LTIMindtree delivers 5.2% YoY USD revenue growth

(BUSINESS WIRE)--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 speaks 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:

Quarter ended September 30, 2023

In USD:

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

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

In INR:

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

- Net profit at ₹11,623 million (growth of 0.9% Q-o-Q / 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 months 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 modernize its SAP application landscape, enrich 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 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 & Support, Data & Analytics, Quality Engineering & Assurance Services.

Partnerships

• LTIMindtree achieves Top tier GSI partnership with Informatica, a global leader in MDM and Data Management space. Together, we empower organizations to achieve data excellence @speed and @scale by building modern data platforms on 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.

*GARTNER is a registered trademark and service mark of Gartner and Magic Quadrant is a registered trademark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.

Gartner does not endorse any vendor, product or service depicted in our research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

Announcements

The Board of Directors have approved an interim dividend of ₹20 per equity share of par value ₹1 each.

About LTIMindtree

LTIMindtree is a global technology consulting and digital solutions company that enables enterprises across industries to reimagine business models, accelerate innovation, and maximize growth by harnessing digital technologies. As a digital transformation partner to more than 700 clients, LTIMindtree brings extensive domain and technology expertise to help drive superior competitive differentiation, customer experiences, and business outcomes in a converging world. Powered by 83,000+ talented and entrepreneurial professionals across more than 30 countries, LTIMindtree — a Larsen & Toubro Group company — combines the industry-acclaimed strengths of erstwhile Larsen and Toubro Infotech and Mindtree in solving the most complex business challenges and delivering transformation at scale. For more information, please visit https://www.ltimindtree.com/.

Earnings Conference Call

View source version on businesswire.com: https://www.businesswire.com/news/home/20231018334705/en/