LTIMindtree Shares Dips Post The Chief Marketing Officer's Resignation

9 Oct 2023 , 03:44 PM

LTIMindtree shares decline by nearly 1% on October 9 following the resignation of the company’s Chief Marketing Officer. The company officially announced the resignation of Chief Marketing Officer Paresh Vankar, effective from October 6, through a filing on October 7.

In the first quarter of fiscal year 2023-24, LTIMindtree reported a consolidated net profit of Rs 1,151.5 crore, marking a 4% increase compared to the previous year’s Rs 1,106 crore. Q1FY24 revenue from operations increased by 14% year-on-year to Rs 8,702 crore, slightly below the CNBC TV-18 poll estimate of Rs 1,458 crore.

In constant currency terms, revenue growth was 0.1%, down from 0.7% in the previous quarter. Revenue in dollar terms stood at $1,058.7 million in the June quarter, slightly lower than estimates.

Earnings before interest, tax, depreciation, and amortization (EBITDA) for the quarter reached Rs 1,635 crore, a 9% increase compared to the previous year, but EBITDA margins dropped from 19.5% in Q1FY23 to 18.8%. LTIMindtree’s highest growth was in the BFSI segment at 12%, while other key verticals like hi-tech, entertainment, and media saw 1% growth.

For feedback and suggestions, write to us at [e-mail]