LTIMindtree Q1 FY25: Revenue Grows 5%, Profit Dips 1.5% YoY

LTIMindtree has kicked off fiscal year 2025 on a mixed note, posting financial results for the first quarter ended 30 June 2024. The company reported a revenue of Rs 9,142.6 crore, a 2.8 per cent quarter-on-quarter (QoQ) increase and a 5.1 per cent year-on-year (YoY) growth. 

The company’s net profit stood at Rs 1,135.1 crore, a 3.1 per cent rise sequentially but a 1.5 per cent decline compared to the same period last year.

The mid-tier IT services player also disclosed positive developments in client engagement, boasting 748 active clients as of 30 June 2024. The number of clients generating over USD 1 million in revenue grew by 2 YoY, totaling 390, while those contributing over USD 20 million increased by 3 to reach 43 clients. 

During the quarter, LTIMindtree's workforce comprised 81,934 professionals, up from 81,650 in Q4 FY24. The trailing 12-month attrition rate was recorded at 14.4 per cent in Q1.

The company has added 1,400 freshers during the quarter.

“While the environment remains unchanged, fiscal 25 started on a positive note for us with Q1FY25 revenue of USD 1.1 billion, registering a 2.5 per cent QoQ and 3.5 per cent YoY revenue growth in USD terms,” said Debashis Chatterjee, Chief Executive Officer and Managing Director, LTIMindtree.

“Our Q1FY25 EBIT expanded to 15 per cent and order inflow remained stable at USD 1.4 billion. Our top three industry verticals and our largest geography have performed well sequentially. This is attributed to a measured uptick in IT spending for critical initiatives with clients balancing innovation and fiscal prudence,” he added.