LTIMindtree delivers 5.2% YoY USD revenue growth

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LTIMindtree delivers 5.2% YoY USD revenue growth
LTIMindtree delivers 5.2% YoY USD revenue growth

A strong order inflow of USD 1.3 billion marks a YoY growth of 20%.

India, October 18, 2023: LTIMindtree [NSE: LTIM, BSE: 540005], a global technology consulting and digital solutions company, announced its consolidated results today for the second quarter ended September 30, 2023, as approved by its Board of Directors.

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.

Our robust order inflow at USD 1.3 billion, representing a 20% increase YoY, and growth across our client bands speak 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.” Debashis Chatterjee, Chief Executive Officer and Managing Director

Key financial highlights:

The quarter ended on September 30, 2023.

In USD:

Revenue at $1,075.5 million (growth of 1.6% Q-o-Q and 5.2% Y-o-Y)

Net profit at $140.4 million (growth of 0.2% Q-o-Q and decline of 5.0% Y-o-Y)

In INR:

Revenue at ₹89,054 million (growth of 2.3% Q-o-Q and 8.2% Y-o-Y)

Net profit at ₹11,623 million (growth of 0.9% Q-o-Q and decline of 2.2% Y-o-Y)

Other highlights:

Clients:

737 active clients as of September 30, 2023

$10 million+ clients increased by 13 on a Y-o-Y basis, total 90

$20 million+ clients increased by 3 on a Y-o-Y basis, total 41

$50 million+ clients increased by 3 on a Y-o-Y basis, total 14

 People:

83,532 professionals as of September 30, 2023

Trailing 12-month attrition was 15.2%.

Deal Wins

  • One of the largest semiconductor manufacturers in the world has chosen LTIMindtree as their key digital transformation partner to modernise its SAP application landscape, enrich the user experience, streamline business processes, and deliver contemporary digital operations across both SAP S/4HANA and SAP Cloud Solutions.
  • A leading US-based apparel retailer with over 900 stores has selected LTIMindtree for a multi-year managed services deal for application and infrastructure services.
  • A US-based insurance and retirement major has awarded LTIMindtree with a multi-year application development and maintenance program. This program comprises 500+ applications across different services: development, testing, and maintenance.
  • A US-based global fast-casual restaurant chain chose LTIMindtree as their strategic digital transformation partner to provide application development and support, data and analytics, and quality engineering and assurance services.

Partnerships

  • LTIMindtree achieves a top-tier GSI partnership with Informatica, a global leader in MDM and data management. Together, we empower organisations to achieve data excellence @speed and @scale by building modern data platforms on the cloud.

Recognitions

  • Recognized as a ‘Leader’ in Everest Group’s Payments IT Services PEAK Matrix® Assessment 2023.
  • Recognized as a ‘Major Contender’ and ‘Star Performer’ in Everest Group’s Digital Twin Services PEAK Matrix® Assessment 2023.
  • Recognized as a ‘Major Contender’ and ‘Star Performer’ in Everest Group’s Data and Analytics (D&A) Services PEAK Matrix® Assessment 2023.
  • Recognized as a ‘Major Contender’ in Everest Group’s Digital Workplace Services PEAK Matrix® Assessment 2023—North America
  • Recognized as a ‘Major Contender’ in Everest Group’s Life Sciences Smart Manufacturing Services PEAK Matrix® Assessment 2023.
  • Recognized as a ‘Major Contender’ in Everest Group’s Digital Workplace Services PEAK Matrix® Assessment 2023—Europe
  • Featured in Forrester’s Commerce Services Landscape, Q3 2023
  • Recognized as a ‘Major Contender’ in Everest Group’s Cloud Services PEAK Matrix® Assessment 2023—North America
  • Recognized as a ‘Visionary’ in the 2023 Gartner® Magic Quadrant™ for Public Cloud IT Transformation Services.

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