LTIMindtree delivers 8.2% YoY revenue growth in CC

Business Wire IndiaLTIMindtree [NSE: LTIM, BSE: 540005], a global technology consulting and digital solutions company, announced its consolidated results today for the first quarter ended June 30, 2023, as approved by its Board of directors.

“During the first quarter of FY24, LTIMindtree delivered 8.2% YoY revenue growth in Constant Currency. Our key verticals BFSI, Manufacturing & Resources and Hi-Tech, Media, and Entertainment which make up 75% of our revenues performed well. Our strategic programs are bearing fruit and is evident in the upward movement across our client buckets. The order inflow continued to increase and reached USD 1.41 billion in this quarter. Our operational rigor helped us achieve an EBIT of 16.7% and PAT of 13.2%.”

-Debashis Chatterjee, Chief Executive Officer and Managing Director 

Key financial highlights:

Quarter ended June 30, 2023

• In USD:
  • Revenue at $1,058.7 million (growth of 0.1% Q-o-Q / 8.1% Y-o-Y)
  • Net profit at $140.1 million (growth of 3.4% Q-o-Q / decline of 1.2% Y-o-Y)
• In INR:
  • Revenue at Rs 87,021 million (growth of 0.1% Q-o-Q / 13.8% Y-o-Y)
  • Net profit at Rs 11,523 million (growth of 3.4% Q-o-Q / 4.1% Y-o-Y)

Other highlights:

• Clients:
  • 723 active clients as of June 30, 2023
  • $5 million+ clients increased by 18 on a Y-o-Y basis, total 148
  • $10 million+ clients increased by 9 on a Y-o-Y basis, total 88
  • $50 million+ clients increased by 3 on a Y-o-Y basis, total 13
• People:
  • 82,738 professionals as of June 30, 2023
  • Trailing 12 months attrition was 17.8%

Deal Wins

• One of the largest Property & Casualty insurance companies in the United States has chosen LTIMindtree as a strategic partner for a multi-year application development and maintenance deal.
• A US-based Insurance & Retirement major has awarded LTIMindtree a multi-year deal for 24x7 Infrastructure Managed Services.
• A well-known Consumer Electronics and Personal Computing firm, renowned for its quality and innovation, has selected LTIMindtree to drive digital transformation and business process re-engineering, including the adoption of as-a-Service business models.
• A Digital Communications technology giant based in the United States has partnered with LTIMindtree for developing a resilient supply chain for new business acquisition.
• A UK-based Pharmaceutical giant awarded LTIMindtree a multi-year contract to provide SAP Managed services along with testing and support services.
• A leading American multinational Consumer Goods company selected LTIMindtree to co-create and support their Integrated Media solutions platform for ad-buying across channels.
• A prestigious regulatory body has chosen LTIMindtree for its Next-Generation Data Warehouse implementation.
• LTIMindtree opened a new logo in the beverages industry, with an application services deal that allows our client to build a scalable core-flex model for IT application services.
• A world leader in Risk Management & Consulting has selected LTIMindtree to build a greenfield cloud-based data platform using AWS. This state-of-the-art foundational platform will help the client to improve the carrier and client experience by leveraging data to create an information advantage.
• A leading US-Based Property & Casualty insurance major selected LTIMindtree to migrate and modernize their legacy data platform to Snowflake’s cloud data platform by leveraging our proprietary PolarSled toolset.

Recognitions

• Recognized as a 'Leader' in Everest Group's Asset & Wealth Management IT Services PEAK Matrix 2023.
• Recognized as a 'Leader' in Everest Group's Microsoft Dynamics 365 PEAK Matrix 2023.
• Won the 2023 Global System Integrator Innovation Partner of the Year Award from Snowflake.
• Recognized as a Visionary in the 2023 Gartner® Magic Quadrant™ for Data Center Outsourcing & Hybrid Infrastructure Managed Services.

*GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.