Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Happiest Minds Technologies Ltd
Quarter-by-quarter operating performance
| Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 367 | 378 | 391 | 407 | 410 | 417 | 464 | 522 | 531 | 545 | 550 | 574 | 588 |
| Expenses + | 277 | 286 | 302 | 324 | 329 | 334 | 379 | 430 | 437 | 461 | 456 | 475 | 480 |
| Operating Profit | 89 | 92 | 89 | 83 | 81 | 83 | 85 | 92 | 94 | 84 | 94 | 99 | 107 |
| OPM % | 24% | 24% | 23% | 20% | 20% | 20% | 18% | 18% | 18% | 15% | 17% | 17% | 18% |
| Other Income + | 1 | 8 | 14 | 22 | 25 | 38 | 25 | 27 | 23 | 14 | 30 | 22 | -6 |
| Interest | 6 | 9 | 10 | 11 | 11 | 10 | 20 | 28 | 27 | 25 | 25 | 25 | 25 |
| Depreciation | 10 | 13 | 14 | 15 | 15 | 15 | 22 | 23 | 21 | 23 | 22 | 22 | 22 |
| Profit before tax | 75 | 79 | 79 | 79 | 81 | 96 | 68 | 68 | 69 | 50 | 77 | 73 | 54 |
| Tax % | 23% | 27% | 26% | 26% | 26% | 25% | 25% | 27% | 27% | 33% | 26% | 26% | 26% |
| Net Profit + | 58 | 58 | 58 | 58 | 60 | 72 | 51 | 50 | 50 | 34 | 57 | 54 | 40 |
| EPS in Rs | 3.92 | 3.93 | 3.97 | 3.84 | 3.92 | 4.73 | 3.35 | 3.25 | 3.29 | 2.23 | 3.75 | 3.55 | 2.65 |
Financials of Happiest Minds Technologies Ltd
Annual income statement trend
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 590 | 698 | 773 | 1,094 | 1,429 | 1,625 | 2,061 | 2,256 |
| Expenses + | 535 | 601 | 582 | 836 | 1,070 | 1,289 | 1,706 | 1,872 |
| Operating Profit | 55 | 97 | 191 | 258 | 359 | 336 | 354 | 384 |
| OPM % | 9% | 14% | 25% | 24% | 25% | 21% | 17% | 17% |
| Other Income + | -1 | 5 | 24 | 31 | 15 | 99 | 89 | 59 |
| Interest | 16 | 8 | 7 | 10 | 22 | 42 | 99 | 99 |
| Depreciation | 25 | 20 | 23 | 33 | 42 | 58 | 89 | 89 |
| Profit before tax | 13 | 74 | 186 | 246 | 310 | 335 | 255 | 254 |
| Tax % | -9% | 3% | 13% | 26% | 25% | 26% | 28% | |
| Net Profit + | 14 | 72 | 162 | 181 | 231 | 248 | 185 | 185 |
| EPS in Rs | 3.82 | 14.52 | 11.06 | 12.34 | 15.73 | 16.31 | 12.13 | 12.18 |
| Dividend Payout % | 0% | 0% | 26% | 30% | 34% | 35% | 49% |
Financials of Happiest Minds Technologies Ltd
Capital structure and asset base
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 6 | 9 | 28 | 29 | 29 | 30 | 30 | 30 |
| Reserves | -94 | 220 | 518 | 637 | 810 | 1,450 | 1,545 | 1,598 |
| Borrowings + | 144 | 150 | 193 | 250 | 534 | 512 | 1,244 | 1,274 |
| Other Liabilities + | 358 | 129 | 176 | 205 | 256 | 242 | 505 | 472 |
| Total Liabilities | 414 | 508 | 915 | 1,120 | 1,628 | 2,235 | 3,323 | 3,374 |
| Fixed Assets + | 61 | 38 | 128 | 158 | 432 | 413 | 1,211 | 1,189 |
| CWIP | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 0 |
| Investments | 98 | 83 | 391 | 472 | 13 | 0 | 350 | 466 |
| Other Assets + | 254 | 387 | 395 | 491 | 1,181 | 1,822 | 1,761 | 1,719 |
| Total Assets | 414 | 508 | 915 | 1,120 | 1,628 | 2,235 | 3,323 | 3,374 |
Financials of Happiest Minds Technologies Ltd
Operating, investing and financing cash movement
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 58 | 112 | 144 | 168 | 207 | 213 | 236 |
| Cash from Investing Activity + | 1 | -72 | -271 | -96 | -348 | -537 | -731 |
| Cash from Financing Activity + | -59 | -13 | 169 | -91 | 72 | 363 | 499 |
| Net Cash Flow | -0 | 27 | 42 | -19 | -68 | 39 | 4 |
| Free Cash Flow | 57 | 112 | 143 | 164 | 68 | 202 | 225 |
| CFO/OP | 111% | 122% | 94% | 86% | 82% | 94% | 95% |
Financials of Happiest Minds Technologies Ltd
Working capital efficiency and return ratios
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 80 | 60 | 58 | 56 | 54 | 57 | 63 |
| Inventory Days | |||||||
| Days Payable | |||||||
| Cash Conversion Cycle | 80 | 60 | 58 | 56 | 54 | 57 | 63 |
| Working Capital Days | -86 | -21 | -33 | -24 | -50 | -28 | -109 |
| ROCE % | 43% | 35% | 32% | 30% | 22% | 15% |