LTIMindtree’s net profit grows 4% y-o-y at Rs 1,152 crore; stock dips ~3%

18 Jul 2023 , 12:34 PM

LTIMindtree announced a consolidated net profit of Rs 1,151.5 crore in the first quarter of fiscal year 2023-24, a 4% y-o-y increase over the previous year’s figure of Rs 1,106 crore.

At around 12.25 PM, LTIMindtree was trading 2.53% lower at Rs 5,005 per piece, against the previous close of Rs 5,314.85 on NSE.

According to a regulatory filing, revenue from operations increased by 14% year-on-year in Q1FY24 to Rs 8,702 crore. 

In constant currency terms, revenue increased by 0.1%, which is lower sequentially than the 0.7% seen in the March quarter. In dollar terms, revenue in the June quarter was $1,058.7 million. 

Earnings before interest, tax, depreciation, and amortization (EBITDA) were Rs 1,635 crore in the current quarter, a 9% increase over the previous year. However, EBITDA margins fell to 18.8% from 19.5% in Q1FY23.

In terms of industries, LTIMindtree saw 12% increase in the BFSI segment and 1% growth in other important verticals such as hi-tech, entertainment, and media.

LTIMindree won $1.41 billion in total transaction wins in Q1FY24, and onboarded 19 new clients during the three-month period, bringing the total client count to 723.

The company’s trailing 12-month attrition rate was 17.8% in the first quarter, down from 20.2% in Q4FY23. In the first quarter of this fiscal year, total headcount fell by 1,808 to 82,738 people.

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