LTIMindtree reported mixed results for the first quarter ending June 30, 2024. The multinational provider of digital solutions and technology consultancy reported growing its margin along with consecutive increases in net profit and revenue.
LTIMindtree Q1 Results Profit and Revenue
LTIMindtree’s sales climbed 2.8% sequentially to Rs 9,142.6 crore during the June quarter, representing a gain of more than 5% year over year. Consolidated net profit for the business increased 3.1% year over year to Rs 1,135.1 crore. In contrast, net profit decreased by 1.5% during the same time last year. In the previous March quarter, LTIMindtree reported a net profit of Rs 1,100 crore. For the April–June quarter, Rs 1,200 crore is anticipated, with a 9.1% sequential growth.
Notwithstanding the unchanging climate, we had a strong start to fiscal 25 with Q1FY25 revenue of USD 1.1 billion, representing a 2.5% QoQ and 3.5% YoY revenue growth in USD terms. Our first-quarter FY25 EBIT increased to 15% as order inflows held steady at USD 1.4 billion. Our largest geography and the top three industry verticals have both shown strong sequential performance. According to Debashis Chatterjee, CEO and Managing Director of LTIMindtree, “this is attributed to a measured uptick in IT spending for critical initiatives with clients balancing innovation and fiscal prudence.”
CC Terms, LTIMindtree Q1 Results Profit and Revenue
In constant currency (CC) terms, the company’s revenue achieved a 2.6% sequential increase and a 3.7% year-on-year improvement. The margin of EBIT increased by 30 basis points sequentially to 15% in the reporting quarter, from 14.7% in the previous quarter.
As of June 30, 2024, LTIMindtree had 748 active clients, and the number of $20 million+ clients had increased by three year over year. The company employed 81,934 people, and the trailing 12-month attrition rate remained at 14.4%.
LTIMindtree is a global provider of digital solutions and technology consulting, helping businesses in a variety of industries reimagine business models, accelerate innovation, and maximize growth through digital technologies. Prior to the company’s results, its shares closed 1.5% higher on Tuesday on the BSE.
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