LTIMindtree on Wednesday posted its third quarter profit for the financial year 2023-24 at Rs 1168.90 crore, up 16.8 per cent in comparison to Rs 1000.50 crore during the corresponding quarter of FY23, driven by its highest-ever order inflow. The IT company recorded revenue from operations at Rs 9016.60 crore, up 4.6 per cent as against Rs 8620.00 crore during the third quarter of FY23. The quarter earnings are almost in line with the estimates. According to a CNBC TV18 poll, LTIMindtree was expected to post its Q3 profit at Rs 1170 crore and revenue for the period was likely to be at Rs 9020 crore.
“Our strong operational performance in a seasonally weak quarter speaks about the organization’s resilience amid the continuing macro challenges. For the quarter, we reported a revenue of $1.08 billion, a 3.5 per cent YoY growth in USD terms, an EBIT margin of 15.4 per cent, an increase of 150 bps YoY, and a PAT margin of 13 per cent, an increase of 140 bps YoY. We have booked our highest-ever order inflow at USD 1.5 billion, representing a 21 per cent increase YoY, and our strong cash flow metrics helped us cross Rs 10,000 crore in cash and investment balance. These strong indicators make us confident to deliver on our path to success as we enter the new year,” said Debashis Chatterjee, Chief Executive Officer and Managing Director.
LTIMindtree’s Q3 performance across business verticals
The company’s Banking, Financial Services & Insurance segment recorded Q3 revenue at Rs 3206.70 crore, while the Hi-Tech, Media & Entertainment business posted a revenue of Rs 2060.50 crore during the third quarter of FY24. The Manufacturing & Resources business vertical at LTIMindtree posted a Q3 revenue at Rs 1833.60 crore. The Retail, CPG, Travel, Transport & Hospitality sector recorded a revenue of Rs 1328.30 crore and the Healthcare, Life Sciences & Public Services posted Q3 revenue at Rs 587.50 crore.
In terms of employees, the company employs 82,471 professionals as of December 31, 2023. It said that the trailing 12 months attrition was 14.2 per cent.