LTIMindtree reports 2% y-o-y decline in Q2FY24 net profit at Rs 1,162 crore

19 Oct 2023 , 10:45 AM

LTIMindtree, an IT services business, stated on Wednesday that its consolidated net profit declined by 2.25% to Rs 1,162 crore in the September quarter. In the previous quarter, it was Rs 1,188 crore.

The IT services company’s net profit fell by 0.87% sequentially.

Consolidated revenue was Rs 9,048.6, up 7.86% year-on-year and 2.43% quarter-on-quarter (QoQ). In dollar terms, revenue was $1.08 billion, up 1.6% year-on-year.

The EBIT margin, or operating margin, fell to 16% from 16.7% in the previous quarter. 

The current quarter’s EBIT margin decline was mostly attributable to the absorption wake rise cycle, which began on July 1.

The company’s second-quarter results were highlighted by solid revenue growth of 5.2% year-on-year in USD terms, as well as an operating margin of 16% despite salary increases across the organization.

The company’s solid order intake of $1.3 billion, a 20% increase year on year, and growth across client bands demonstrate the strength of its client relationships, robust delivery, and ability to fulfill customers’ goals across their efficiency and transformation mandates.

At around 10:26 AM, LTIMindtree was trading 4.24% higher at Rs 5,373.95 per piece, against the previous close of Rs 5,155.20 on NSE. The counter hit a new 52-week high of Rs 5,414.

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