LTIMindtree Q1 profit rises 4.1% to Rs 1,152 crore
LTIMindtree said revenue for the quarter rose 13.8 per cent YoY to Rs 8,702.10 crore from Rs 7,644.20 crore in the same quarter last year.
Amit Mudgill
- Jul 17, 2023,
- Updated Jul 17, 2023 4:20 PM IST
LTIMindtree Ltd on Monday reported a 4.1 per cent year-on-year (YoY) rise in net profit at Rs 1,152.30 crore for the June quarter compared with Rs 1,106.50 crore in the corresponding quarter last year. On a sequential basis, profit was up 3.4 per cent.
Revenue for the quarter rose 13.8 per cent YoY to Rs 8,702.10 crore from Rs 7,644.20 crore in the same quarter last year. Revenue stood at $1,058.70 million in dollar terms , flat ( up 0.1 per cent) when compared with the March quarter's $1,057.50 million and up 8.1 per cent over June 2022 quarter's $979.50 million. In constant currency terms, sales grew 8.2 per cent YoY.
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Ebit margin for the quarter improved to 16.7 per cent from 16.4 per cent in March but was down against 17.4 per cent in the year-ago quarter. LTIMindtree said it had 723 active clients as on June 30. The number of $5 million-plus clients jumped 18 per cent to 18, $10 million-plus clients increased 9 per cent YoY to 88 while $50 million-plus clients rose 3 per cent to 13.
Headcount at the end of the quarter stood at 82,738. The IT firm said its trailing 12 months attrition stood at 17.8 per cent.
Among verticals, Manufacturing & Resources reported 14.9 per cent YoY rise in revenue, followed by BFSI (up 12.1 per cent) and Healthcare, Life Sciences & Public Services (4.7 per cent).
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"Our key verticals BFSI, Manufacturing & Resources and Hi-Tech, Media, and Entertainment which make up 75 per cent 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 $1.41 billion in this quarter. Our operational rigor helped us achieve an EBIT of 16.7 per cent and PAT of 13.2 per cent,”said Debashis Chatterjee, Chief Executive Officer and Managing Director at LTIMindtree.
In terms of geography, North America clocked a 10.2 per cent growth while Europe logged a 7.3 per cent YoY growth in revenue.
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Also read: Hot stocks on July 17, 2023: Adani Enterprises, Yes Bank, Subex, Mazagon Dock, others
Also read: GQG acquires 5.96% stake in Patanjali Foods OFS; stock jumps
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
LTIMindtree Ltd on Monday reported a 4.1 per cent year-on-year (YoY) rise in net profit at Rs 1,152.30 crore for the June quarter compared with Rs 1,106.50 crore in the corresponding quarter last year. On a sequential basis, profit was up 3.4 per cent.
Revenue for the quarter rose 13.8 per cent YoY to Rs 8,702.10 crore from Rs 7,644.20 crore in the same quarter last year. Revenue stood at $1,058.70 million in dollar terms , flat ( up 0.1 per cent) when compared with the March quarter's $1,057.50 million and up 8.1 per cent over June 2022 quarter's $979.50 million. In constant currency terms, sales grew 8.2 per cent YoY.
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Ebit margin for the quarter improved to 16.7 per cent from 16.4 per cent in March but was down against 17.4 per cent in the year-ago quarter. LTIMindtree said it had 723 active clients as on June 30. The number of $5 million-plus clients jumped 18 per cent to 18, $10 million-plus clients increased 9 per cent YoY to 88 while $50 million-plus clients rose 3 per cent to 13.
Headcount at the end of the quarter stood at 82,738. The IT firm said its trailing 12 months attrition stood at 17.8 per cent.
Among verticals, Manufacturing & Resources reported 14.9 per cent YoY rise in revenue, followed by BFSI (up 12.1 per cent) and Healthcare, Life Sciences & Public Services (4.7 per cent).
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"Our key verticals BFSI, Manufacturing & Resources and Hi-Tech, Media, and Entertainment which make up 75 per cent 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 $1.41 billion in this quarter. Our operational rigor helped us achieve an EBIT of 16.7 per cent and PAT of 13.2 per cent,”said Debashis Chatterjee, Chief Executive Officer and Managing Director at LTIMindtree.
In terms of geography, North America clocked a 10.2 per cent growth while Europe logged a 7.3 per cent YoY growth in revenue.
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Also read: Hot stocks on July 17, 2023: Adani Enterprises, Yes Bank, Subex, Mazagon Dock, others
Also read: GQG acquires 5.96% stake in Patanjali Foods OFS; stock jumps
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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