LTIMindtree reports Q2 FY24 earnings: Revenue at $1bn and net profit at $140m

LTIMindtree, a recognized leader in global technology consulting and digital solutions, has unveiled its consolidated financial results for Q2 ending September 30, 2023. The announcement, ratified by its Board of Directors, features noteworthy financial metrics that reflect the company’s overall health.

Key Financial Insights from the Quarter

For the quarter concluded in September 2023, LTIMindtree’s revenue in USD terms stands at $1,075.5 million, indicating a 1.6% Q-o-Q and a 5.2% Y-o-Y increase. Conversely, the net profit is pegged at $140.4 million, a slight 0.2% Q-o-Q uptick, though showcasing a 5.0% Y-o-Y decrease.

When converted to INR, the company’s revenue reached ₹89,054 million (marking a 2.3% Q-o-Q and 8.2% Y-o-Y growth) while the net profit settled at ₹11,623 million (representing a 0.9% Q-o-Q surge and a 2.2% Y-o-Y reduction).

Clients and Workforce: An Overview

As of September 2023, LTIMindtree boasts of 737 active clients. The firm has witnessed an expansion in its high-value client segment: the number of clients contributing over $10 million, $20 million, and $50 million have risen to 90, 41, and 14 respectively.

On the human resources front, the organization is powered by 83,532 professionals, although the trailing 12-month attrition rate has been recorded at 15.2%.

Noteworthy Deal Wins and Partnerships

LTIMindtree has garnered several prominent contracts, highlighting its foothold in the tech consultancy domain:

• A globally renowned semiconductor producer has tapped LTIMindtree for digital transformation related to SAP applications.
• A US-based apparel retailer with an expansive 900-store footprint chose LTIMindtree for an extended managed services agreement spanning Application and Infrastructure services.
• A key US insurance and retirement company opted for LTIMindtree for a holistic application development and maintenance program.
• An international fast-casual dining chain from the US identified LTIMindtree as their strategic ally for Digital Transformation endeavors.

In terms of strategic alliances, LTIMindtree has achieved a top-tier GSI partnership with Informatica, a vanguard in the MDM and Data Management arena.

The Board of Directors has endorsed an interim dividend of ₹20 per equity share.

LTIMindtree’s CEO and Managing Director, Debashis Chatterjee, commented on the results, “Our results in the second quarter were highlighted by strong revenue growth of 5.2% YoY, in USD terms… Our robust order inflow at USD 1.3 billion… speaks to the strength of our client relationships…”