The completion of Happiest Minds’ first decade happily coincided with an outstanding year both in terms of financial results and organizational excellence. I am delighted to inform you that:

• Happiest Minds delivered industry standard leading growth with a superior profit profile. Our growth was 40.9% in constant currency while we achieved 26.1% in EBITDA
• The growth was broad-based with all our business units, operating geos and centers of excellence delivering excellent results. These results were enabled by the contributions of our delivery teams, technology and domain groups and the support of all our corporate functions under the leadership of our Executive Board
• We are proud to be recognized by the Great Place to Work® Institute (GPTW) to be amongst India’s Top 15 Best Workplaces in Health and Wellness. We continued to receive other recognitions from GPTW such as India’s Top 25 Best Workplaces in IT & IT-BPM and India’s Top 50 Best Workplaces for Women for the 3rd consecutive year
• The Institute of Directors (IoD) recognized us as winners of the Golden Peacock Business Excellence Award for the IT industry
• We were also recognized by Asiamoney as the Best Company for the Most Outstanding IPO in India
• Customer Satisfaction, as measured by our internal survey showed a Net Promoter Score (NPS) of 53 and overall satisfaction level of 7.7 on a scale of 9.0. We believe these numbers to be in the top tier along with comparable companies

The rapid adoption of digital technologies is forcing companies cutting across industries to innovate rapidly and take advantage of newer technologies and paradigms to significantly enhance customer experience. Our deep expertise in the building blocks of Digital such as IoT, AI, Cloud and RPA, along with next-gen technologies such as Blockchain, AR/VR and Robotics has made us a strategic partner of choice to many of these companies, leading to robust demand and deep long-lasting relationships.

During the first decade, we set our goals through two 5-year cycles of our Vision statements, each with well-defined measurement criteria.

I am now happy to share our Vision statements – that form the acronym DELiGHT – for the next 10 years and beyond:

• Design Happiest Minds for Perpetuity
• Accelerate Profitable Growth
• Build & Sustain a World-Class Team
• Be the Ambassador of Happiness
• Be Recognized for Thought Leadership in our focus areas of Technology & Solutions
• Be known for our ESG standards

The Happiest Minds’ model for creating an institution which will survive in perpetuity is unique. The tamper-proof legal framework, the Executive Board structure, being on the leading edge of technology, and the enduring belief and commitment of the leadership will enable its success. Our Executive Board has continued to function very successfully as the CEO of the company individually and collectively.

Our target is to grow at 20% CAGR over the next five years and after that at one and a half times the industry growth. Acquisitions will be a key part of our growth trajectory. Building and sustaining a world-class team would involve succession planning for every leader, career development plan for the entire team and a strong technology learning program. The plan is to have 60% of senior positions to be filled internally. Diversity will be key. We will increase the percentage of women in the company to 35% in ten years. We will also have women in 30% of leadership positions by then.

To be recognized for thought leadership in the company’s focus areas, requires creating and delivering value. We will continue to build consultative skills, look at technology aggressively and continue to build on our IP’s and solution accelerators.

We have placed sustainability at the heart of our business approach. Our goal is to be carbon neutral by 2030, establish Happiest Minds Foundation this year and be recognized for corporate governance by leading industry bodies.

Our members in primary locations of Bengaluru, Noida and Pune have returned to office on a hybrid model of three days’ work-from-office in our transition Back2SMILES. This has led to an increase in attrition which is now an industry wide phenomenon. However, to mitigate this, we are increasing our delivery capacity much higher by an order of magnitude than the previous years. Our campus hiring is expected to be 300 joinees by August 2022 and will double to 600 for the next year. We are also expanding capacity in each of our locations – Bengaluru, Noida, and Pune, and adding Bhubaneswar as a major new delivery center.

Our culture of giving defines our social responsibility programs. We have till date donated towards 4.04 Mn meals to The Akshaya Patra Foundation. We have also contributed to Sri Jayadeva Institute of Cardiovascular Sciences and Research where a molecular testing lab has been set up along with ICU beds at their Bengaluru facility.

During this past year, we focused on the wellbeing of our 4,000+ team of Happiest Minds across locations. Our Internal First Responder Teams swung into action to support Happiest Minds and their families. Our virtual engagement included wellness initiatives, mindfulness programs and counseling. Our effort in COVID Care was recognized by Great Place to Work® Institute when we received special recognition for supporting our members and their families during the COVID crisis.

As we look ahead to the future, we are optimistic and excited about the tremendous opportunity that awaits us.

I would like to express my gratitude to our customers for their continued faith and trust in Happiest Minds. I am also grateful to all Happiest Minds for their commitment and dedication to enable the happiness of our customers. I am grateful to our Board of Directors, our shareholders and all other stakeholders for their wishes, guidance and support that help us accelerate our digital and agile journeys.

Let me close by wishing all of you good health and happiness.

With warm regards. Ashok SootaExecutive Chairman