LTIMindtree Q2 FY24: Net Profit Declines 2.2%

LTIMindtree reported its financial results on Wednesday for the second quarter of fiscal year 2024. The company reported revenue from operations at Rs 8,905.4 crore, indicating a 2.3 per cent increase compared to the previous quarter and an 8.2 per cent rise from the same period last year. 

While these figures demonstrate steady growth, they have fallen short of some market expectations, despite an increase in the number of clients and deals.

The net profit for the quarter stood at Rs 1,162.3 crore, showing a modest 0.9 per cent QoQ growth but a 2.2 per cent decline YoY. 

“Our robust order inflow at USD 1.3 billion, representing a 20 per cent increase YoY, and growth across our client bands speaks to the strength of our client relationships, robust delivery and our ability to address the priorities of our clients across their efficiency and transformation mandates,” said Debashis Chatterjee, Chief Executive Officer and Managing Director, LTIMindtree.

LTIMindtree's client base displayed some expansion, with 737 active clients as of 30 September 2023. The company added 13 clients with revenue of USD 10 million or more compared to the previous year, totaling 90 such clients. Clients with USD 20 million or more in revenue increased by 3 on a YoY basis, reaching a total of 41 clients. Furthermore, the number of clients with USD 50 million or more in revenue also increased by 3 on a YoY basis, reaching a total of 14 clients. 

In terms of its workforce, LTIMindtree has 83,532 professionals on its payroll as of 30 September 30, 2023. The trailing 12-month attrition rate was reported at 15.2 per cent, down from the 17.8 per cent recorded last quarter.