 pm and concluded at 2.40 pm.

This is for your information and records.
Thanking you,
Yours faithfully,
For Happiest Minds Technologies Limited
DARSHANKAR Digitally signed by DARSHANKAR
PRAVEEN KUMAR
PRAVEEN KUMAR Date: 2023.05.08 15:52:29 +05'30'
Praveen Kumar Darshankar
Company Secretary & Compliance Officer
Membership No. F6706
P: +91 80 6196 0300, F: +91 80 6196 0700
May 08, 2023

Listing Compliance & Legal Regulatory Listing & Compliance
BSE Limited National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers Dalal Exchange Plaza, Bandra Kurla Complex
Street, Mumbai 400 001 Bandra East, Mumbai 400 051
Stock Code: 543227 & 974728 Stock Code: HAPPSTMNDS
Dear Sir/Madam,
Sub: Declaration under regulation 33(3)(d) and 52(3)(a) of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015 :
Pursuant to Regulation 33(3)(d) and 52(3)(a) of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015, we hereby declare that M/s. Deloitte
Haskin and Sells, Chartered Accountants (FRN-008072S), Statutory Auditors of the Company, have
issued the Auditor’s Report with unmodified opinion on the audited financial results of the Company
(both standalone and consolidated) for the financial year ended March 31, 2023.
This is for your information and records.
Thanking you,
Yours faithfully,
DARSHANKAR Digitally signed by DARSHANKAR
PRAVEEN KUMAR
PRAVEEN KUMAR Date: 2023.05.08 15:53:11 +05'30'
Praveen Kumar Darshankar

Company Secretary & Compliance Officer
Membership No. F6706
P: +91 80 6196 0300, F: +91 80 6196 0700
Statement indicating utilization and deviation/ variation in the use of proceeds of issue of listed
Non-convertible Debentures
Securities for quarter ended March 31, 2023

[Regulation 52(7) of the Securities and Exchange Board of India (Listing Obligation and Disclosure
Requirements) Regulations, 2015 and SEBI Circular No.
SEBI/HO/DDHS/DDHS_Div1/P/CIR/2022/0000000103 dated July 29, 2022]
A. Statement of utilization of issue proceeds:
Name of the ISIN Mode of Type of Date Amount Funds Any If 8 is Remarks, if
Issuer Fund instrument of Raised utilized deviation Yes, if any
Raising raising (in Crs) (in Crs) (Yes/ No) then
(Public funds specify
issues/ the
Private purpose
placement) of for
which
the
funds
were
utilized
1. 2. 3. 4. 5. 6. 7. 8. 9. 10.
Happiest INE419U0 Private Non- March 45.00 44.65 No - NA
Minds 8017 Placement Convertible 27,
Technologies Debentures 2023
Limited
B. Statement of deviation/ variation in use of Issue proceeds:
Particulars Remarks
Name of listed entity Happiest Minds Technologies Limited
Mode of fund raising Private Placement
Type of instrument Non-Convertible Debentures
Date of raising funds March 27, 2023
Amount raised Rs. 45.00 Crs
Report filed for quarter ended March 31, 2023
Is there a deviation/ variation in use of funds raised? No
Whether any approval is required to vary the objects of the NA
issue stated in the prospectus/ offer document?
If yes, details of the approval so required? NA
Date of approval NA
Explanation for the deviation/ variation NA
Comments of the audit committee after review NA
Comments of the auditors, if any NA
P: +91 80 6196 0300, F: +91 80 6196 0700
Objects for which funds have been raised and where there has been a deviation/ variation, in the following
table:
Original Modified Original Modified Funds Amount of Remarks, if
object object, if allocation allocation, if utilised deviation/ any
any (in Crs) any (in Crs) variation for
the quarter
according to
applicable
object (in Rs.
crore and in
%)
General NA 45.00 NA 44.65 0 NA
corporate
purposes
Deviation could mean:
a. Deviation in the objects or purposes for which the funds have been raised.
b. Deviation in the amount of funds actually utilized as against what was originally disclosed
Digitally signed by
DARSHANKAR DARSHANKAR
KUMAR
PRAVEEN
PRAVEEN KUMAR Date: 2023.05.08 15:54:11

+05'30'
Name of signatory: Praveen Kumar Darshankar

Designation: Company Secretary & Compliance Officer
Date: May 8, 2023
Chartered Accountants
Prestige Trade Tower, Level 19
46, Palace Road, High Grounds
Bengaluru – 560 001
Karnataka, India
Tel: +91 80 6188 6000

Fax: +91 80 6188 6011
INDEPENDENT AUDITOR’S REPORT ON AUDIT OF ANNUAL CONSOLIDATED

FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS
TO THE BOARD OF DIRECTORS OF

HAPPIEST MINDS TECHNOLOGIES LIMITED
Opinion and Conclusion
We have (a) audited the Consolidated Financial Results for the year ended March 31, 2023
and (b) reviewed the Consolidated Financial Results for the quarter ended March 31, 2023
(refer ‘Other Matters’ section below), which were subject to limited review by us, both
included in the accompanying “Statement of Consolidated Financial Results for the Quarter
and Year Ended March 31, 2023 of HAPPIEST MINDS TECHNOLOGIES LIMITED (“the
Parent”) and its subsidiaries (the Parent and its subsidiaries together referred to as “the
Group”), and financial statements of Happiest Minds Technologies Share Ownership Plans
Trust (the “ESOP trust”) for the quarter and year ended March 31, 2023, (“the Statement”)
being submitted by the Parent pursuant to the requirements of Regulation 33 and
Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, as amended (“the Listing Regulations”).
(a) Opinion on Annual Consolidated Financial Results
In our opinion and to the best of our information and according to the explanations
given to us, and based on the consideration of the audit reports of the ESOP trust
auditors and other auditors on separate financial statements of a subsidiary referred
to in Other Matters section below, the Consolidated Financial Results for the year
ended March 31, 2023:
(i) includes the results of the following entities:
Happiest Minds Inc. wholly owned subsidiary of Happiest Minds

Technologies Limited;
(ii) is presented in accordance with the requirements of Regulation 33 and

Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended; and
(iii) gives a true and fair view in conformity with the recognition and measurement
principles laid down in the Indian Accounting Standards and other accounting
principles generally accepted in India of the consolidated net profit and
consolidated total comprehensive income and other financial information of the
Group for the year ended March 31, 2023.
Page 1 of 6
(b) Conclusion on Unaudited Consolidated Financial Results for the quarter ended
March 31, 2023
With respect to the Consolidated Financial Results for the quarter ended March 31,
2023, based on our review conducted and procedures performed as stated in
paragraph (b) of Auditor’s Responsibilities section below and based on the
consideration of the review reports of the ESOP trust and other auditor referred to in
Other Matters section below, nothing has come to our attention that causes us to
believe that the Consolidated Financial Results for the quarter ended March 31, 2023,
prepared in accordance with the recognition and measurement principles laid down in
the Indian Accounting Standards and other accounting principles generally accepted
in India, has not disclosed the information required to be disclosed in terms of
Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended, including the manner in which it is to be disclosed, or
that it contains any material misstatement.
Basis for Opinion on the Audited Consolidated Financial Results for the year
ended March 31, 2023
We conducted our audit in accordance with the Standards on Auditing (“SAs”) specified
under Section 143(10) of the Companies Act, 2013 (“the Act”). Our responsibilities under
those Standards are further described in paragraph (a) of Auditor’s Responsibilities section
below. We are independent of the Group and the ESOP trust, in accordance with the Code
of Ethics issued by the Institute of Chartered Accountants of India (“the ICAI”) together
with the ethical requirements that are relevant to our audit of the Consolidated Financial
Results for the year ended March 31, 2023 under the provisions of the Act and the Rules
thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained
by us and the audit evidence obtained by the ESOP trust auditor and other auditor in terms
of their reports referred to in Other Matters section below, is sufficient and appropriate to
provide a basis for our audit opinion.
Management’s Responsibilities for the Statement
This Statement, which includes the Consolidated Financial Results is the responsibility of
the Parent’s Board of Directors and has been approved by them for the issuance. The
Consolidated Financial Results for the year ended March 31, 2023, has been compiled from
the related audited consolidated financial statements. This responsibility includes the
preparation and presentation of the Consolidated Financial Results for the quarter and year
ended March 31, 2023 that give a true and fair view of the consolidated net profit and
consolidated other comprehensive income and other financial information of the Group in
accordance with the recognition and measurement principles laid down in the Indian
Accounting Standards, prescribed under Section 133 of the Act, read with relevant rules
issued thereunder and other accounting principles generally accepted in India and in
compliance with Regulation 33 and Regulation 52 of the Listing Regulations.
The respective Board of Directors of the companies included in the Group and the ESOP
trust are responsible for maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding the assets of the Group and the ESOP trust and
for preventing and detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that are reasonable and
prudent; and the design, implementation and maintenance of adequate internal financial
Page 2 of 6
controls, that were operating effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the respective
financial results that give a true and fair view and are free from material misstatement,
whether due to fraud or error, which have been used for the purpose of preparation of this
Consolidated Financial Results by the Directors of the Parent, as aforesaid.
In preparing the Consolidated Financial Results, the respective Board of Directors of the
companies included in the Group and the ESOP Trust are responsible for assessing the
ability of the respective entities to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless
the respective Board of Directors either intends to liquidate their respective entities or to
cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group and the ESOP
trust are responsible for overseeing the financial reporting process of the Group and the
ESOP trust.
Auditor’s Responsibilities
(a) Audit of the Consolidated Financial Results for the year ended March 31,
2023
Our objectives are to obtain reasonable assurance about whether the Consolidated
Financial Results for the year ended March 31, 2023 as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with SAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of this
Consolidated Financial Results.
As part of an audit in accordance with SAs, we exercise professional judgment and

maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Annual

Consolidated Financial Results, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates made by the Board of Directors.
• Evaluate the appropriateness and reasonableness of disclosures made by the
Board of Directors in terms of the requirements specified under Regulation 33
and Regulation 52 of the Listing Regulations.
• Conclude on the appropriateness of the Board of Directors’ use of the going
concern basis of accounting and, based on the audit evidence obtained, whether
a material uncertainty exists related to events or conditions that may cast
Page 3 of 6
significant doubt on the ability of the Group and the ESOP trust to continue as a
going concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclosures in the
Consolidated Financial Results or, if such disclosures are inadequate, to modify
our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditor’s report. However, future events or conditions may cause the
Group and the ESOP trust to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Annual
Consolidated Financial Results, including the disclosures, and whether the Annual
Consolidated Financial Results represent the underlying transactions and events
in a manner that achieves fair presentation.
• Perform procedures in accordance with the circular issued by the SEBI under
Regulation 33(8) of the Listing Regulations to the extent applicable.
• Obtain sufficient appropriate audit evidence regarding the Annual Standalone
Financial Results of the entities within the Group and the ESOP trust to express
an opinion on the Annual Consolidated Financial Results. We are responsible for
the direction, supervision and performance of the audit of financial information
of such entities included in the Annual Consolidated Financial Results of which
we are the independent auditors. For the other entities included in the Annual
Consolidated Financial Results, which have been audited by the trust auditor and
other auditor, such trust auditor and other auditor remain responsible for the
direction, supervision and performance of the audits carried out by them. We
remain solely responsible for our audit opinion.
Materiality is the magnitude of misstatements in the Annual Consolidated Financial

Results that, individually or in aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the Annual Consolidated Financial
Results may be influenced. We consider quantitative materiality and qualitative
factors in (i) planning the scope of our audit work and in evaluating the results of our
work; and (ii) to evaluate the effect of any identified misstatements in the Annual
Consolidated Financial Results.
We communicate with those charged with governance of the Parent and such other
entities included in the Consolidated Financial Results of which we are the
independent auditors regarding, among other matters, the planned scope and timing
of the audit and significant audit findings including any significant deficiencies in
internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have
complied with relevant ethical requirements regarding independence, and to
communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, related safeguards.
(b) Review of the Consolidated Financial Results for the quarter ended March
31, 2023
We conducted our review of the Consolidated Financial Results for the quarter ended
March 31, 2023 in accordance with the Standard on Review Engagements (SRE) 2410
‘Review of Interim Financial Information Performed by the Independent Auditor of
the Entity’, issued by the ICAI. A review of interim financial information consists of
making inquiries, primarily of the Company’s personnel responsible for financial and
accounting matters, and applying analytical and other review procedures. A review
is substantially less in scope than an audit conducted in accordance with SAs specified
Page 4 of 6
under section 143(10) of the Act and consequently does not enable us to obtain
assurance that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit opinion.
The Statement includes the results of the entities as listed under paragraph (a)(i) of
Opinion and Conclusion section above.
We also performed procedures in accordance with the circular issued by the SEBI
under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended, to the extent applicable.
Other Matters
x The Statement includes the results for the Quarter ended March 31, 2023 being the
balancing figure between audited figures in respect of the full financial year and the
published year to date figures up to the third quarter of the current financial year which
were subject to limited review by us. Our report is not modified in respect of this
matter.
x We did not audit the financial statements of the ESOP trust included in the Statement
whose financial statements reflect total assets of Rs. 30,190 Lakhs as at March 31,
2023 and total revenues of Rs Nil and Rs. Nil for the quarter and year ended March 31,
2023 respectively, total net profit after tax of Rs 35 Lakhs and Rs. 213 Lakhs for the
quarter and year ended March 31, 2023 respectively and total comprehensive loss of Rs
5,452 lakhs and Rs. 16,475 Lakhs for the quarter and year ended March 31, 2023
respectively and net cash flows of Rs. 653 Lakhs for the year ended March 31, 2023, as
considered in the Statement. The financial statements of the ESOP trust has been
audited by the Trust auditors whose reports have been furnished to us, and our
opinion and conclusion in so far as it relates to the amounts and disclosures included
in respect of such ESOP trusts, is based solely on the reports of such ESOP trust
auditor and the procedures performed by us as stated under Auditor’s Responsibilities
section above.
x We did not audit the financial statements of a subsidiary included in the consolidated
financial results, whose financial statements reflect total assets of Rs. 3,583 Lakhs as at
March 31, 2023 and total revenues of Rs 2,053 Lakhs and Rs. 2,053 Lakhs for the
quarter and year ended March 31, 2023 respectively, total net profit after tax of Rs 404
lakhs and Rs. 404 Lakhs for the quarter and year ended Month 31, 2023 respectively
and total comprehensive income of Rs 366 Lakhs and Rs. 366 Lakhs for the quarter and
year ended March 31, 2023 respectively and net cash flows (net) of Rs. (5) Lakhs for
the quarter ended March 31, 2023, as considered in the Statement. These financial
statements have been audited/ reviewed, as applicable, by other auditor whose report
have been furnished to us by the Management and our opinion and conclusion on the
Statement, in so far as it relates to the amounts and disclosures included in respect of
the subsidiary, is based solely on the reports of the other auditors and the procedures
performed by us as stated under Auditor’s Responsibilities section above.
Page 5 of 6
Our report on the Statement is not modified in respect of the above matters with respect
to our reliance on the work done and the reports of the other auditor.
For Deloitte Haskins & Sells

(Firm’s Registration No. 008072S)
VIKAS Digitally signed by

VIKAS BAGARIA
BAGARIA Date: 2023.05.08

15:00:37 +05'30'
Vikas Bagaria
Partner
(Membership No. 060408)
(UDIN:23060408BGYGOS5655)
Place: Bengaluru
Date: May 8, 2023
Page 6 of 6
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: IR@happiestminds.com , Tel: +91 80 6196 0300
Consolidated Statement of Assets and Liabilities as at March 31, 2023

(Rs. in lakhs)
As at As at
Sl No Particulars March 31, 2023 March 31, 2022
(Audited) (Audited)
ASSETS
A Non-current assets
Property, plant and equipment 13,278 78
Capital work-in-progress 185 -
Goodwill 13,913 7,896
Other intangible assets 10,182 2,396
Right-of-use assets 5,786 5,390
Intangible assets under development 81 35
Financial assets:
i. Investments 1,296 762
ii. Other financial assets 9,389 1,827
Income tax assets (net) 1,310 680
Deferred tax assets, net 1,246 697
Other assets 119 1
Total non-current assets 56,785 19,762
B Current assets
Financial assets
i. Investments - 46,400
ii. Trade receivables 21,319 16,738
iii. Cash and cash equivalents 6,999 6,729
iv. Bank balance other cash and cash equivalent 62,184 10,071
v. Loans 64 4
vi. Other financial assets 12,237 9,405
Other assets 4,495 3,392
Total current assets 107,298 92,739
Total assets (A+B) 164,083 112,501
EQUITY AND LIABILITIES
C Equity
Equity share capital 2,866 2,854
Other equity 81,016 63,726
Total Equity 83,882 66,580
D Non-current liabilities
Financial liabilities
i. Borrowings 11,278 1,724
ii. Lease liabilities 4,761 4,119
iii. Other Financial liabilities 1,996 1,291
Provisions 2,466 1,858
Deferred tax liabilities (net) 2,060 468
Non-current liabilities 22,561 9,460
E Current liabilities
Contract liability 1,157 1,346
iii. Trade payables
(A) Total outstanding dues of micro enterprises and small enterprises 83 79
(B) Total outstanding dues of creditors other than micro enterprises and small 6,969
enterprises 5,993
iv. Other financial liabilities 7,428 5,788
Income tax liabililites (net) 517 239
Other current liabilities 2,375 2,426
Total current liabilities 57,640 36,461
F Total liabilities (D+E) 80,201 45,921
Total equity and liabilities (C+F) 164,083 112,501
CIN : L72900KA2011PLC057931
(Rs. in lakhs)
Statement of Consolidated Financial Results for the quarter and year ended March 31, 2023
Quarter ended Year ended
Particulars March 31, 2023 December 31, 2022 March 31, 2022 March 31, 2023 March 31, 2022
Refer note 2 (Unaudited) (Unaudited) Audited Audited
I. Revenue
(a) Revenue from operations 37,798 36,688 30,057 142,929 109,365
(b) Other income 845 780 991 2,111 3,710
Total Revenue 38,643 37,468 31,048 145,040 113,075
II. Expenses
(a) Employee benefits expense 22,109 20,882 16,694 80,681 62,000
(b) Finance costs 875 576 286 2,186 995
(c) Depreciation and amortisation expense 1,294 992 884 4,191 3,288
(d) Other expenses 6,472 6,860 6,196 26,362 21,598
Total Expenses 30,750 29,310 24,060 113,420 87,881
III. Profit before exceptional items and tax (I-II) 7,893 8,158 6,988 31,620 25,194
IV. Exceptional items: charge / (credit) (refer note 8) - 634 - 634 609
V. Profit before tax (III-IV) 7,893 7,524 6,988 30,986 24,585
VI. Taxes
Current tax 2,210 2,335 1,737 8,508 6,266
Expense for earlier periods - - - - 44
Deferred tax (83) (569) 40 (621) 155
Total Tax expense 2,127 1,766 1,777 7,887 6,465
VII. Profit for the period / year (V-VI) 5,766 5,758 5,211 23,099 18,120
VIII. Other comprehensive income, net of tax [(loss)/income]
(i) Items to be reclassified to profit or loss in

subsequent periods / year
a) Exchange difference on translation of (47) 109 29 517 202
foreign operation
b) Net change in fair value of derivatives 782 165 (405) (632) (316)
designated as cash flow hedges
c) Income tax effect on above (197) (41) 102 159 80
-
(ii) Items not to be reclassified to profit or loss in -
subsequent periods / year
a) Re-measurement of defined benefit plans 14 13 26 (155) (97)
b) Income tax effect on above (4) (3) (7) 39 24
c) Net change in equity instruments through (351) - - (351) -
other comprehensive income
d) Income tax effect on above 74 - - 74 -
IX. Total comprehensive income for the period / year (VII-VIII) 6,037 6,001 4,956 22,750 18,013
X. Paid-up equity share capital (face value of Rs. 2/- each) 2,866 2,863 2,854 2,866 2,854
XI. Other equity 81,016 63,726
XI. Earnings per share ("EPS") (face value of Rs.2/- each) (not
annualised for quarters):
Basic EPS (Rs.) 4.01 4.02 3.68 16.13 12.84
Diluted EPS (Rs.) 3.98 3.98 3.58 16.01 12.55
CIN : L72900KA2011PLC057931
Consolidated Statement of Cash Flows for the year ended March 31, 2023
(Rs. in lakhs)
Year ended Year ended
March 31, 2023 March 31, 2022
(Audited) (Audited)
A. Cash flow from operating activities
Profit before tax 30,986 24,585
Adjustments to reconcile profits before tax to net cash flows:
Depreciation and amortization expense 4,191 3,288
(Gain)/ loss on disposal of property, plant and equipment, net - (10)
Share-based payment expense 120 300
Gain on investments carried at fair value through profit and loss - (368)
Gain on sale of investments carried at fair value through profit and loss (803) (1,377)
Interest income (2,610) (636)
Fair value loss on warrant liability 634 609
Net unrealised foreign exchange loss 1,219 404
Rent concession (71) (323)
Impairment loss on financial assets - 189
Finance costs 2,186 995
Operating profit before working capital changes 35,852 27,656
Movements in working capital
Increase in trade receivables (3,468) (4,526)
Decrease in loans 964 10
Increase in non-financial assets (1,190) (1,610)
Increase in financial assets (1,961) (3,078)
Increase/ (decrease) in trade payables 756 1,489
Increase/ (decrease) in financial liabilities (1,362) 1,004
Increase in provisions 478 58
Increase/ (decrease) in contract liabilities (225) 660
Decrease in other non-financial liabilities (245) 496
Total movements in working capital (6,253) (5,497)
Cash generated from operating activities 29,599 22,159
Income tax paid (net of refunds) (8,882) (5,347)
Net cash generated from operating activities (A) 20,717 16,812
B. Cash flow from investing activities
Purchase of property, plant and equipment (13,106) (67)
Purchase of intangible assets (835) (346)
Proceeds from sale of property, plant and equipment - 10
Investment in equity shares of Tech4TH Solutions Inc. (827) (762)
Investments in fixed deposits, net (56,995) (3,020)
Acquisition of subsidiary (10,987) -
Investments in mutual funds - (40,049)
Proceeds from sale of mutual funds 47,203 34,542
Interest received 445 84
Net cash used in investing activities (B) (35,102) (9,608)
C. Cash flow from financing activities
Repayment of long-term borrowings (2,609) (2,053)
Proceeds from long-term borrowings 12,383 -
Proceeds from issue of redeemable non-convertible debentures 4,500 -
Net proceeds from short-term borrowings 4,617 4,012
Payment of principal portion of lease liabilities (2,004) (1,702)
Payment of interest portion of lease liabilities (544) (487)
Payment of contingent consideration (2,034) (1,861)
Dividend paid (5,715) (6,830)
Proceeds from exercise of share options 147 171
Interest paid (1,534) (328)
Net cash generated from/(used in) financing activities (C) 7,207 (9,078)
Net increase in cash and cash equivalents (A+B+C) (7,178) (1,874)

Net foreign exchange difference 323 20
Cash and cash equivalents at the beginning of the year 6,729 8,583
Cash acquired on acquisition of subsidiary 6 -
Cash and cash equivalents at the end of the year (120) 6,729
Components of cash and cash equivalents

Balance with banks
- on current account 5,346 5,649
- in EEFC accounts 1,653 1,080
Less : Bank overdraft (7,119) -
Total cash and cash equivalents (120) 6,729
CIN : L72900KA2011PLC057931
Additional disclosures as per Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015:
Sr. No Particulars
March 31, 2023 December 31, 2022 March 31, 2022 March 31, 2023 March 31, 2022
1 Debt-Equity ratio 0.64 0.51 0.38 0.64 0.38

2 Debt Service Coverage ratio (DSCR) 3.88 4.08 5.02 4.39 4.89
3 Interest Service Coverage ratio (ISCR) 10.71 14.57 32.76 16.04 31.35
4 Current ratio 1.86 2.37 2.54 1.86 2.54
5 Long-term Debt to Working Capital ratio 0.27 0.23 0.07 0.27 0.07
6 Bad debts to Trade receivable ratio - 0.003 - - 0.01
7 Current liability ratio 0.72 0.67 0.79 0.72 0.79
8 Total Debt to total Assets ratio 0.33 0.28 0.22 0.33 0.22
9 Trade Receivable Turnover Ratio 7.95 7.31 8.31 7.51 7.56
10 Operating margin (%) 0.24 0.24 0.24 0.25 0.24
11 Net profit margin (%) 0.15 0.16 0.17 0.16 0.17
12 Inventory turnover ratio NA NA NA NA NA
13 Debenture Redemption Reserve NA NA NA NA NA
14 Net worth as per Section 2(57) ( in INR Lakhs) 83,486 76,942 65,832 83,486 65,727
Note:
a. The aforesaid ratios for quarter ended December 31, 2022 has not been reviewed by the Statutory Auditors.
Formulae for computation of ratios are as follows:
Sr. No. Particulars Formulae

Total Debt
1 Debt-Equity ratio
Shareholder’s Equity
Profit after tax + Interest + Non cash operating expense
2 Debt Service Coverage ratio (DSCR) Interest & Lease Payments + Principal Repayments
(Principal repayments excludes repayments for Packing credit foreign currency loan)
Profit before interest, tax and exceptional items
3 Interest Service Coverage ratio (ISCR)
Interest expense
Current assets
4 Current ratio
Current liabilities
Long term borrowings (Including current maturities of long term borrowings)
5 Long-term Debt to Working Capital ratio
Current assets (-) Current liabilities [excluding current maturities of long term]
Bad debts
6 Bad debts to Trade receivable ratio
Average Trade receivables
Current liabilities
7 Current Liability ratio
Total liabilities
Total Debt
8 Total Debt to total Assets ratio
Total Assets
Net revenue
9 Trade Receivable Turnover Ratio
Profit before depreciation, finance cost, tax and exceptional items (-) Other income
10 Operating margin (%)
Revenue from operations
Net profit after tax

11 Net profit margin (%)
12 Inventory turnover ratio Not applicable
13 Debenture Redemption Reserve NA
aggregate value of the paid-up share capital + all reserves created out of
the profits+ securities premium account -aggregate value of the accumulated losses-
14 Net worth as per Section 2(57) ( in INR Lakhs)
deferred expenditure- miscellaneous expenditure not written off - revaluation reserve - write-back of depreciation -
amalgamation reserve
CIN : L72900KA2011PLC057931
Notes to Statement of Consolidated Financial Results for the quarter and year ended March 31, 2023
1. In terms of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, this Statement of Consolidated Financial Results for the quarter and year
ended March 31, 2023 ("Consolidated Financial Results") of Happiest Minds Technologies Limited (the “Holding Company” or the "Company") and its subsidiaries, Happiest Minds Inc. and Sri
Mookambika Infosolutions Private Limited (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 8,
2023.
2. The figures for the quarter ended March 31, 2023 are balancing figures between audited figures in respect of full financial year upto March 31, 2023 and the published year-to-date figure upto
December 31, 2022 being the date of the end of the third quarter of the financial year. The published year-to-date results upto December 31, 2022 was subjected to a limited review by the
Statutory Auditors of the Company.
3. The Consolidated Financial Results of the Group have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards ("Ind AS") as
prescribed under section 133 of the Companies Act 2013, and as amended, read with relevant rules thereunder and in terms of Regulation 33 and 52 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 8, 2023 have, for the financial year ended March 31, 2023, recommended the payout of a final dividend of Rs. 3.40/- per
equity share of face value Rs.2/- each. This recommendation is subject to approval of Shareholders at the 12th Annual General Meeting of the Company scheduled to be held on July 17, 2023.
5. The financial results of the Company on standalone basis is as follows: (Rs. in lakhs)
Particulars Quarter ended Year ended
Refer note 2 (Unaudited) (Unaudited) (Audited) (Audited)
Total revenue (including other income) 35,104 35,294 29,724 135,489 107,125
Profit before tax 7,258 7,325 8,084 29,168 25,085
Profit for the period / year 5,126 5,727 6,221 21,638 18,648
Total comprehensive income for the period / year ended 5,744 5,861 5,937 21,072 18,339
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
Refer note 2 (Unaudited) (Unaudited) (Audited) (Audited)
1. Segment revenue
IMSS 7,525 7,910 6,848 30,694 24,168
DBS 11,180 11,267 8,762 43,070 32,887
PES 19,093 17,511 14,447 69,165 52,310
Total 37,798 36,688 30,057 142,929 109,365
2. Segment results
IMSS 2,119 2,535 1,739 9,243 5,917
DBS 3,673 3,082 2,261 13,089 8,789
PES 7,422 6,842 5,929 28,113 20,693
Total 13,214 12,459 9,929 50,445 35,399
Unallocable other income 845 780 991 2,111 3,710
Unallocable finance cost (791) (576) (286) (2,102) (995)
Unallocable depreciation and amortisation expenses (1,294) (992) (884) (4,191) (3,288)
Other unallocable expenses (4,080) (4,147) (2,762) (15,276) (10,241)
Tax expense (2,128) (1,766) (1,777) (7,888) (6,465)
Profit after tax 5,766 5,758 5,211 23,099 18,120
Segment wise assets and liabilities are as follows: (Rs. in lakhs)

Particulars
March 31, 2023 March 31, 2022
(Audited) Refer note 2
1. Segment assets
IMSS 6,420 7,202
DBS 19,590 19,140
PES 34,452 12,632
Other unallocable assets 103,621 73,527
Total assets 164,083 112,501
2. Segment liabilities
IMSS 965 1,234
DBS 6,560 9,144
PES 8,775 1,884
Other unallocable liabilities 63,901 33,659
Total liabilities 80,201 45,921
CIN : L72900KA2011PLC057931
Notes to Statement of Consolidated Financial Results for the quarter and year ended March 31, 2023
7. On January 1, 2023, the Group obtained operational and management control of Sri Mookambika Infosolutions Private Limited (‘SMI’), a Madurai based Company which provides IT services,
through a Control Agreement. The Group acquired 100% equity in SMI for total consideration of INR 13,694 lakhs, comprising cash consideration of INR 11,132 lakhs and fair-value of contingent
consideration of INR 2,562 lakhs payable over the next 2 years subject to achievement of set targets. The Company paid the cash consideration of INR 11,132 lakhs on February 6 2023 and the
shares were transferred on the same day. As a result of this acquisition the Group recorded goodwill of INR 5,404 lakhs and other intangible assets of INR 8,259 lakhs. The Group has
consolidated SMI w.e.f January 1, 2023.
8. The Group had acquired 100% Equity 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 as per Ind AS 109 'Financial Instruments' and was measured at fair value. The Accounting Standard mandates that any
subsequent changes in such fair value will have to be recognized in the statement of profit and loss. The Group carried out a fair valuation during the year and there was increase in the liability.
The said increase amounting to INR 634 lakhs (March 31, 2022 : INR 609 lakhs) has been recognised in the statement of profit and loss and disclosed as an ‘Exceptional Item’.
9. Rules in relation to 'The Code on Social Security, 2020 ('Code')' yet to be 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.
10. Previous quarter's/ year's figures have been regrouped/ reclassified wherever necessary to conform with current year classification.
11. The above Consolidated Financials Results of the Group are available on the Company's website www.happiestminds.com and also that of BSE (www.bseindia.com) and NSE
(www.nseindia.com).
For and on behalf of the Board

Venkatraman Narayanan
Managing Director & Chief Financial Officer
DIN : 01856347
Place: Bengaluru, India
Date: May 8, 2023
Prestige Trade Tower, Level 19
46, Palace Road, High Grounds
Bengaluru – 560 001
Karnataka, India
Tel: +91 80 6188 6000

Fax: +91 80 6188 6011
INDEPENDENT AUDITOR’S REPORT ON AUDIT OF ANNUAL STANDALONE

FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS
TO THE BOARD OF DIRECTORS OF

HAPPIEST MINDS TECHNOLOGIES LIMITED
Opinion and Conclusion
We have (a) audited the Standalone Financial Results for the year ended March 31, 2023
and (b) reviewed the Standalone Financial Results for the quarter ended March 31, 2023
(refer ‘Other Matters’ section below), which were subject to limited review by us, both
included in the accompanying “Statement of Standalone Financial Results for the Quarter
and Year Ended March 31, 2023 of HAPPIEST MINDS TECHNOLOGIES LIMITED (“the
Company”), which includes financial statements of Happiest Minds Technologies Share
Ownership Plans Trust (the “ESOP trust”) (“the Statement”), being submitted by the
Company pursuant to the requirements of Regulation 33 and Regulation 52 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“the
Listing Regulations”).
(a) Opinion on Annual Standalone Financial Results
In our opinion and to the best of our information and according to the explanations
given to us, and based on the consideration of the audit reports of the ESOP trust
auditors as referred to in Other Matters section below the Standalone Financial Results
for the year ended March 31, 2023:
i. is presented in accordance with the requirements of Regulation 33 and ,Regulation

52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, as amended; and
ii. gives a true and fair view in conformity with the recognition and measurement
principles laid down in the Indian Accounting Standards and other accounting
principles generally accepted in India of the net profit and total comprehensive
income and other financial information of the Company for the year then ended.
(b) Conclusion on Unaudited Standalone Financial Results for the quarter ended
March 31, 2023
With respect to the Standalone Financial Results for the quarter ended March 31, 2023,
based on our review conducted as stated in paragraph (b) of Auditor’s Responsibilities
section below and based on the consideration of the review reports of the ESOP trust
auditors as referred in Other Matters section below, nothing has come to our attention
that causes us to believe that the Standalone Financial Results for the quarter ended
March 31, 2023, prepared in accordance with the recognition and measurement
principles laid down in the Indian Accounting Standards and other accounting principles
generally accepted in India, has not disclosed the information required to be disclosed
in terms of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended, including the manner in
which it is to be disclosed, or that it contains any material misstatement.
Page 1 of 5
Basis for Opinion on the Audited Standalone Financial Results for the year
ended March 31, 2023
We conducted our audit in accordance with the Standards on Auditing (“SAs”) specified
under Section 143(10) of the Companies Act, 2013 (“the Act”). Our responsibilities under
those Standards are further described in paragraph (a) of Auditor’s Responsibilities section
below. We are independent of the Company in accordance with the Code of Ethics issued
by the Institute of Chartered Accountants of India (“the ICAI”) together with the ethical
requirements that are relevant to our audit of the Standalone Financial Results for the year
ended March 31, 2023 under the provisions of the Act and the Rules thereunder, and we
have fulfilled our other ethical responsibilities in accordance with these requirements and
the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us and the audit
evidence obtained by the ESOP trust auditors in terms of their reports referred to in Other
Matters section below, is sufficient and appropriate to provide a basis for our audit opinion.
Management’s Responsibilities for the Statement
This Statement which includes the Standalone Financial Results is the responsibility of the
Company’s Board of Directors and has been approved by them for the issuance. The
Standalone Financial Results for the year ended March 31, 2023 has been compiled from
the related audited standalone financial statements. This responsibility includes the
preparation and presentation of the Standalone Financial Results for the quarter and year
ended March 31, 2023 that give a true and fair view of the net profit and other
comprehensive income and other financial information in accordance with the recognition
and measurement principles laid down in the Indian Accounting Standards prescribed
under Section 133 of the Act read with relevant rules issued thereunder and other
accounting principles generally accepted in India and in compliance with Regulation 33 and
Regulation 52 of the Listing Regulations. This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding
the assets of the Company and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and the design, implementation and
maintenance of adequate internal financial controls that were operating effectively for
ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the Standalone Financial Results that give a true and fair
view and is free from material misstatement, whether due to fraud or error.
In preparing the Standalone Financial Results, the Board of Directors are responsible for
assessing the Company’s ability, to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless
the Board of Directors either intends to liquidate the Company or to cease operations, or
has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the financial reporting process
of the Company.
Page 2 of 5
Auditor’s Responsibilities
(a) Audit of the Standalone Financial Results for the year ended March 31, 2023
Our objectives are to obtain reasonable assurance about whether the Standalone
Financial Results for the year ended March 31, 2023 as a whole is free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with SAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of this
Standalone Financial Results.
As part of an audit in accordance with SAs, we exercise professional judgment and

maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Annual Standalone
Financial Results, whether due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Company’s internal
control.
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates made by the Board of Directors.
• Evaluate the appropriateness and reasonableness of disclosures made by the
Board of Directors in terms of the requirements specified under Regulation 33 and
Regulation 52 of the Listing Regulations.
• Conclude on the appropriateness of the Board of Directors’ use of the going
concern basis of accounting and, based on the audit evidence obtained, whether
a material uncertainty exists related to events or conditions that may cast
significant doubt on the ability of the Company to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention
in our auditor’s report to the related disclosures in the Statement or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause the Company to cease to continue as a going
concern.
• Evaluate the overall presentation, structure and content of the Annual Standalone
Financial Results, including the disclosures, and whether the Annual Standalone
Financial Results represent the underlying transactions and events in a manner
that achieves fair presentation.
• Perform procedures in accordance with the circular issued by the SEBI under
Regulation 33(8) of the Listing Regulations to the extent applicable.
Page 3 of 5
• Obtain sufficient appropriate audit evidence regarding the Annual Standalone
Financial Results of the Company and the ESOP trust to express an opinion on the
Annual Standalone Financial Results. We are responsible for the direction,
supervision and performance of the audit of financial information of such entities
or business activities included in the Annual Standalone Financial Results of which
we are the independent auditors. For the other entities or business activities
included in the Annual Standalone Financial Results, which have been audited by
the ESOP trust auditors, such trust auditors remain responsible for the direction,
supervision and performance of the audits carried out by them. We remain solely
responsible for our audit opinion.
Materiality is the magnitude of misstatements in the Annual Standalone Financial

Results that, individually or in aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the Annual Standalone Financial
Results may be influenced. We consider quantitative materiality and qualitative
factors in (i) planning the scope of our audit work and in evaluating the results of our
work; and (ii) to evaluate the effect of any identified misstatements in the Annual
Standalone Financial Results.
We communicate with those charged with governance regarding, among other

matters, the planned scope and timing of the audit and significant audit findings
including any significant deficiencies in internal control that we identify during our
audit.
We also provide those charged with governance with a statement that we have
complied with relevant ethical requirements regarding independence, and to
communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, related safeguards.
(b) Review of the Standalone Financial Results for the quarter ended March 31,
2023
We conducted our review of the Standalone Financial Results for the quarter ended
March 31, 2023 in accordance with the Standard on Review Engagements (“SRE”)
2410 ‘Review of Interim Financial Information Performed by the Independent Auditor
of the Entity’, issued by the ICAI. A review of interim financial information consists
of making inquiries, primarily of the Company’s personnel responsible for financial
and accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance with SAs
specified under section 143(10) of the Act and consequently does not enable us to
obtain assurance that we would become aware of all significant matters that might
be identified in an audit. Accordingly, we do not express an audit opinion.
We also performed procedures in accordance with the circular issued by the SEBI
under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended, to the extent applicable.
Page 4 of 5
Other Matters
x The Statement includes the results for the Quarter ended March 31, 2023 being the
balancing figure between audited figures in respect of the full financial year and the
published year to date figures up to the third quarter of the current financial year
which were subject to limited review by us. Our report on the Statement is not
modified in respect of this matter.
x We did not audit the financial statements of the ESOP trust included in the Statement,
whose financial statement reflect total assets of Rs. 30,190 lakhs as at March 31, 2023
and total revenues of Rs. Nil and Rs. Nil for the quarter and year ended March 31, 2023
respectively, total net profit after tax of Rs. 35 Lakhs and Rs. 213 Lakhs for the quarter
and year ended March 31, 2023 respectively and total comprehensive loss of Rs. 5,452
lakhs and Rs. 16,475 Lakhs for the quarter and year ended March 31, 2023,
respectively, and net cash flows of Rs. 653 Lakhs for the year ended March 31, 2023
as considered in the Statement. The financial statements of the ESOP trust have been
audited/ reviewed, as applicable, by the Trust auditors whose reports have been
furnished to us, and our opinion and conclusion in so far as it relates to the amounts
and disclosures included in respect of such ESOP Trust, is based solely on the reports
of such ESOP trust auditors and the procedures performed by us as stated under
Auditor’s Responsibilities section above.
Our report on the Statement is not modified in respect of this matter.
For Deloitte Haskins & Sells

(Firm’s Registration No. 008072S)
Digitally signed by
VIKAS VIKAS BAGARIA
BAGARIA Date: 2023.05.08

14:59:38 +05'30'
Vikas Bagaria
Partner
(Membership No. 060408)
(UDIN: 23060408BGYGOT6158)
Place: Bengaluru
Date: May 8, 2023
Page 5 of 5
CIN : L72900KA2011PLC057931
Standalone Statement of Assets and Liabilities as at March 31, 2023
(Rs. in lakhs)
As at As at
Sl No Particulars March 31, 2023 March 31, 2022
(Audited) (Audited)
ASSETS
A Non-current assets
Property, plant and equipment 13,111 77
Capital work-in-progress 185 -
Goodwill 611 611
Other intangible assets 394 271
Right-of-use assets 5,786 5,389
Intangible assets under development 81 35
Financial assets: -
i. Investment 19,719 6,025
ii. Loans 2,465 2,274
iii. Other financial assets 9,349 1,827
Income tax assets (net) 1,196 679
Deferred tax assets, net 1,246 697
Other assets 93 1
Total non-current assets 54,236 17,886
B Current assets
Financial assets
i. Investments - 46,400
ii. Trade receivables 19,885 16,127
iii. Cash and cash equivalents 5,966 5,601
iv. Bank balance other than cash and cash equivalent 61,441 10,071
v. Loans 64 4
vi. Other financial assets 11,901 8,955
Other assets 4,147 3,235
Total current assets 103,404 90,393
Total assets (A+B) 157,640 108,279
EQUITY AND LIABILITIES

C Equity
Equity share capital 2,866 2,854
Other equity 79,732 64,120
Total Equity 82,598 66,974
D Non-current liabilities
iii. Other financial liabilities 1,996 -
Total non-current liabilities 20,214 7,701
E Current liabilities
Contract liability 759 972
iii. Trade payables
(A) Total outstanding dues of micro enterprises and small
enterprises 83 79
(B) Total outstanding dues of creditors other than micro
enterprises and small enterprises 6,160 5,215
iv. Other financial liabilities 5,590 4,321
Other current liabilities 2,243 2,427
Total current liabilities 54,828 33,604
F Total liabilities (D+E) 75,042 41,305
Total equity and liabilities (C+F) 157,640 108,279
CIN : L72900KA2011PLC057931
(Rs. in lakhs)
Statement of Standalone Financial Results for the quarter and year ended March 31, 2023
Particulars March 31, 2023 December 31, 2022 March 31, 2022 March 31, 2023 March 31, 2022
Refer Note 2 (Unaudited) (Unaudited) (Audited) (Audited)
I. Revenue
(a) Revenue from operations 34,233 34,476 28,682 133,255 103,354
(b) Other income 871 818 1,042 2,234 3,771
Total Revenue 35,104 35,294 29,724 135,489 107,125
II. Expenses
(a) Employee benefits expense 20,540 20,740 16,492 78,690 61,210
(b) Finance costs 861 601 221 2,150 830
(c) Depreciation and amortisation expense 795 752 665 2,996 2,423
(d) Other expenses 5,650 5,876 4,871 22,485 17,577
Total Expenses 27,846 27,969 22,249 106,321 82,040
III. Profit before exceptional items and tax (I-II) 7,258 7,325 7,475 29,168 25,085
IV. Exceptional items: charge / (credit) - - (609) - -
V. Profit before tax (III-IV) 7,258 7,325 8,084 29,168 25,085
VI. Tax expense

Current tax 2,121 2,113 1,772 7,889 6,004
Deferred tax 11 (515) 91 (359) 433
Total tax expense 2,132 1,598 1,863 7,530 6,437
VII. Profit for the period / year (V-VI) 5,126 5,727 6,221 21,638 18,648
VIII. Other comprehensive income, net of tax [(loss)/income]

(i) Items to be reclassified to profit or loss in subsequent
periods / year
a) Net change in fair value of derivatives designated 783 165 (405) (631) (316)
as cash flow hedges
b) Income tax effect on above (197) (41) 102 159 80
(ii) Items not to be reclassified to profit or loss in subsequent

periods / year
a) Re-measurement of defined benefit plans 44 13 26 (125) (97)
b) Income tax effect on above (12) (3) (7) 31 24
IX. Total comprehensive income for the period / year (VII-VIII) 5,744 5,861 5,937 21,072 18,339
X. Paid-up equity share capital (face value of Rs. 2/- each) 2,866 2,863 2,854 2,866 2,854
XI. Other equity 79,732 64,120
XI. Earnings per share ("EPS") (face value of Rs.2/- each) (not
annualised for quarters):
Basic EPS (Rs.) 3.56 4.00 4.38 15.11 13.21
Diluted EPS (Rs.) 3.54 3.96 4.28 15.00 12.91
CIN : L72900KA2011PLC057931
Standalone Statement of Cash Flows for the year ended March 31, 2023
(Rs. in lakhs)
Year ended Year ended
March 31, 2023 March 31, 2022
(Audited) (Audited)
A. Cash flow from operating activities
Profit before tax 29,168 25,085
Adjustments to reconcile profit before tax to net cash flows:
Depreciation and amortization expense 2,996 2,423
Share-based payment expense 120 300
Gain on investments carried at fair value through profit and loss - (1,377)
Gain on sale of investments carried at fair value through profit and loss (803) (368)
Interest income (2,725) (667)
(Gain)/ loss on disposal of property, plant and equipment, net - (10)
Net unrealised foreign exchange loss / (gain) 1,209 354
Rent concession (71) (323)
Impairment loss on financial assets - 33
Finance costs 2,150 830
Operating profit before working capital changes 32,044 26,280
Movements in working capital
Increase in trade receivables (3,687) (4,415)
Decrease in loans (60) 10
Increase in non-financial assets (1,004) (1,484)
Increase in financial assets (2,092) (2,635)
Increase in trade payables 936 1,303
Increase/ (decrease) in financial liabilities (650) 648
Increase in provisions 495 58
Increase/ (decrease) in contract liabilities (213) 607
Decrease in other non-financial liabilities (184) 830
Total movements in working capital (6,459) (5,078)
Cash generated from operating activities 25,585 21,202
Income tax paid (net of refunds) (8,406) (5,275)
Net cash generated from operating activities (A) 17,179 15,927
B. Cash flow from investing activities
Purchase of property, plant and equipment (13,096) (67)
Purchase of intangible assets (409) (346)
Proceeds from sale of property, plant and equipment - 10
Maturities of / Investments in fixed deposits, net (57,495) (3,020)
Acquisition of subsidiary (10,987) -
Loan to subsidiary - (2,231)
Investments in mutual funds - (40,049)
Proceeds from sale of mutual funds 47,203 34,542
Interest received 440 84
Net cash used in investing activities (B) (34,344) (11,077)
C. Cash flow from financing activities
Repayment of long-term borrowings (2,609) (2,053)
Proceeds from long-term borrowings 12,383 -
Net proceeds from short-term borrowings 4,721 4,012
Proceeds from issue of non-convertible debentures 4,500 -
Loan from subsidiary 900 -
Payment of principal portion of lease liabilities (2,004) (1,702)
Payment of interest portion of lease liabilities (544) (487)
Dividend paid (5,715) (6,830)
Proceeds from exercise of share options 147 171
Interest paid (1,533) (328)
Net cash generated from/(used in) financing activities (C) 10,246 (7,217)
Net increase in cash and cash equivalents (A+B+C) (6,919) (2,367)

Net foreign exchange difference 165 16
Cash and cash equivalents at the beginning of the year 5,601 7,952
Cash and cash equivalents at the end of the year (1,153) 5,601
Components of cash and cash equivalents
Balance with banks
- on current account 4,313 4,521
- in EEFC accounts 1,653 1,080
Less : Bank overdraft (7,119) -
Total cash and cash equivalents (1,153) 5,601
CIN : L72900KA2011PLC057931
Additional disclosures as per Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015:
Sr. No Particulars
1 Debt-Equity ratio 0.66 0.51 0.37 0.66 0.37

2 Debt Service Coverage ratio (DSCR) 3.32 3.94 5.59 4.00 4.46
3 Interest Service Coverage ratio (ISCR) 9.94 13.19 34.82 14.86 31.22
4 Current ratio 1.89 2.46 2.69 1.89 2.69
5 Long-term Debt to Working Capital ratio 0.27 0.24 0.06 0.27 0.06
6 Bad debts to Trade receivable ratio - 0.004 0.004 - -
7 Current liability ratio 0.73 0.69 0.81 0.73 0.81
8 Total Debt to total Assets ratio 0.34 0.29 0.23 0.34 0.23
9 Trade Receivable Turnover Ratio 7.60 7.57 8.27 7.40 7.45
10 Operating margin (%) 0.23 0.23 0.26 0.24 0.24
11 Net profit margin (%) 0.15 0.17 0.22 0.16 0.18
12 Inventory turnover ratio NA NA NA NA NA
13 Debenture Redemption Reserve NA NA NA NA NA
14 Net worth as per Section 2(57) ( in INR Lakhs) 82,662 77,226 66,447 82,662 66,342
Note:
a. The aforesaid ratios for quarter ended December 31, 2022 has not been reviewed by the Statutory Auditors.
Formulae for computation of ratios are as follows:
Sr. No. Particulars Formulae

Total Debt
1 Debt-Equity ratio
Shareholder’s Equity
Profit after tax + Interest + Non cash operating expense
2 Debt Service Coverage ratio (DSCR) Interest & Lease Payments + Principal Repayments
(Principal repayments excludes repayments for Packing credit foreign currency loan)
Profit before interest, tax and exceptional items
3 Interest Service Coverage ratio (ISCR)
Interest expense
Current assets
4 Current ratio
Current liabilities
Long term borrowings (Including current maturities of long term borrowings)
5 Long-term Debt to Working Capital ratio
Current assets (-) Current liabilities (excluding current maturities of long term)
Bad debts
6 Bad debts to Trade receivable ratio
Current liabilities
7 Current Liability ratio
Total liabilities
Total Debt
8 Total Debt to total Assets ratio
Total Assets
Net revenue
9 Trade Receivable Turnover Ratio
Profit before depreciation, finance cost, tax and exceptional items (-) Other income
10 Operating margin (%)
Net profit after tax

11 Net profit margin (%)
12 Inventory turnover ratio Not applicable
13 Debenture Redemption Reserve NA
aggregate value of the paid-up share capital + all reserves created out of
the profits+ securities premium account -aggregate value of the accumulated losses-
14 Net worth as per Section 2(57) ( in INR Lakhs)
deferred expenditure- miscellaneous expenditure not written off - revaluation reserve - write-back of depreciation
- amalgamation reserve
CIN : L72900KA2011PLC057931
Notes to Statement of Standalone Financial Results for the quarter and year ended March 31, 2023
1. In terms of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, this Statement of Standalone Financial Results for
the quarter and year ended March 31, 2023 ("Standalone Financial Results") of Happiest Minds Technologies Limited (the "Company") has been reviewed by the Audit
Committee and approved by the Board of Directors at their meeting held on May 8, 2023.
2. The figures for the quarter ended March 31, 2023 are balancing figures between audited figures in respect of full financial year upto March 31, 2023 and the
unaudited published year-to-date figure upto December 31, 2022 being the date of the end of the third quarter of the financial year. The published year-to-date results
upto December 31, 2022 was subjected to a limited review by the Statutory Auditors of the Company.
3. The Standalone Financial Results of the Company have been prepared in accordance with the recognition and measurement principles laid down in the Indian
Accounting Standards ("Ind AS") as prescribed under section 133 of the Companies Act 2013 and, as amended, read with relevant rules thereunder and in terms of
Regulation 33 and 52 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 8, 2023 have, for the financial year ended March 31, 2023, recommended the payout of a final
dividend of Rs. 3.40/- per equity share of face value Rs.2/- each. This recommendation is subject to approval of Shareholders at the 12th Annual General Meeting of
the Company scheduled to be held on July 17, 2023.
5. The Company publishes standalone financial statements along with the consolidated financial statements. In accordance with Ind AS 108, Operating segments, the
Company has disclosed the segment information in the audited interim consolidated financial statments. Accordingly, the segment information is given in the audited
consolidated financial results of Happiest Minds Technologies Limied and its subsidiary for the quarter and year ended March 31, 2023.
6. On January 1, 2023, the Company obtained operational and management control of Sri Mookambika Infosolutions Private Limited (‘SMI’), a Madurai based Company
which provides IT services, through a Control Agreement. The Company acquired 100% equity in SMI for total consideration of INR 13,694 lakhs, comprising cash
consideration of INR 11,132 lakhs and fair-value of contingent consideration of INR 2,562 lakhs payable over the next 2 years subject to achievement of set targets.
The Company paid the cash consideration of INR 11,132 lakhs on February 6, 2023 and the shares were transferred on the same day.
7. Rules in relation to 'The Code on Social Security, 2020 ('Code')' yet to be 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.
8. Previous quarter's/ year's figures have been regrouped/ reclassified wherever necessary to conform with current year classification.
9. The above Standalone Financials Results of the Company are available on the Company's website www.happiestminds.com and also that of BSE
(www.bseindia.com) and NSE (www.nseindia.com).
For and on behalf of the Board

Venkatraman Narayanan
Managing Director & Chief Financial Officer
DIN : 01856347
Place: Bengaluru, India
Date: May 8, 2023
PRESS RELEASE
Happiest Minds FY 23 net profit accelerates by 27.5% to ₹ 231 Crores.
FY23 Revenue grows 23.7% backed by a superior EBITDA margin of 26.2%
FY24 revenue guidance growth at 25%
Proposes final dividend of ₹ 3.4 per share
Bengaluru, India, San Jose, California and London, May 08, 2023: Happiest Minds Technologies Limited
(NSE:HAPPSTMNDS), a ‘Born Digital. Born Agile’, digital transformation and IT solutions company, today
announced its consolidated results for the fourth quarter and year ended March 31, 2023 as approved by its
Board of Directors.
Ashok Soota, Executive Chairman, said “I am pleased to announce that Happiest Minds has delivered
outstanding results for FY23 with 23.7% revenue growth and 26.2% of EBITDA. We have missed our revenue
growth target by 1.3% due to the right-shifting of some Q4 revenues. This has been more than compensated
by delivering an EBITDA which exceeded the upper band of our guidance of 22 to 24%. In view of our strong
business pipeline, we are planning a record people addition of 1,300. Accordingly, we are retaining our FY24
revenue guidance growth at 25%.”
Financial highlights
Quarter ended March 31, 2023:

• Revenue in constant currency grew by 1.3% q-o-q and 17.6% y-o-y.
• Operating Revenues in US$ stood at $46 million (growth of 1.4% q-o-q: 15.2% y-o-y)
• Total Income of ₹ 38,643 lakhs (growth of 3.1% q-o-q; 24.5% y-o-y)
• EBITDA of ₹ 10,062 lakhs, 26.0% of Total Income (growth of 3.5% q-o-q; 23.3% y-o-y)
• PAT of ₹ 5,766 lakhs, 14.9% of Total Income (growth of 0.1% q-o-q; 10.7% y-o-y)
• Free cash flows of ₹ 9,946 lakhs
• EPS (diluted) for the quarter of ₹ 3.98.
Year ended March 31, 2023:

• Revenue in constant currency grew by 23.7%
• Operating Revenues in US$ stood at $178 million (growth of 21.2% y-o-y)
• Total Income of ₹ 145,040 lakhs (growth of 28.3% y-o-y)
• EBITDA of ₹ 37,997 lakhs, 26.2% of Total Income (growth of 28.9% y-o-y)
• PAT of ₹ 23,099 lakhs, 15.9% of Total Income (growth of 27.5% y-o-y)
• Free cash flows of ₹ 36,480 lakhs
• EPS (diluted) for the full year of ₹ 16.01.
All amounts in ₹ Lakhs unless stated otherwise
Particulars Q4 FY 23 Q3 FY 23 QoQ Q4 FY 22 YoY FY 23 FY 22 YoY
Revenues 37,798 36,688 3.0% 30,057 25.8% 142,929 109,365 30.7%
Other Income 845 780 - 991 - 2,111 3,710 -
Total Income 38,643 37,468 3.1% 31,048 24.5% 145,040 113,075 28.3%
EBITDA 10,062 9,726 3.5% 8,158 23.3% 37,997 29,477 28.9%
% 26.0% 26.0% 26.3% 26.2% 26.1%
PBT 7,893 7,524 4.9% 6,988 13.0% 30,986 24,585 26.0%

% 20.4% 20.1% 22.5% 21.4% 21.7%
Tax 2,127 1,766 - 1,777 - 7,887 6,465 -

% 5.5% 4.7% 5.7% 5.4% 5.7%
PAT 5,766 5,758 0.1% 5,211 10.7% 23,099 18,120 27.5%

% 14.9% 15.4% 16.8% 15.9% 16.0%
Revenues ($'000) 45,918 45,279 1.4% 39,876 15.2% 177,768 146,634 21.2%
Growth in Constant Currency - - 1.3% - 17.6% - - 23.7%
Venkatraman N, MD & CFO, said “Our excellent results both in terms of growth and profitability reflect our
operating strengths. This is the 12th successive quarter where we have reported EBITDA of more than 25%.
Based on our strong financial results we are happy to recommend a final dividend of ₹3.4 per share.”
Joseph Anantharaju, Executive Vice Chairman, said “Our compelling value proposition and effective land
and expand strategy has led to good performance on our customer metrics. The average revenue per
customer and the number of billion-dollar corporations have shown consistent progression during the fiscal.
We saw a marked improvement in pipeline and deal velocity in the second half of the quarter setting us up
well for the first quarter and FY24.”
Clients:
• 237 as of March 31, 2023
• 16 additions in the quarter
Our People - Happiest Minds:

• 4,917 as of March 31, 2023 (net addition for the quarter 306)
• Trailing 12-month attrition of 19.8%
• Utilization of 74.6%, from 80.1% in last quarter
Q4 FY23 Key Project Wins:
• For a large EduTech company that enables learners and academic institutions to achieve their goals, Happiest
Minds was chosen as their strategic partner to provide digital engineering and test automation services.
• For a leading provider of hardware for the gaming industry, Happiest Minds was chosen to provide
embedded and software development services.
• For a world leader in the recreational travel and hospitality industry, this consulting-led engagement entails
Happiest Minds to evaluate, recommend and advise for building their ESG Reporting Platform.
• For a global industrial technology leader, Happiest Minds is providing application testing services.
• For this existing client in the property and casualty insurance industry in North America, Happiest Minds has
been chosen to provide security services.
• For a large loyalty program provider in the ANZ region, Happiest Minds is chosen to provide consulting,
support and implementation services to enhance security and privacy environments around data and cloud.
• For this Australia-based existing client in the Quick Service Restaurant industry, Happiest Minds is a partner
of choice in their digital transformational initiatives.
• For a reputed Hi-Tech company providing digital transformational services in the middle east, Happiest
Minds has been chosen to provide cloud migration services.
• For an India-based international provider of quality B2B solutions in the higher education space, Happiest
Minds is building their next-gen platform for test prep leveraging cloud.
• For a reputed India-headquartered global automotive company, Happiest Minds has been chosen to provide
engineering services leveraging 5G for their connected car program.
Recognitions:
• Happiest Minds won the ICAI Award for Excellence in Financial Reporting 2021-22
• Happiest Minds’ MD & CFO, Mr. Venkatraman Narayanan recognized as a ‘Leading CFO of the Year’ at the
CII CFO Excellence Awards 2022.
• Happiest Minds is among the Top 50 India’s Best Workplaces™ for Building a Culture of Innovation
2023.
• Happiest Minds is among Top 10 India’s Best Workplaces™ in Health & Wellness 2022
• Priya Kanduri was awarded at ‘Women In Tech Leadership Awards 2023' by AIM and the ‘Women at Work
Achiever of the Year 2023’ by FKCCI
Analyst Mentions
• Happiest Minds is selected as ‘Standout Case Study’ - ISG Digital Case Study Awards 2022.
Announcements
• The Board of Directors of the Company at their meeting held on May 8, 2023, has recommended a final
dividend of ₹3.4 per equity share of face value ₹ 2/- for the financial year 2022-23 subject to shareholder
approval.
For further details please refer to the Investors presentation on the Company’s website
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: media@happiestminds.com
Investors Relations:
IR@happiestminds.com
Investor Presentation &
FACT SHEET: Q4 FY 23
May 2023
About Happiest Minds
Next-Gen Digital Transformation, Infrastructure, Security and Product Engineering Services Company
Active Clients
Digital Agile RoCE
55 Fortune2000 / Forbes200
Billion $ Corporations
RoE
91% Repeat Business
Mission Statement Great Place To Work R
India’s Best Workplaces™ in Health &

Growth in Constant
Happiest Minds Wellness 2022
India’s Best Workplaces™ in IT & IT-BPM Currency
across 7 Countries 2022
SMILES Values India’s Best Workplaces™ for Women EBITDA margin
27.4% Gender Diversity
2022
Sharing, Mindful, Integrity, Learning,
Excellence, Social Responsibility rating on Glassdoor India’s Best Workplaces™
Culture of Innovation 2023
for Building a
Promoter IPO - In September 2020

• Completed 11 years in August 2022 ‘Best
• Strong Management Team & Corporate Governance Governed
• 700K+ Investors Company’
in Medium
Ashok Soota • Robust Growth and Profitability Category
Disclaimer: All logos are the property of their respective owners. 2 www.happiestminds.com
Mission, Vision and Values
Our 2021-31 Vision - DELiGHT Our SMILES Values
Design for Perpetuity Sharing
ESG Excellence Mindful
Our Mission
Thought Leadership Integrity
Happiest People
Happiest Customers
Profitable Growth Learning
Ambassador for Happiness Excellence
World Class Team Social Responsibility
www.happiestminds.com 3
Our Business
IoT Blockchain
DevOps & Enterprise Digital Cloud

RPA Transformation
Next Gen. Product &

Platform Engineering
Software Defined BPM &
Networking / NFV Agile and Secure Integration
Infrastructure
Big Data & Advanced Security

Analytics
Hi-Tech EduTech BFSI Mfg. / Industrial Retail / CPG Travel, Media & Health Tech
Entertainment (TME) www.happiestminds.com
Confidential – www.happiestminds.com 4
Born Digital . Born Agile The Mindful IT Company
CREATING MINDFULLY
DIGITAL CAPITAL AGILE
Business Agile
Transformation Organization
Business Agile
Insights Business
Platformize & Agile

Modernize Delivery
Reimagining Engineering & Operational

Customer Experience Excellence
www.happiestminds.com
Confidential – www.happiestminds.com 5
For a large EduTech For a leading provider of For a world leader in the For a global industrial For this existing client in
company that enables hardware for the recreational travel and technology leader, the property and
learners and academic gaming industry, hospitality industry, this Happiest Minds is casualty insurance
institutions to achieve Happiest Minds was consulting-led providing application industry in North
their goals, Happiest chosen to provide engagement entails testing services America, Happiest Minds
Minds was chosen as their embedded and software Happiest Minds to has been chosen to
strategic partner to development services evaluate, recommend and provide security services
provide digital advise for building their
engineering and test ESG Reporting Platform
automation services.
For a large loyalty For this Australia-based For a reputed Hi-Tech For an India-based For a reputed India-
program provider in the existing client in the company providing international provider headquartered global
ANZ region, Happiest Quick Service digital transformational of quality B2B solutions automotive company,
Minds is chosen to Restaurant industry, services in the middle in the higher education Happiest Minds has been
provide consulting, Happiest Minds is a east, Happiest Minds has space, Happiest Minds is chosen to provide
support and partner of choice in their been chosen to provide building their next-gen engineering services
implementation services digital transformational cloud migration services platform for test prep leveraging 5G for their
to enhance security and initiatives leveraging cloud connected car program
privacy environments
around data and cloud
Analyst Mentions
Happiest Minds is
selected as
Happiest Minds won the Happiest Minds’ MD & CFO, Mr. Happiest Minds is among
recognized
as a at the
ISG Digital Case Study

Awards 2022
Happiest Minds is among was awarded at was awarded at

‘
by AIM by FKCCI
Operational and Financial
Metrics – Q4 FY23
Results Q4 FY 23
All amounts in ₹ Lakhs unless stated otherwise
Particulars Q4 FY 23 Q3 FY 23 QoQ Q4 FY 22 YoY FY 23 FY 22 YoY
Revenues 37,798 36,688 3.0% 30,057 25.8% 142,929 109,365 30.7%
Other Income 845 780 - 991 - 2,111 3,710 -
Total Income 38,643 37,468 3.1% 31,048 24.5% 145,040 113,075 28.3%
EBITDA 10,062 9,726 3.5% 8,158 23.3% 37,997 29,477 28.9%

% 26.0% 26.0% 26.3% 26.2% 26.1%
PBT 7,893 7,524 4.9% 6,988 13.0% 30,986 24,585 26.0%
% 20.4% 20.1% 22.5% 21.4% 21.7%
Tax 2,127 1,766 - 1,777 - 7,887 6,465 -

% 5.5% 4.7% 5.7% 5.4% 5.7%
PAT 5,766 5,758 0.1% 5,211 10.7% 23,099 18,120 27.5%

% 14.9% 15.4% 16.8% 15.9% 16.0%
Revenues ($'000) 45,918 45,279 1.4% 39,876 15.2% 177,768 146,634 21.2%
Growth in Constant Currency - - 1.3% - 17.6% - - 23.7%
Born Digital. Born Agile
Digital Agile
% of Revenue % of Revenue
93.9% 93.4% 93.6% 93.4% 93.1% 93.3% 94.0% 94.0%

96.8% 96.5% 96.4% 96.8% 96.6% 96.8% 96.5% 96.3%
FY21 FY22 FY23 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 FY21 FY22 FY23 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23
Revenue Revenue by BU Tenure of Customer

% revenue from Clients
Total Income (₹ Lakhs)
145,040 2.2%
19.5%
113,075
79,765
49.4% 47.0% 50.0% 53.0%
37,468 38,643
31,048 32,996 35,933
28.9%
53.0% 50.0% 47.0%
PES DBS IMSS Oth Inc
FY 21 FY 22 FY 23 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 FY21 FY22 FY 23
0-5 yrs > 5 yrs
PES : Product Engineering Services; DBS : Digital Business Solutions; IMSS : Infrastructure Management and Security Services
Operational & Financial Metrics
EBITDA High FCF Conversion

(₹ Lakhs) Margin % (₹ Lakhs)
Twelve successive quarters of delivering

26.2% EBITDA margins > 25%
96.0%
37,997
98.6% 36,480
26.1% 99.6%
29,477 29,064
98.8%
27.0% 95.8%
90.9%
26.0% 26.0% 99.4% 98.5%
26.3% 26.6% 26.3%
21,573 21,476
9,726 10,062 9,315 9,946

8,775 9,434 8,639 8,580
8,158 8,106
FY 21 FY 22 FY 23 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 FY 21 FY 22 FY 23 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23
Note: 1. FCF = Free Cash Flow Conversion = FCF/EBITDA and FCF = EBITDA – Capex. (Non-GAAP Measure)
Happiest Minds & Utilization
79.5% 80.5% 79.4% 80.6% 80.1%

78.5% 79.1% 74.6%
4,917 4,581 4,611 4,917

4,168 4,168 4,188
3,228
FY 21 FY 22 FY 23 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23
Offshore / Onsite Voluntary Attrition % 1

By Number of Employees
24.4% 23.5%
22.7% 22.7%
19.8% 20.9% 19.8%
12.4%
94.9% 95.9% 95.4% 95.9% 95.6% 95.4% 95.1% 95.4%
5.1% 4.1% 4.6% 4.1% 4.4% 4.6% 4.9% 4.6%

Onsite Offshore
Note 1: Trailing 12 Months

Revenue Model
Q4 23
Model Geography Digital Revenue1 Vertical1
5.1% 3.7% 7.5%

5.4%
10.7% 22.2%
15.0% 11.9%
25.5%
8.3%
9.4% 46.9%
12.0%
10.8% 19.5%
70.5%
74.5% 20.1% 13.2% 7.7%
Americas Europe India ROW Digital Infra / Cloud SAAS Security Edu Tech Hitech Retail / CPG
T&M FP
Analytics / AI IoT Others TME BFSI Industrial
MFG Others
Revenue Concentration3 Million $ Customers2

Q4 23 (% Revenue) (#)
56.3%
41.9% 43 43
38 38 38 40 40
28.9%
26
13.0%
FY 21 FY 22 FY 23 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23
Top 1 Top 5 Top 10 Top 20
Notes: 1. TME: Travel, Media & Entertainment, 2. Based on quarterly revenues annualized. 3. Top 20 includes Top 1, 5 & 10 www.happiestminds.com 13
Onsite/Offshore Average Revenue / Active Customer

By Revenue (USD ‘000)
803 810 812 803
796 794
774
634
81.0% 84.1%
84.5% 84.8% 85.7% 85.7% 84.7% 84.8%
19.0% 15.9%
15.5% 15.2% 14.3% 14.3% 15.3% 15.2%
Onsite Offshore
FY21 FY22 Q4 FY 22 FY23 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY 23
Customer Industry group

Edutech 25.6% 23.6% 23.2% 23.7% 23.8% 23.2% 22.2% 23.2%
Hitech 18.2% 16.7% 15.8% 15.6% 16.6% 15.7% 19.5% 16.9%
BFSI 16.4% 13.7% 13.2% 13.7% 14.2% 10.3% 10.8% 12.2%
Travel, Media and
Entertainment (TME) 13.6% 13.7% 13.2% 12.7% 12.5% 13.1% 13.2% 12.9%
Retail / CPG 5.4% 10.1% 10.3% 10.0% 8.9% 10.4% 7.7% 9.2%
Industrial 7.1% 6.6% 6.9% 8.2% 7.7% 9.2% 8.3% 8.4%
Manufacturing 6.6% 10.1% 8.6% 10.0% 10.4% 10.0% 10.7% 10.3%
Others 7.1% 5.4% 8.8% 6.1% 5.8% 8.2% 7.5% 6.9%
Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Digital Service Offerings

Digital infrastructure/Cloud 41.6% 45.5% 43.6% 45.7% 45.4% 45.4% 46.9% 45.8%
SaaS 22.7% 21.7% 20.3% 21.5% 21.3% 20.1% 20.1% 20.7%
Security Solutions 8.7% 11.8% 11.9% 11.7% 12.3% 13.4% 12.0% 12.3%
Analytics/AI 13.3% 11.3% 12.1% 11.6% 12.8% 12.5% 11.9% 12.2%
IoT 10.5% 6.6% 8.6% 6.2% 5.1% 5.2% 5.4% 5.4%
Total 96.8% 96.8% 96.5% 96.6% 96.8% 96.5% 96.3% 96.4%
Automation 25.2% 26.2% 25.4% 26.0% 25.4% 27.7% 27.3% 26.6%
Note : All metrics are reported as % of operating revenues www.happiestminds.com 15

FY 21 FY22 Q4 FY 22 FY23 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY 23
Revenue by Geo
USA 73.4% 65.7% 66.4% 66.6% 67.9% 67.5% 70.5% 68.1%
India 11.8% 16.2% 14.1% 15.8% 16.1% 15.4% 15.0% 15.6%
Europe 10.4% 10.4% 10.4% 10.7% 9.3% 9.4% 9.4% 9.7%
ROW 4.4% 7.8% 9.0% 6.9% 6.7% 7.7% 5.1% 6.6%
1
Million $ Customers
$ 10 M + 1 1 1 2 2 2 1 1
$ 5M to $ 10M 3 4 4 4 4 4 6 6
$ 3M to $ 5M 6 8 8 7 7 7 6 6
$ 1M to $ 3M 16 25 25 25 27 27 30 30
Total 26 38 38 38 40 40 43 43
Tenure of customers
0 - 5 Years 53.0% - 50.0% - - - - 47.0%
> 5 Years 47.0% - 50.0% - - - - 53.0%
Revenue Mix
Onsite 19.0% 14.3% 15.5% 14.3% 15.3% 15.2% 15.9% 15.2%
2
Offshore 81.0% 85.7% 84.5% 85.7% 84.7% 84.8% 84.1% 84.8%
Revenue by contracting Model

Fixed Price 21.7% 24.5% 25.1% 24.9% 24.4% 26.4% 25.5% 25.3%
Time and Material 78.3% 75.5% 74.9% 75.1% 75.6% 73.6% 74.5% 74.7%
# Active Customers 173 206 206 211 226 230 237 237
# Billion $ Corporation 46 54 54 56 54 55 55 55
Note: 1: Based on quarter revenue annualized 2: Offshore: Revenues from customers served from India;
FY21 FY22 Q4 FY22 FY23 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23
Happiest Minds
Onsite 166 172 172 185 210 228 227 227
Offshore 3,062 3,996 3,996 4,003 4,371 4,383 4,690 4,690
Onsite % 5.1% 4.1% 4.1% 4.4% 4.6% 4.9% 4.6% 4.6%

Offshore % 94.9% 95.9% 95.9% 95.6% 95.4% 95.1% 95.4% 95.4%
Utilization 79.5% 79.4% 80.5% 79.1% 80.6% 80.1% 74.6% 78.5%
Diversity 24.5% 26.4% 26.4% 26.0% 27.6% 27.7% 27.4% 27.4%
DSO
Billed 57 55 55 58 60 60 54 54
Unbilled 28 35 35 36 31 29 31 31
Total 85 90 90 94 91 90 86 86
EPS ₹ : Diluted 11.45 3.58 12.55 3.88 4.09 3.98 3.98 16.01
Capital Ratios1
RoCE 31.2% 34.8% 34.8% 39.1% 35.2% 34.9% 33.1% 33.1%
RoE 29.8% 27.3% 27.3% 31.5% 31.3% 29.4% 28.1% 28.1%
Note: 1: Capital Return Ratios are YTD Annualized

All figures in ₹ Lakhs
FY21 FY22 Q4 FY22 FY23 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23
Revenue by BU
IMSS 16,421 20.6% 6,848 22.1% 24,168 21.4% 7,356 22.3% 7,902 22.0% 7,912 21.1% 7,525 19.5% 30,694 21.2%
DBS 21,288 26.7% 8,762 28.2% 32,891 29.1% 9,903 30.0% 10,722 29.8% 11,266 30.1% 11,180 28.9% 43,070 29.7%
PES 39,632 49.7% 14,447 46.5% 52,308 46.3% 15,633 47.4% 16,927 47.1% 17,511 46.7% 19,093 49.4% 69,165 47.7%
Total Revenue 77,341 97.0% 30,057 96.8% 109,367 96.7% 32,892 99.7% 35,551 98.9% 36,688 97.9% 37,798 97.8% 142,929 98.5%
Other income 2,424 3.0% 991 3.2% 3,708 3.3% 104 0.3% 382 1.1% 780 2.1% 845 2.2% 2,111 1.5%
Total income 79,765 100% 31,048 100% 113,075 100% 32,996 100% 35,933 100% 37,468 100% 38,643 100% 145,040 100%
IMSS: Infrastructure Management & Security Services

DBS : Digital Business Services
PES: Product Engineering Services
18
Summary Profit & Loss Statement
FY 21 FY 22 Q4 FY 22 FY 23 Q1 FY 23 Q2 FY 23 Q3 FY 23 Q4 FY 23
Income
Operating revenue 77,341 30,057 109,365 32,892 35,551 36,688 37,798 142,929
Other income 2,424 991 3,710 104 382 780 845 2,111
Total income 79,765 31,048 113,075 32,996 35,933 37,468 38,643 145,040
Cost of revenue 44,382 17,289 64,404 18,499 20,592 21,394 22,342 82,827
Gross margin 32,959 12,768 44,961 14,393 14,959 15,294 15,456 60,101
% 42.6% 42.5% 41.1% 43.8% 42.1% 41.7% 40.9% 42.0%
SG&A 13,810 5,601 19,193 5,722 5,907 6,348 6,239 24,215
% 17.9% 18.6% 17.5% 17.4% 16.6% 17.3% 16.5% 16.9%
EBITDA 21,573 8,158 29,477 8,775 9,434 9,726 10,062 37,997
% 27.0% 26.3% 26.1% 26.6% 26.3% 26.0% 26.0% 26.2%
Depreciation 2,274 884 3,288 934 971 992 1,294 4,191
% 2.9% 2.9% 3.0% 2.8% 2.7% 2.7% 3.4% 2.9%
EBIT 19,299 7,274 26,189 7,841 8,463 8,734 8,768 33,806
% 24.2% 23.4% 23.2% 23.8% 23.6% 23.3% 22.7% 23.3%
Finance cost 697 286 995 283 452 576 875 2,186
PBT before exceptional
18,602 6,988 25,194 7,558 8,011 8,158 7,893 31,620
item*
% 23.3% 22.4% 22.2% 22.9% 22.3% 21.8% 20.4% 21.7%
Exceptional Items + - - 609 - - 634 - 634

PBT * 18,602 6,988 24,585 7,558 8,011 7,524 7,893 30,986
% 23.3% 22.5% 21.7% 22.9% 22.3% 20.1% 20.4% 21.4%
Current tax 3,527 1,737 6,310 2,325 1,638 2,335 2,210 8,508
Deferred tax (1,171) 40 155 (401) 432 (569) (83) (621)
Total Tax 2,356 1,777 6,465 1,924 2,070 1,766 2,127 7,887
% 3.0% 5.7% 5.7% 5.8% 5.8% 4.7% 5.5% 5.4%
PAT * 16,246 5,211 18,120 5,634 5,941 5,758 5,766 23,099
% 20.4% 16.8% 16.0% 17.1% 16.5% 15.4% 14.9% 15.9%
+
Exceptional items for FY22 & Q3 FY23 refers to Loss on Fair Valuation of Warrant Liability
31.03.2021 31.12.2021 31.03.2022 30.06.2022 30.09.2022 31.12.2022 31.03.2023
Assets
Non-current Assets
Property, plant and equipment 69 77 78 89 12,894 12,899 13,278
Goodwill 7,644 7,772 7,896 8,202 8,430 8,562 13,913
Financial & Other assets 10,029 20,609 11,788 24,594 34,347 77,536 29,594
Total non-current assets (A) 17,742 28,458 19,762 32,885 55,671 98,997 56,785
Current assets
Financial & Other assets
i. Trade receivable 12,192 18,212 16,738 20,937 22,408 23,250 21,319
ii. Cash & Cash equivalents, Investments & Other financial assets 60,928 59,928 72,609 65,503 55,746 17,061 81,484
iii. Other assets 1,333 2,655 3,392 1,782 3,420 2,811 4,495
Total current assets (B) 74,453 80,795 92,739 88,222 81,574 43,122 107,298
Total assets (A + B) 92,195 109,253 112,501 121,107 137,245 142,119 164,083
Equity and Liabilities

Total equity (A) 54,599 61,035 66,580 71,907 74,591 77,791 83,882
Non-current liabilities
Financial liabilities 7,339 12,907 7,134 8,761 18,759 18,678 18,035
Provisions & Deferred tax liability 2,378 2,340 2,086 1,966 2,205 2,344 4,526
Total non-current liabilities (B) 9,717 15,247 9,220 10,727 20,964 21,022 22,561
Current liabilities
Financial & Contract liabilities
i. Trade payable 4,101 5,775 6,072 6,967 6,907 5,779 7,052
ii. Others 20,340 23,340 26,266 27,230 30,697 33,767 45,921
Provisions & Other current liabilities 3,438 3,856 4,363 4,276 4,086 3,760 4,667
Total current liabilities (C) 27,879 32,971 36,701 38,473 41,690 43,306 57,640
Total liabilities (D = B + C) 37,596 48,218 45,921 49,200 62,654 64,328 80,201
Total equity and liabilities (A + D) 92,195 109,253 112,501 121,107 137,245 142,119 164,083
20
investors@happiestminds.com
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Happiest Minds Technologies Limited

Regd. Office: #53/1-4, Hosur Main Road, Madivala,

May 08, 2023

Listing Compliance & Legal Regulatory Listing & Compliance

Sub: Outcome of the Board Meeting held on May 08, 2023

SECURITY NAME Reset Rate Unsecured Rated Listed Redeemable

The Board meeting commenced at 1.45 pm and concluded at 2.40 pm.

May 08, 2023

This is for your information and records.

Praveen Kumar Darshankar

Securities for quarter ended March 31, 2023

A. Statement of utilization of issue proceeds:

B. Statement of deviation/ variation in use of Issue proceeds:

PRAVEEN KUMAR Date: 2023.05.08 15:54:11

Name of signatory: Praveen Kumar Darshankar

Tel: +91 80 6188 6000

INDEPENDENT AUDITOR’S REPORT ON AUDIT OF ANNUAL CONSOLIDATED

TO THE BOARD OF DIRECTORS OF

Opinion and Conclusion

(a) Opinion on Annual Consolidated Financial Results

(i) includes the results of the following entities:

Happiest Minds Inc. wholly owned subsidiary of Happiest Minds

(ii) is presented in accordance with the requirements of Regulation 33 and

Management’s Responsibilities for the Statement

As part of an audit in accordance with SAs, we exercise professional judgment and

• Identify and assess the risks of material misstatement of the Annual

Materiality is the magnitude of misstatements in the Annual Consolidated Financial

For Deloitte Haskins & Sells

VIKAS Digitally signed by

BAGARIA Date: 2023.05.08

Consolidated Statement of Assets and Liabilities as at March 31, 2023

EQUITY AND LIABILITIES

Total Revenue 38,643 37,468 31,048 145,040 113,075

Total Expenses 30,750 29,310 24,060 113,420 87,881

V. Profit before tax (III-IV) 7,893 7,524 6,988 30,986 24,585

VIII. Other comprehensive income, net of tax [(loss)/income]

(i) Items to be reclassified to profit or loss in

XI. Other equity 81,016 63,726

Net increase in cash and cash equivalents (A+B+C) (7,178) (1,874)

Components of cash and cash equivalents

1 Debt-Equity ratio 0.64 0.51 0.38 0.64 0.38

Formulae for computation of ratios are as follows:

Sr. No. Particulars Formulae

Net profit after tax

12 Inventory turnover ratio Not applicable

13 Debenture Redemption Reserve NA

Segment wise revenue and results are as follows: (Rs. in lakhs)

Segment wise assets and liabilities are as follows: (Rs. in lakhs)

For and on behalf of the Board

Tel: +91 80 6188 6000

INDEPENDENT AUDITOR’S REPORT ON AUDIT OF ANNUAL STANDALONE

TO THE BOARD OF DIRECTORS OF

Opinion and Conclusion

(a) Opinion on Annual Standalone Financial Results

i. is presented in accordance with the requirements of Regulation 33 and ,Regulation

Management’s Responsibilities for the Statement

As part of an audit in accordance with SAs, we exercise professional judgment and

Materiality is the magnitude of misstatements in the Annual Standalone Financial

We communicate with those charged with governance regarding, among other