LTI Mindtree Q1 Results FY2024, Profit at Rs. 11,523 million

On 17th July 2023, LTI Mindtree announced its quarterly results for the last quarter of FY2023.

LTI Mindtree Financial Highlights:

In USD: 

- Revenue at $1,058.7 million, up by 8.1% YoY 
- Net profit at $140.1 million, a decline of 1.2% YoY

In INR: 

- Revenue at Rs.87,021 million, up by 13.8% YoY
- Net profit at Rs.11,523 million, up by 4.1% YoY

LTI Mindtree Business Highlights:

 - Life Sciences and Healthcare revenue growth stood at 6.4% and the Manufacturing & Resources revenue growth at 17.3%. BFSI revenue growth at 37.5%, Retail, CPG, Travel, Transportation & Hospitality revenue growth at 15.1%, Hi-Tech, Media & Entertainment revenue growth at 23.7%.
- Among major markets, North America’s revenue growth was at 73.1% and Europe's revenue growth at 15.2% and the Rest of the World’s revenue growth was at 11.7%

Key Deals Won:

- LTI Mindtree has been selected as a strategic partner for a multi-year application development and maintenance contract by one of the biggest Property & Casualty insurance companies in the United States.
- LTI Mindtree has been given a multi-year contract for 24x7 Infrastructure Managed Services by a major US insurance and retirement company.
- A renowned company that specializes in consumer electronics and personal computing has chosen LTI Mindtree to spearhead digital transformation and business process re-engineering, including the adoption of as-a-Service business models.
- A major American provider of digital communications technology has teamed up with LTI Mindtree to create a resilient supply chain for acquiring new clients.
- LTI Mindtree received a multi-year contract from a UK-based pharmaceutical giant to provide SAP Managed services along with testing and support services.

Commenting on the results, Debashis Chatterjee, Chief Executive Officer and Managing Director said: “During the first quarter of FY24, LTI Mindtree delivered 8.2% YoY revenue growth in Constant Currency. Our key verticals BFSI, Manufacturing & Resources and Hi-Tech, Media, and Entertainment which make up 75% 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 USD 1.41 billion in this quarter. Our operational rigor helped us achieve an EBIT of 16.7% and PAT of 13.2%”.