Happiest Minds Records Industry Leading Q4FY22 Sequential Revenue Growth of 6.2%; Full Year FY22 Growth At 41.8%

* EBITDA for FY22 grows 36.9% to ?295 crores, generating free cash flows of ?291 Crores.

* Proposes final dividend of ?2.00 per share

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, 2022 as approved by its Board of Directors.

Financial highlights for Q4FY22 ended March 31, 2022

·         Operating Revenues in US$ terms stood at $39.9 million (growth of 5.5% q-o-q; 31.9% y-o-y)

·         Total Income of Rs 31,048 lakhs (growth of 6.2% q-o-q; 38.8% y-o-y)

·         EBITDA of Rs 8,158 lakhs, 26.3% of Total Income (growth of 6.1% q-o-q; 39.0% y-o-y)

·         PAT of Rs 5,211 lakhs (growth of 6.5% q-o-q; 44.5% y-o-y)

·         Free cash flows of Rs 8,106 lakhs

·         EPS (diluted) for the quarter of Rs 3.58 (growth of 5.9% q-o-q; 44.4% y-o-y)

FY22 year ended March 31, 2022

·         Operating Revenues in US$ terms stood at $146.6 million (growth of 40.2% y-o-y)

·         Total Income of Rs 113,075 lakhs (growth 41.8% y-o-y)

·         EBITDA of Rs 29,477 lakhs, 26.1% of Total Income (growth of 36.9% y-o-y)

·         PAT of Rs 18,120 lakhs (growth of 11.5% y-o-y)

·         Free cash flows of Rs 29,064 lakhs

·         EPS (diluted) for the year Rs 12.55 (growth of 9.6% y-o-y)

·         RoCE & RoE of 39.8% and 27.3% for the year respectively

Ashok Soota, Executive Chairman, “With a growth of 40.9% in constant currency, we have delivered industry-leading growth with a superior margin profile. The performance validates our efforts over the years to scrupulously stitch a culture of innovation, collaboration and being mindful to the needs of our customers and stakeholders”

Venkatraman N, MD & CFO “I am very happy with our financial results while remaining cautiously optimistic of the future.  Focus will be on maintaining growth, both organic and in-organic while not taking our eyes off profitability, cash flows and leverage. 

Joseph Anantharaju, Executive Vice Chairman, Happiest Minds Technologies, “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.”

Clients:

·         206 as of March 31, 2022

·         11 additions in the quarter

Our People - Happiest Minds:

·         4,168 Happiest Minds as of March 31, 2022 (net addition for the quarter 147, For full year 940)

·         Trailing 12 months attrition of 22.7%

·         Utilization of 79.4%, from 81.0% in last quarter

Key Project Wins:

·         For an EU multinational manufacturing company, Happiest Minds has taken ownership of building their Test Automation Framework & DevOps projects

·         For a large US fashion retailer, Happiest Minds was chosen as their application security services partner

·         For a Fortune 100 American multinational technology conglomerate, Happiest Minds was awarded the project for data center automation

·         For one of the largest passenger vehicle manufacturers in India, Happiest Minds was selected as the partner of choice for their digital initiatives

·         For a US supply chain company, Happiest Minds was chosen as their Digital partner for their Product Development work

·         For a leading digital housing solution provider in Nordics, Happiest Minds was chosen as their Digital partner for building its cloud-native customer journey platform

Analyst Mentions:

·         Recognized as a ‘Major Contender’ in Everest Group PEAK Matrix for Digital Engineering

·         Featured in NASSCOM’s report on India Cybersecurity Industry Services & Product Growth Story

Awards:

·         Ranked among India’s Top 15 Best Workplaces in Health and Wellness 2021 by Great Place to Work® Institute. Happiest Minds also received a special recognition for supporting employees and their families during COVID-19 crisis

·         Ashok Soota is among India’s 100 Great People Managers 2021 by Great Manager Institute®

Announcements:

·         The Board of Directors of the Company at their meeting held on May 5, 2022 has recommended a final dividend of Rs 2 per equity share of face value Rs 2/- for the financial year 2021-22 subject to shareholder approval

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.

This Mothers’ Day MILKYBAR Illustrations Says – Mummy Ne Kaha Hai Ho Sakta Hai

This Mothers’ Day Nestlé MILKYBAR is celebrating mothers for always believing in their kids imagination. The campaign highlights how a mother always encourages them to wonder and imagine which makes them learn and be better prepared for the future.

The beauty of this thought and relationship has been captured through unique illustrations and a story-telling style by renowned illustrator Alicia Souza who has created heart-warming illustrations in partnership with MILKYBAR.

Commenting on the new campaign, Ms. Rupali Rattan, Head – Confectionery Business, Nestlé India said, ‘Nestlé MILKYBAR truly believes that a mother plays a key role in developing her child’s creativity and imagination through constant encouragement and the ability to make them learn as they play. We are pleased to tie-up with Alicia Souza, the very talented illustrator for this campaign to help bring this very powerful thought to life through a series of very endearing illustrations’

Talking about the association, illustrator Ms. Alicia Souza said, “As a mother myself, I encourage and appreciate the power of imagination with my child. I am pleased to associate with Nestlé MILKYBAR to focus on this beautiful part of a mother-child relationship. I am elated to have been able to bring some of these moments of the relationship to life through my work.”

The digital campaign would be promoted on Instagram and Facebook.

Gift The De Beers Forevermark Icon Collection To Mark Mother's Day

A mother and her child’s bond is precious, timeless, forever as symbolic as a diamond. A mother instinctively knows what her child needs: inspiration, courage, resilience, encouragement and bundles of love! This Mother’s Day, present the De Beers Forevermark Icon™ Collection crafted with genuine and natural diamonds to your mom, as a reminder to all that she is.

The classic yet contemporary design is crafted to complement this era’s modern on-the-go moms who lead by example. Representing the brilliance of the stars in the night sky, the Forevermark Icon™ collection is perfect for those seeking to capture a significant moment. Crafted to maximise the radiance of the beautiful, rare diamond at its heart, the selection of rings, earrings, bangles and pendants available in plain gold or with the added allure of pavé-set diamonds. A reminder to your mother to always embrace who she is, what she does and to celebrate her inner radiance. Each piece within this symbolic collection can be worn on its own or layered with other favourite pieces to create a statement every day.

The De Beers Forevermark Icon™ collection is a celebration of iconic mothers with a unique sense of self. These pieces exhibit timeless luxury and elegance, making this collection the perfect accessory for every milestone in one’s life. The De Beers Forever mark’s unique inscription number on each diamond is an assurance of their exceptional standards of beauty and rarity, and that each one of the brand’s diamonds is responsibly sourced.

Upstox Onboards 1 Crore Customers From Across Indian Market

* The company has witnessed 10X growth in total customer base in less than two years

Upstox (also known as RKSV Securities), one of India's largest online investment platforms, today announced that it has crossed the significant milestone of onboarding 1 crore customers. Founded in 2009, Upstox achieved the milestone of 10 lakh customers in June 2020 and has grown 10x in less than two years.

Upstox has achieved this milestone by delivering a delightful investing experience to its customers, whether they are new investors or experienced traders. Simplifying wealth by providing access, information and an intuitive product experience have been at the heart of Upstox’s meteoric rise.

Commenting on this milestone, Ravi Kumar, Co-Founder & CEO, Upstox said, “Our mission is to magically simplify investing for every Indian. And with this milestone of 1 crore customers, we are just getting started in our mission. People from across the country have appreciated our efforts to increase access to investing and we are grateful for that. We are excited about the path in front of us, and the potential to make investing a habit for every Indian.”

The investing platform has seen tremendous broad-based growth in the last three years - over 50% of the customers are millennials, nearly 70% are first-time investors, and more than 85% belong to Tier 2 and Tier 3 cities. And in the next 4-5 years, the Upstox team aims to onboard 20-30 crore (200 million to 300 million) customers.

This growth will be made possible by offering a seamless, intuitive and hassle-free investing experience, backed by cutting-edge technology. Upstox already delivers the highest stability and is one of the highest ranked apps in the industry. The platform is confident that continuing the focus on cutting-edge features made customer-friendly through intuitive design, will make it the investing partner of choice for everyone.

About Upstox:

Upstox was founded with the vision of making financial investing easy, equitable, and accessible to all Indian investors. It offers online investments in Stocks, Derivatives, Commodities, Currencies, Mutual Funds, and ETFs for investors and traders. It has also ensured full transparency in pricing by offering zero brokerage* on Equity Delivery trades and up to Rs. 20 per order* for Intraday, F&O, Commodities, and Currencies.

For more details, visit - https://upstox.com/

Blue Dart Reports Record Performance With Positive Q4 And Year-End Results

* The company posted sales at Rs 44,090 millions and Rs 3,764 millions profit after tax for the year 2021-22 

Blue Dart Express Limited, South Asia's premier express air and integrated transportation & Distribution Company, declared its Audited financial resultsfor the quarter and year ended March 31, 2022 at the Board Meeting held in Mumbai. 

The company posted Rs 1,354 million profit after tax (previous year Rs 891  million profit) for the quarter ended March 31, 2022, and Rs 3,764 million profit after tax (previous year Rs 963 million profit) for the year ended March 31, 2022. Revenue from operations for the quarter ended March 31, 2022 stood at Rs 11,659 million and 

Rs 44,090 million for the year ended March 31, 2022. 

The company delivered one of the strongest performance in the recent past. Topline grew by 21% with healthy mix of volume growth and realization improvement despite challenging geopolitical scenario. EBITDA for the quarter is Rs  2,264 Mn, a growth of 25.7% over last year. EBITDA margin also improved to 19.4% as compared to previous year at 18.6%. Revenues for the financial year 2021-22 stood at Rs 44,090 Mn with growth of 34% over previous year. Full year EBITDA stood at Rs 6,963 Mn with growth of 92% over previous year. PAT stood at Rs 3,764 Mn as compared to Rs 963 Mn last year. International Charters which were initiated during the pandemic last year, continued to support the company revenues in the current financial year. 

Healthy top-line growth with better realization, continued cost efficiency program and financial re-engineering helped the company to improve margin during the quarter as well as financial year 2021-22 despite challenging  geopolitical situation. Further, the company is continuing its journey of automation and digitalization to improve speed, transparency and efficiency. Blue Dart has once again proven its mettle, standing strong and supporting the nation as its Trade Facilitator.   

The Board of Directors have recommended a total dividend of Rs 60/- per share (600%) to the shareholders of the company for the financial year 2021-22. Since the company has already paid interim dividend of Rs 25/- (250%) per share in Februrary 2022, Proposed Final dividend of Rs 35/- (350%) per share would be paid to the shareholders of the company subject to the approval in the Annual General Meeting. 

With improved receivables management and cash flows, the company together with its wholly owned subsidiaries paid off all borrowings from banks which not only reduced finance cost but also became debt free. 

Government’s focus on improving infrastructure through PM Gati Shakti- National Master Plan for Multi modal connectivity, dedicated freight corridors, logistics parks, economic zones, dedicated rail corridors, waterways is expected to smoothen movement of goods. Further, schemes like “Make in India” “Aatamnirbhar Bharat” extension of the PLI scheme to various sectors is likely to give boost to economic activities. All these initiatives are expected to boost overall economic scenario in the Country. The Company is gearing up to enhance its air capacity and ground infrastructure to handle higher volume and encash growth opportunities.  

During the year under review, the company once again rewarded its employees with an addtitional Bonus (Covid Bonus) of Euro 300 in recognition of their efforts during pandemic. 

On the back of superior customer experience led by best in class service quality, the company witnessed healthy volume growth and carried 264  million (last year 186  million) shipments comprising of 932,690  tonns (last year 718,521 tonns) during the year. 

BalfourManuel, Managing Director, Blue Dart said, “Throughout the year, we have shown outstanding resilience, responsiveness and reliability for all our stakeholders which is mirrored in our Q4 and year-end financial performance. Our focus on remaining customer-first, investing in our technology capabilities and thus, remaining agile in a VUCA environment, has helped the company improve its margins. FY2021-22 has been a rewarding year. Across parameters, Blue Dart has once again embodied our vision in ‘Connecting People, Improving Lives’. We have been recognised as a Top Employer, a Great Place to Work as well as one of the Best Workplaces for Women. We stood strong, supporting our customers for all their logistics requirements. From delivering shipments to COVID-care hospitals to accelerating innovation to new heights, we have left no stone unturned in fulfilling our duty as the Trade Facilitator to the nation.”  

Commenting on future outlook, he says, “In order to deliver excellence at every juncture, it is important to pre-determine the customers’ needs before they even arise. Keeping this in mind, we plan on expanding our ground and air express capacity which will only propel our service quality to new heights. We continue to remain an insanely customer-centric organization and therefore, innovation to deliver excellence at every touchpoint continues to remain a major priority. The Blue Dart Med-Express Consortium is a prime example of our ability to leverage technology to our benefit; going forward we will continue to invest in digitalization ensuring that in the case of another unprecedented event such as the pandemic, supply chain continuity will not be disrupted.”  

Blue Dart’s commitment to being the best and setting the pace, goes beyond the confines of its operations and extends to the community at large. As a Sustainable Provider of Choice, Blue Dart was the first to set a quantified carbon-efficiency target and continues to contribute towards environmental and social welfare. As a part of the Deutsche Post DHL Group, Blue Dart aligns itself with the Group’s Sustainability Roadmap and continues to work towards clean operations for climate protection (Environment), being a great company to work for all (Social) as well as being a highly trusted company (Governance). The organization has made significant headway on this parameter and will continue to invest in sustainable initiatives that also support the United Nation’s Sustainable Development Goals (SDGs).  

Blue Dart aims to achieve Zero Carbon Emissions by 2050 under the group’s ‘Mission 2050’ goal, wherein, the organization aims to limit global warming to less than 2ºC and drive the business towards zero emissions logistics, thus, setting the standard for the future of the logistics sector and doing its part to help the world. Under the Mission 2050 initiative, for over four years, Blue Dart has contributed to over 10% of the Deutsche Post DHL Group’s global target of planting 1 million trees every year. The company’s goal was to increase CO2 efficiency by 10% by the year 2012 and 30% by the year 2020. Against the 30% target, Blue Dart has achieved a 34% CO2 efficiency in 2021. 

Bank of Baroda Announces Winners Of 2022 Edition Of The #SaluteHerShakti Contest

* Neelam Rani and Kiran Devi Bothra got an opportunity to virtually interact with PV Sindhu and Shafali Verma 

Bank of Baroda, one of India’s leading public sector banks, today announced the winners of the 2nd Edition of the#SaluteHerShakticontest. The contest, which was launched on International Women’s Day in March, seeks to recognise and celebrate the inspiring women amongst us. From the number of remarkable entries received, Ms Neelam Rani who hails from Patiala and Ms Kiran Devi Bothra from Delhi were adjudged the winners for the courage shown under adversity and for displaying a heart-warming commitment to helping those in need.  

The two winners got a chance to interact with Bank of Baroda’s brand ambassadors PV Sindhu and Shafali Verma virtually. The winner of the Nari Shakti Puraskar for promoting Indian folk music on a global scale, Ms Batool Begum was also present at the event. And the host for the day was Rannvijay Singha, the well-known Indian actor, television personality and VJ.  

The story of Ms Neelam Rani is that of a wife, mother and a woman who displayed immense determination and grit when adversity struck her family. When her husband’s business faced a financial crisis, Neelam took it upon herself to start a small cosmetics shop to support her family. After facing challenges early on with no customers, she persevered and her shop is now running successfully and is well-known in Patiala.  

The second winning story is that of Ms Kiran Devi Bothra. Not only has Kiran single-handedly raised her daughter after the untimely death of her husband, but during the pandemic, Kiran served the homeless and hungry people in her community with free homemade food.  

Shri Vikramaditya Singh Khichi, Executive Director, Bank of Baroda said, “We are overwhelmed with the response received for Bank of Baroda’s #SaluteHerShakti campaign. It was inspiring to hear the extraordinary stories of seemingly ordinary women and they deserve recognition for the strength they have displayed and their determination to make a difference. For Bank of Baroda, it was also exciting for us to host Ms Rani, Ms Bothra and Ms Begum on the same platform as our brand endorsers, PV Sindhu and Shafali Verma and listening to the interaction between these women was truly rewarding.  

We hope to take many such initiatives in the future to recognise and encourage women from all walks of life.” 

During the interaction, PV Sindhu highlighted the challenges she faced during her younger days and the importance of the role that parents can play in ensuring that girls can achieve their dreams, be it in sports or in any other field. Shafali Verma also added to this and highlighted the support she had from her family that gave her the platform to succeed. 

About Bank of Baroda:  

Founded on 20th July, 1908 by Sir Maharaja Sayajirao Gaekwad III, Bank of Baroda is one of the leading commercial banks in India. At 63.97% stake, it is majorly owned by the Government of India. The Bank serves its global customer base of over 150 million through over 46,000 touchpoints spread across 18 countries in five continents. Through Its state-of-the-art digital banking platforms, it provides all banking products and services in a seamless and hassle-free manner. The recently launched bob World mobile app provides customers with a saving, investing, borrowing, and shopping experience, all under one single app. The app also serves non-customers by enabling account opening through video KYC. The Bank’s vision matches its diverse clientele base and instills a sense of trust and security. It is moving well in that direction and bob World is a testimony of its roadmap towards Digital Transformation. 

L&T Technology Services’ 5th Edition of Academia-ndustry Initiative TECHgium Concludes With Breakthrough Innovations

* 30,000+ Participants; 3600+ Concepts; 444 Engineering Colleges; a 9 Month Journey

L&T Technology Services Limited (BSE: 540115, NSE: LTTS), a global leading pure play engineering services company, announced the successful conclusion of the 5th Edition of its widely acclaimed annual academia-industry innovation initiative, TECHgium®.

Conceptualized to provide engineering students with an early exposure to real-life problem statements faced by industries, TECHgium® has, over the years, emerged as one of the most sought-after forums for engineering students passionate about pursuing an innovation-driven career in the global engineering and technology services domain. The current edition saw 30,421 students, from 444 reputed engineering institutes across India, vying for the top spot.

The finalists presented PoCs on several breakthrough innovations, involving cutting edge technology trends such as artificial intelligence, deep learning, renewable energy, drone technology, compute vision and EV batteries among others. Some of the concepts showcased were based on Drone Supervisors, EV Battery Optimization, Hover-Drones with Dynamic Charging via Wireless Power Transfer, Easy to Attach IoT Crane Box, Self-Cleaning Solar Panels, End-to-End Fully Automatic Deep Learning Algorithm for Scientific Document Denoising, Solar Tracking System for Efficient Power Generation using Image Processing and Automated Payment Mechanism for Contractual Agreements.

The team from Indian Institute of Information Technology Design & Manufacturing Jabalpur, were declared winners of the 5th Edition of TECHgium® for creating a prototype of an easy to attach IoT crane box. The first runners up were students from IIT Roorkee for their solution on Self-Cleaning Solar Panels, while the student from IIT Guwahati earned the third place, for his concept on Hover-Drone with Dynamic Charging via Wireless Power Transfer.

There was also a Special Jury Award that was bestowed to the students from Bannari Amman Institute of Technology for their concept on End-to-End Fully Automatic Deep Learning Algorithm for Scientific Document Denoising.

Amit Chadha, CEO & Managing Director, L&T Technology Services, said, “The transition from academic life to corporate world often requires one to have an adequate exposure and knowledge of real-world problems faced by businesses the world over. It is only through such opportunities and early-stage learning initiatives that we can inspire engineering students to embrace innovation-led digital engineering roles and drive the future of technology. LTTS’ TECHgium® is a key enabler in this direction, empowering young engineers and students to prepare for a robust, resilient, and world-class career trajectory. Interestingly, many of the Proof of Concepts by the participants directly align with LTTS’ stated Big Bets namely, EACV, 5G, Digital products & AI, Digital Manufacturing, MedTech and Sustainability, which points to the possibilities inherent in each of these Big Bets for India’s young engineers.”

Students from Indian Institute of Information Technology Design & Manufacturing, Jabalpur said, “Participating in TECHgium® has been a significant learning experience for the entire team. Our concept on an IoT enabled crane box has been well appreciated, and we are grateful for the insights provided by the esteemed jury panel and to LTTS for this fantastic opportunity.”

Students from IIT Roorkee said, “It has been an exciting journey here at TECHgium® and at LTTS. The problem statements have challenged us to push our frontiers and successfully design a self-cleaning solar panel prototype; the learnings gathered have been both transformational and inspirational as we look to the future.”

LTTS’ TECHgium® began in 2016 and is a popular open-innovation forum among the students and faculty of reputed engineering institutes across the nation. The top teams this year took home INR 20 lakh in prize money, a testament of the industry’s appreciation of their deep innovation capabilities.

About L&T Technology Services Ltd

L&T Technology Services Limited (LTTS) is a listed subsidiary of Larsen & Toubro Limited focused on Engineering and R&D (ER&D) services. We offer consultancy, design, development and testing services across the product and process development life cycle. Our customer base includes 69 Fortune 500 companies and 57 of the world’s top ER&D companies, across industrial products, medical devices, transportation, telecom & hi-tech, and the process industries. Headquartered in India, we have over 20,800 employees spread across 17 global design centers, 28 global sales offices and 89 innovation labs as of March 31, 2022. For more information, visit https://www.ltts.com/