Executive Vice Chairman & CEO - Product & Digital Engineering Services (PDES)
President & Executive Board Member
President & CEO - Infrastructure Management and Security Services (IMSS)
Managing Director & CFO
We hope you are doing well and keeping safe.
Reflecting on the year that passed, in the face of a difficult macro environment, our accomplishments reflect the effectiveness of your Company’s business strategy and our commitment to outperform. We continued to deliver value to our customers, shareholders, Happiest Minds and all other stakeholders. We continue to build your Company’s business with rigor and discipline. We continue to build our systems to strengthen the already strong ethical and governance framework focused on building an organization for sustainable growth and success.
FY 2023-24 was characterized by continuous improvement, marked by the establishment of a new business unit – Generative AI Business Services and also the creation of Industry groups as independent business towers with their own leaders and business performance indices. These changes are investments required to grow, keep all our Happiest Minds engaged, involved and also stay relevant in the face of changing customer needs, technology and competitor landscape.
We raised additional capital through a successful Qualified Institutional Placement (QIP) Program, raising about ₹ 500 crores, followed by an equally successful debenture placement program for another ₹ 125 cores. These successful issues were to raise growth capital while also getting on board many more investors into the Happiest Minds family.
Technological Advancements: The launch of our Generative AI initiative marks the beginning of an innovative journey that blends technology with creativity to drive innovation. This initiative pushes the boundaries of technology and aims to scale human potential.
Vertical Integration: We have undergone a significant transformation through verticalization, restructuring our organizational framework to enhance sales effectiveness and accelerate growth. By establishing six new Industry Groups (IGs) – Banking, Financial Services & Insurance (BFSI); EdTech; Healthcare & Life Sciences; Hi-Tech and Media & Entertainment; Industrial, Manufacturing, Energy & Utilities; and Retail, CPG & Logistics, we are enhancing our agility. Each IG features teams with deep domain expertise, offering tailored solutions and rapid response times. This fosters innovation, increases customer satisfaction, and ensures sustainable growth.
Expanding Services: As a community dedicated to shaping a brighter, more connected future, we have forged strategic partnerships over the past financial year. Collaborations with Soroco, Secureworks, Pimcore, NielsenIQ Brandbank, Spinnaker, and ENERCON have allowed us to redefine 'The Future of Work with AI' deliver Next-Gen XDR services, spearhead superior digitization projects, solve product data and counter shopper experience challenges, handle complex managed services, and drive sustainable wind energy solutions.
Acquisitions and Reach: Recent acquisitions of PureSoftware and Aureus Tech have significantly expanded our capabilities, size, scale and footprint in strategic markets. PureSoftware has provided us with near-shore capabilities in Mexico and expanded our operations to Singapore, Malaysia, and Africa. Aureus has enriched our resources with a development center in Hyderabad. Work on these acquisitions were done during the year with a closing in FY 2024-25.
During the year, we welcomed over 2,514 new members to the Happiest Minds team, with more than 249 joining us from various campuses. Our learning platforms facilitated over 1,44,124 hours of training, averaging 33 hours per Happiest Mind. We offer structured career acceleration and upskilling programs to our people. By the year's end, we had trained over 4,917 Happiest Minds, with 27.7% of them being women. We are dedicated to building a diverse team and empowering women in leadership roles.
Your Company thrives on mindfulness, agility, and digital innovation, with a strong emphasis on people. We support our employees' well-being and growth, celebrate their contributions, and foster an inclusive, collaborative environment. As a tech-driven entity, we are committed to continuous learning and innovation, guided by our values of empathy, integrity, and innovation. Our culture promotes open communication, transparency, and a collective pursuit of excellence, aiming to deliver impactful solutions for our clients and the community.
Our commitment to environmental stewardship, social responsibility, and sound governance remains at the core of our ethos. We channel our efforts through CSR funds and our balance sheet, ensuring our impact extends beyond profit margins.
We sincerely appreciate your continued support and encouragement as we navigate the exciting times ahead.
With warm regards,
