Tech consulting firm LTIMindtree posts 8.1% Y-o-Y revenue growth for Q1 2023

LTIMindtree, a leading global technology consulting and digital solutions company, announced its consolidated results for the first quarter ended June 30, 2023, today. As per the report approved by the Board of Directors, the company’s revenue stood at $1,058.7 million, marking a quarterly growth of 0.1% and a yearly increase of 8.1%.

However, the net profit showed a slight decline of 1.2% year-over-year at $140.1 million, despite a quarterly increase of 3.4%.

When converted to Indian currency, the revenue stands at Rs 87,021 million (13.8% Y-o-Y growth), and net profit is at Rs 11,523 million (4.1% Y-o-Y growth).

LTIMindtree’s active client base as of June 30, 2023, was 723. There was a significant increase in the number of major clients: $5 million+ clients increased by 18 to a total of 148; $10 million+ clients rose by 9 to a total of 88; and $50 million+ clients grew by 3 to a total of 13, all on a Y-o-Y basis.

The company currently employs 82,738 professionals, with a trailing 12-month attrition rate of 17.8%.

LTIMindtree has also secured numerous new deals during this quarter. These include partnerships with a prominent US property & casualty insurance company, a major US-based insurance & retirement firm, a well-recognized consumer electronics and personal computing firm, and several others in industries like digital communications, pharmaceuticals, consumer goods, and risk management & consulting.

Chief Executive Officer and Managing Director, Debashis Chatterjee, said, “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. The order inflow continued to increase and reached USD 1.41 billion in this quarter.”