LTIMindtree Q3 Results: Net profit rises 0.6% QoQ to Rs 1,168.9 crore
LTIMindtree Q3 Results: The company had posted a profit of Rs 1,161.8 crore in the previous quarter.
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LTIMindtree Q3 Results: LTIMindtree on Wednesday, January 17, reported a 0.6 per cent QoQ increase in its consolidated net profit at Rs 1,168.9 crore for the quarter ended December 31, 2023 (Q3FY24). The company had posted a profit of Rs 1,161.8 crore in the previous quarter. On a year-on-year (YoY) basis, the figure grew by 16.8 per cent. The company had posted a profit of Rs 1,000.5 crore in the year-ago period.
Consolidated revenue from operations came in at Rs 9,016.6 crore, up 1.24 per cent QoQ and 4.6 per cent YoY. Revenue in US dollar terms grew by 0.8 per cent QoQ while in constant currency (CC) terms, it grew 0.7 per cent on a sequential basis.
Basic earnings per share (EPS) of the company stood at Rs 39.50 during the quarter against Rs 39.27 in the September quarter.
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The numbers missed analysts' expectations. For instance, Zee Business Research desk had estimated the company to post a profit of Rs 1,185 crore, up 2 per cent QoQ while revenue in rupee terms was estimated to rise 1.6 per cent to Rs 9,045 crore. CLICK HERE TO READ RESULTS PREVIEW
“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 USD 1.08 billion, a 3.5% YoY growth in USD terms, an EBIT margin of 15.4%, an increase of 150 bps YoY, and a PAT margin of 13%, an increase of 140 bps YoY," said Debashis Chatterjee, Chief Executive Officer and Managing Director.
"We have booked our highest-ever order inflow at USD 1.5 billion, representing a 21% increase YoY, and our strong cash flow metrics helped us cross INR 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," the CEO added.
Other Financials
Gross margins for the quarter came in at 28.6 per cent from 31.4 per cent in the previous quarter and 29.9 per cent in the year-ago period. EBITDA margin slipped to 16 per cent during the December quarter from 18.3 per cent in the previous quarter and 17.6 per cent in the year-ago period. EBIT margin also declined to 13.9 per cent against 16 per cent in Q2 FY24 and 15.4 per cent in the corresponding quarter of the previous fiscal.
Other highlights
• Clients
739 active clients as of December 31, 2023
• People
82,471 professionals as of December 31, 2023
Trailing 12 months attrition declined to 14.2 per cent during the period from 15.2 per cent in the previous quarter. In the year-ago period, the attrition rate was 22.3 per cent.
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