LTIMindtree March quarter profit down y-o-y 1.2%

25 Apr 2024 , 01:36 PM

LTIMindtree reported a net profit of ₹1,100 Crore for Q4 FY24, down 1.2% YoY from ₹1,141 Crore in the same period last fiscal year.

At the time of writing, shares of LTIMindtree was trading at ₹4618.25 which is a 2.30% dip than the previous close.

Q4 revenue grew by 2.3% YoY to ₹8,892.9 Crore, but sequentially declined by 1.4%. For the full fiscal year, LTIMindtree recorded a net profit of ₹4,584 Crore, up 4% YoY, with revenue reaching ₹35,517 Crore, marking a 7% growth.

In dollar terms, the firm’s revenue reached $4.3 billion, with robust deal wins totaling $5.6 billion, up 15.7% YoY. LTIMindtree added 30 new clients in Q4, including nine Fortune 500 firms.

Management anticipates growth in Q1 FY25 despite client caution, citing confidence in the quarter’s performance. Q4 performance was affected by increased furloughs and the cancellation of two BFSI deals.

Q4 margins stood at 14.7%, a decline from the preceding quarter’s 15.4%. Growth in Q4 was primarily driven by North America, which grew 3.7% YoY and 0.1% sequentially, while Europe declined 3.6% YoY and 0.2% sequentially.

The BFSI vertical experienced a sequential decline of 2.8% and a YoY decline of 6.6%.

The company’s total headcount was 81,650, with a marginal increase in attrition to 14.4% in Q4 FY24 compared to 14.2% in Q3 FY24. Over 500 employees were hired from campuses during the fourth quarter.

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