LTIMindtree Reports In-line Q3 FY24 Results, Net Profit Rises 17% YoY

LTIMindtree on Wednesday announced its financial results for the third quarter of the fiscal year 2024. The company reported a quarterly revenue of Rs 9016.6 crore, which was largely in-line with analyst expectations. The revenue saw a growth of 1.2 per cent quarter-on-quarter (QoQ) and 4.6 per cent year-on-year (YoY). 

Net profit for the quarter stood at Rs 1169.3 crore, reflecting a QoQ growth of 0.6 per cent and YoY increase of 16.8 per cent.

The company's Chief Executive Officer and Managing Director, Debashis Chatterjee, expressed confidence in the results, citing the highest-ever order inflow at USD 1.5 billion, a substantial 21 per cent increase Y-o-Y. Additionally, the company achieved a milestone by crossing the Rs 10,000 crore mark in cash and investment balance, showcasing strong cash flow metrics.

The client base for LTIMindtree continues to expand, with 739 active clients as of December 31, 2023. The company witnessed growth in clients across various segments, with USD 5 million+ clients increasing by 5 on a YoY basis, totaling 149. USD 10 million+ clients showed a strong growth of 8, reaching a total of 89. 

In terms of business segments, the financial services sector experienced a decline of 1.4 per cent in revenue, while the hi-tech, media, and entertainment segment remained relatively stable with a marginal growth of 0.3 per cent. On the other hand, the manufacturing vertical exhibited robust performance, recording a growth of 20 per cent during the third quarter.

Analysing geographical trends, North America emerged as a strong contributor, witnessing a growth of 4 per cent, while Europe experienced a modest increase of 0.9 per cent. The rest of the world segment also demonstrated positive momentum, achieving a growth rate of 3.4 per cent.

Despite these positive aspects, the overall headcount for the company decreased to 82,471 in the October-December period, compared to 83,532 in the preceding September quarter and 86,462 in the corresponding period of the previous year.

The attrition rate for the reporting quarter showed a decline, reaching 14.2 per cent, as opposed to 15.2 per cent in the September quarter.