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Happiest Minds: AN ORGANIZATION BUILT TO DELIVER EXCELLENCE

Happiest Minds is a next-generation digital transformtion, infrastructure, security, and product engineering services company.

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Happiest Minds Mission, Vision and Values

CHAIRMAN’S LETTER

WE ARE DRIVEN BY A MINDFUL APPROACH, CHOOSING TO DO WHAT BEST SERVES OUR PEOPLE, OUR CUSTOMERS AND BUSINESS OUTCOMES.

Ashok Soota Executive Chairman

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Ashok Soota

EXECUTIVE BOARD'S LETTER

Joseph Anantharaju
Joseph AnantharajuExecutive Vice Chairman & CEO, Product Engineering Services (PES)
Rajiv Shah
Rajiv ShahPresident & CEO, Digital Business Services (DBS)
Ram Mohan C
Ram Mohan C President & CEO, Infrastructure Management and Security Services (IMSS)
Venkatraman Narayanan
Venkatraman NarayananManaging Director & CFO
In a rapidly changing world, we remain agile in adopting the latest technologies while delivering relevant digital and transformational solutions and services to our customers across our chosen industry verticals worldwide.
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Prudent Financial Management Practices

DELIVERING SUSTAINED PERFORMANCE WITH PRUDENT PRACTICES

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VALUE CREATION MODEL

DESIGNED TO CREATE VALUE SUSTAINABLY

Financial Capital

INPUT

  • Net Worth: ₹83,882 lakhs
  • Cash and Cash Equivalents ₹78,945 lakhs

OUTCOMES

  • Operating Revenue: US$177.8 Million (↑21.2%)
  • Total Income: ₹145,040 lakhs (↑28.3%)
  • EBITDA: ₹37,997 lakhs (↑28.9%)
  • PAT: ₹23,099 lakhs (↑27.5%)
  • Free Cash Flows: ₹36,480 lakhs

OUR OPERATING MODEL

Opportunity Tracking

  • Sales Intelligence Tool
  • Partner connect, deal database and customer referrals for lead generation, nurturing and proactively sending proposals
  • Skills, competencies, and capabilities of Happiest Minds

Capitalizing on Projects

  • Deal qualification and clarity on value proposition
  • Stakeholder mapping, interlocks with other enterprise applications and collaboration on CRM
  • Management review of pipeline
  • Controlled access to proposal repository
  • Customer testimonials
  • Deal-based marketing and innovative pricing technique
  • Win/Loss analysis

Delivering Excellence

  • Matching people skills, entering collaborations and use of accelerators/ new solutions/tools to meet customer requirements
  • Continuous project monitoring, and defect tracking supported by LEAN and quality control processes

Client Retention

  • Evaluation and assessment of project execution and delivery
  • Identification of improvement areas
  • Customer feedback: satisfaction, advocacy, loyalty and value for money

Manufactured Capital

INPUT

  • Plant, Property and Equipment: ₹13,274 lakhs
  • 4 Centers of Excellence (CoEs): IoT, Analytics/Artificial Intelligence, Digital Process Automation and Security
  • Delivery centres: 3
  • 18 offices/presence in 7 countries

OUTCOMES

  • Best-in-class ecosystem benefiting Happiest Minds and customers
  • Higher efficiency with reduced cycle time and faster turnaround

OUR OPERATING MODEL

Opportunity Tracking

  • Sales Intelligence Tool
  • Partner connect, deal database and customer referrals for lead generation, nurturing and proactively sending proposals
  • Skills, competencies, and capabilities of Happiest Minds

Capitalizing on Projects

  • Deal qualification and clarity on value proposition
  • Stakeholder mapping, interlocks with other enterprise applications and collaboration on CRM
  • Management review of pipeline
  • Controlled access to proposal repository
  • Customer testimonials
  • Deal-based marketing and innovative pricing technique
  • Win/Loss analysis

Delivering Excellence

  • Matching people skills, entering collaborations and use of accelerators/ new solutions/tools to meet customer requirements
  • Continuous project monitoring, and defect tracking supported by LEAN and quality control processes

Client Retention

  • Evaluation and assessment of project execution and delivery
  • Identification of improvement areas
  • Customer feedback: satisfaction, advocacy, loyalty and value for money

Intellectual Capital

INPUT

  • R&D expenditure: ₹1,712.4 lakhs
  • IPs/Solution Accelerators: 7

OUTCOMES

  • Expertise in Internet of Things (IoT), DevOps and Robotic Process Automation (RPA), Software Defined Networking / Network Function Virtualization (SDN/NFV), Big Data and Advanced Analytics, Blockchain, Cloud, Business Process Management (BPM) and Integration, Security
  • Won multiple recognitions (Read Pg 101 )

OUR OPERATING MODEL

Opportunity Tracking

  • Sales Intelligence Tool
  • Partner connect, deal database and customer referrals for lead generation, nurturing and proactively sending proposals
  • Skills, competencies, and capabilities of Happiest Minds

Capitalizing on Projects

  • Deal qualification and clarity on value proposition
  • Stakeholder mapping, interlocks with other enterprise applications and collaboration on CRM
  • Management review of pipeline
  • Controlled access to proposal repository
  • Customer testimonials
  • Deal-based marketing and innovative pricing technique
  • Win/Loss analysis

Delivering Excellence

  • Matching people skills, entering collaborations and use of accelerators/ new solutions/tools to meet customer requirements
  • Continuous project monitoring, and defect tracking supported by LEAN and quality control processes

Client Retention

  • Evaluation and assessment of project execution and delivery
  • Identification of improvement areas
  • Customer feedback: satisfaction, advocacy, loyalty and value for money

Human Capital

INPUT

  • Happiest Minds: 4,917
  • Employee Benefits Expense: ₹80,681 lakhs
  • Diverse and Inclusive Workforce
  • Total Training Hours: 124,238 (excluding mandatory)
  • Average training hours per Happiest Mind: 29.9

OUTCOMES

  • Women representation: 27% (26%)
  • Diverse workforce including 10 nationalities
  • Great Place to Work® Institute (GPTW) recognition: Among the Top 15 of India’s Best Workplaces in Health and Wellness

OUR OPERATING MODEL

Opportunity Tracking

  • Sales Intelligence Tool
  • Partner connect, deal database and customer referrals for lead generation, nurturing and proactively sending proposals
  • Skills, competencies, and capabilities of Happiest Minds

Capitalizing on Projects

  • Deal qualification and clarity on value proposition
  • Stakeholder mapping, interlocks with other enterprise applications and collaboration on CRM
  • Management review of pipeline
  • Controlled access to proposal repository
  • Customer testimonials
  • Deal-based marketing and innovative pricing technique
  • Win/Loss analysis

Delivering Excellence

  • Matching people skills, entering collaborations and use of accelerators/ new solutions/tools to meet customer requirements
  • Continuous project monitoring, and defect tracking supported by LEAN and quality control processes

Client Retention

  • Evaluation and assessment of project execution and delivery
  • Identification of improvement areas
  • Customer feedback: satisfaction, advocacy, loyalty and value for money

Social and Relationship Capital

INPUT

  • Focused partnerships with NGOs to support community and environmental initiatives
  • 207 interactions with analysts, investors and shareholders
  • Active customers: 237

OUTCOMES

  • Net Promoter Score: 60
  • Million $ customers: 43
  • Repeat revenues: 91%
  • Total CSR Spend: ₹333 lakhs

OUR OPERATING MODEL

Opportunity Tracking

  • Sales Intelligence Tool
  • Partner connect, deal database and customer referrals for lead generation, nurturing and proactively sending proposals
  • Skills, competencies, and capabilities of Happiest Minds

Capitalizing on Projects

  • Deal qualification and clarity on value proposition
  • Stakeholder mapping, interlocks with other enterprise applications and collaboration on CRM
  • Management review of pipeline
  • Controlled access to proposal repository
  • Customer testimonials
  • Deal-based marketing and innovative pricing technique
  • Win/Loss analysis

Delivering Excellence

  • Matching people skills, entering collaborations and use of accelerators/ new solutions/tools to meet customer requirements
  • Continuous project monitoring, and defect tracking supported by LEAN and quality control processes

Client Retention

  • Evaluation and assessment of project execution and delivery
  • Identification of improvement areas
  • Customer feedback: satisfaction, advocacy, loyalty and value for money

Natural Capital

INPUT

  • Vision to be Carbon Neutral by 2030
  • Energy-saving initiatives and optimization
  • Promoting responsible use of water in-house and through community initiatives
  • Optimizing business travel
  • Water consumption: 4,173 KL
  • Energy consumption: 12,262.5 GJ

OUTCOMES

  • Total emissions (Scope 1 + Scope 2) = 2,432.32 tCO2e (907.03 tCO2e in FY22)
  • Total water recycled: 58.31%
  • Electricity generated from Renewable Energy (Solar) - 141,932 kWh

OUR OPERATING MODEL

Opportunity Tracking

  • Sales Intelligence Tool
  • Partner connect, deal database and customer referrals for lead generation, nurturing and proactively sending proposals
  • Skills, competencies, and capabilities of Happiest Minds

Capitalizing on Projects

  • Deal qualification and clarity on value proposition
  • Stakeholder mapping, interlocks with other enterprise applications and collaboration on CRM
  • Management review of pipeline
  • Controlled access to proposal repository
  • Customer testimonials
  • Deal-based marketing and innovative pricing technique
  • Win/Loss analysis

Delivering Excellence

  • Matching people skills, entering collaborations and use of accelerators/ new solutions/tools to meet customer requirements
  • Continuous project monitoring, and defect tracking supported by LEAN and quality control processes

Client Retention

  • Evaluation and assessment of project execution and delivery
  • Identification of improvement areas
  • Customer feedback: satisfaction, advocacy, loyalty and value for money

BUSINESS SEGMENT REVIEW

₹69,165lakhs

Revenue
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47.7%

Revenue Contribution
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Transforming businesses for success

₹43,070lakhs

Revenue
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29.7%

Revenue Contribution
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Securing cloud-based systems and data centers

₹30,694lakhs

Revenue
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21.2%

Revenue Contribution
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ENVIRONMENTAL, SOCIAL AND GOVERNANCE

Venkatraman Narayanan

MD & CFO’S LETTER

IT HAS BEEN AN EVENTFUL YEAR FOR HAPPIEST MINDS, OUR PARTNERS, CLIENTS, EMPLOYEES, AND INVESTORS.
Venkatraman Narayanan MD & CFO
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ESG INTEGRATION & STRATEGY

Implementing effective corporate governance under the ESG framework ensures sustainable business continuity. At Happiest Minds, holistic growth is driven by core values where integrity and inclusivity proven by leadership are key to perpetuity and position us to better manage risks.
Parika MahajanGlobal ESG & CSR Lead
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Finding happiness is not just a pursuit, but a necessity for our well-being. Mindfulness, in turn, can be a powerful tool to help us cultivate this emotion. By being mindful, we gain greater awareness of our experiences, which allows us to appreciate the present moment, connect more deeply with ourselves and others, and discover new sources of joy and fulfillment.
Paul JacobHappiness Evangelist & Senior Director - People Practice
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OUR ESG VISION IS “HAPPIEST PEOPLE. HAPPIEST PLANET. HAPPIEST CUSTOMERS. HAPPIEST BUSINESS.”
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Happiest Minds Team
An initiative started by our Happiness Evangelism team in Q4 of FY23, Happiverse (conjunction of happiness and universe) is a step towards promoting employee happiness, which includes providing opportunities for social connection, offering mental health support, providing work-life balance resources, and promoting a culture of appreciation in action.
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One of our Vision statements is to be known for our Governance Standards. The metric against Governance was winning the Golden Peacock Award and the ICSI National Awards for excellence in Corporate Governance. We have outdone ourselves by winning both during the year and within two years of our IPO. We strive to maintain the highest standards that we have and have displayed while we continue to improve and fill the gaps we identify.
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GLIMPSES OF FY23

Ashok Soota, Executive Chairman & Odisha Chief Minister, Shri Naveen Patnaik at the inauguration of Bhubaneswar campus.

Ashok Soota, Executive Chairman & Odisha Chief Minister, Shri Naveen Patnaik at the inauguration of Bhubaneswar campus.

Expansion of Electronic City campus, Bengaluru

Expansion of Electronic City campus, Bengaluru

Shashidhara BA, Senior Director-Finance and Ravindra Upadhya, Associate Director-Finance at the ICAI Awards in Varanasi.

Shashidhara BA, Senior Director-Finance and Ravindra Upadhya, Associate Director-Finance at the ICAI Awards in Varanasi.

ICSI National Awards ceremony held in Mumbai

  • Happiest Minds Technologies – Best Governed Company in Medium Category – National Awards for Excellence in Corporate Governance
  • Executive Chairman Ashok Soota – ICSI Lifetime Achievement Award
  • CS Praveen Kumar Darshankar – Governance Professional of the Year
Happiest Minds Expansion of Noida campus

Expansion of Noida campus

Happiest Minds acquires Sri Mookambika Infosolutions “SMI”.

Acquisition of Sri Mookambika Infosolutions “SMI”.

Isaac George, Head of Europe Operations receiving the Golden Peacock Award for Excellence in Corporate Governance at IOD’s Annual London Global Convention.

Isaac George, Head of Europe Operations receiving the Golden Peacock Award for Excellence in Corporate Governance at IOD’s Annual London Global Convention.

Sachin Khurana, Chief People Officer & Puja Agarwal, Head – Wellness and Benefits receiving the GPTW Top 10 Best Workplaces in Health & Wellness Award at Mumbai.

Sachin Khurana, Chief People Officer & Puja Agarwal, Head – Wellness and Benefits receiving the GPTW Top 10 Best Workplaces in Health & Wellness Award at Mumbai.

Women’s Day celebrations at Madivala campus, Bengaluru.

Women’s Day celebrations at Madivala campus, Bengaluru.

Happiest Minds meet at Berkshire office, UK

Happiest Minds meet at Berkshire office, UK

Happy Connect – Talent Acquisition Team meeting Placement Officers of educational institutes.

Happy Connect – Talent Acquisition Team meeting Placement Officers of educational institutes.

The First Steps program for new joinees at Madivala campus, Bengaluru.

Business Responsibility & Sustainability Reporting

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Expanding Global Footprint

India

7

Offices

5

States

4,690

Happiest Minds

Bengaluru

Headquarters

Europe

UK and The Netherlands

2

Offices

29

Happiest Minds

UAE

Dubai

1

Offices

22

Happiest Minds

America

US and Canada

8

Offices

169

Happiest Minds

Australia

Sydney

1

Offices

7

Happiest Minds

Download Integrated Annual Report 2023
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    ABOUT HAPPIEST MINDS

  • Happiest Minds is a next-generation digital transformation, infrastructure, security and product engineering services company.

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