LTIMindtree reports 17% y-o-y growth in net profit to Rs 1,169 crore; stock plunges to new 52-week low

18 Jan 2024 , 01:17 PM

On January 17, LTIMindtree announced a 16.8% year-on-year (YoY) increase in net profit to Rs 1,169 crore for the December quarter of the current fiscal year 2024, driven by an all-time high quarterly order book.

Following this development, LTIMindtree’s counter slipped to a new 52-week low of Rs 5,411.75 per piece.

Sequentially, the IT services company’s net profit climbed by 0.6%, falling significantly short of street expectations.

Consolidated revenue was Rs 9,016 crores, up 4.6% year-on-year and 1.2% quarter-on-quarter (QoQ). The EBIT margin, or operating margin, fell sequentially to 15.40% from 16% the previous quarter.

Debashis Chatterjee, CEO of LTIMindtree, expressed, ‘The robust operational results during a traditionally slow quarter reflect the organization’s resilience in the face of ongoing macro challenges. In this quarter, we achieved a revenue of $1.08 billion, demonstrating a 3.5% year-over-year growth in USD terms. Additionally, our EBIT margin increased by 150 basis points year-over-year to reach 15.4%, while the PAT margin saw a 140 basis points year-over-year growth, reaching 13%.’

LTIMindtree announced its greatest quarterly deal pipeline ever at $1.5 billion, despite greater levels of seasonality and higher-than-expected furloughs.

At around 1.14 PM, LTIMindtree was trading 10.31% lower at Rs 5,628.80 per piece, against the previous close of Rs 6,275.60 on NSE.

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