LTIMindtree Q2 Results: Consolidated PAT At Rs 1,162 Crore, Dollar Revenue Declines YoY

L&T Group-backed tech giant, LTIMindtree witnessed a mixed performance for the September 2023 quarter of FY24. Although the bottom-line front was gloomier it was still in line with expectations. In Q2FY24, LTIMindtree posted a net profit of Rs 1,161.8 crore on a consolidated, registering a fractional growth of 0.9% sequentially but a drop of 2.5% year-on-year.

Consolidated revenue, meanwhile, stood at Rs 8,905.4 crore in Q2FY24, rising by 2.3% quarter-on-quarter and 8.23% year-on-year.

In dollar terms, the company's revenue was at $1,075.5 million, registering a growth of 1.6% Q-o-Q and 5.2% Y-o-Y. While net profit was at $140.4 million, marginally up 0.2% Q-o-Q but declined 5.0% Y-o-Y.

Debashis Chatterjee, Chief Executive Officer and Managing Director said, "Our results in the second quarter were highlighted by strong revenue growth of 5.2% YoY, in USD terms, along with a healthy operating margin of 16% despite wage hikes across the organization. This all-round performance, in a challenging business environment, demonstrates the strength of our capabilities and disciplined execution."

Further, Chatterjee added, "Our robust order inflow at USD 1.3 billion, representing a 20% increase YoY, and growth across our client bands speaks to the strength of our client relationships, robust delivery and our ability
to address the priorities of our clients across their efficiency and transformation mandates."

As of September 30, 2023, the company registered 737 active clients. Also, $10 million+ clients increased by 13 on a Y-o-Y basis, a total of 90, while $20 million+ clients increased by 3 on a Y-o-Y basis, a total of 41. Further, $50 million+ clients increased by 3 on a Y-o-Y basis, a total of 14.

Additionally, the company had 83,532 professionals as of September 30, 2023. The trailing 12 months attrition was at 15.2% in the quarter under review.

On BSE, LTIMindtree shares ended at Rs 5,156.90 apiece, down by 1.11%.