LTIMindtree, the sixth largest Indian IT services company, posted a net profit of Rs 1,152.3 crore in the first quarter of FY24, up 3.4% sequentially.
In the March quarter of FY23, the company posted a net profit of Rs 1,114 crore.
Despite macro-economic headwinds, the IT firm managed to post a marginal increase in its Q1 revenue at Rs 8,702 crore, up by 0.12% quarter-on-quarter (QoQ). The IT firm had reported a revenue of Rs 8,691 crore in the March quarter of FY23.
On a year-on-year basis, the IT major reported an increase of 4.1% in its net profit. Its net profit for June quarter of FY23 was Rs 1,106 crore. Similarly, LTI Mindtree’s revenue Y-o-Y surged by 13.8%. Its revenue for June quarter of FY 23 was Rs 7,644 crore.
Operating profit for the June quarter was Rs 1,451 crore as against Rs 1,421 crore in March quarter of FY23. The company saw no addition in its number of $50 million client during the first quarter. It is stagnant at 13 since March quarter of FY23.
Debashis Chatterjee, CEO and MD, LTIMindtree, said, “We continue to see delays in decision making and hiring freezes from client side. However, we remain confident in our value proposition along with the prospect of cross-selling and up-selling to our existing customers.”
He added, “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%.”
The company added that it is planning to roll out hikes for employees effective July. In March quarter, the IT firm had a total employee headcount of 84,546. This has declined to 82,738 in the June ending quarter.
Attrition was at 17.8% in the June ending quarter, down from 20.2% in the March quarter of FY23. Just like other IT majors, the company saw its utilisation ratio increased to 84.8% in the just concluded quarter, up from 81.7% in the March quarter of FY23.