IT services major LTIMindtree on July 17 declared a consolidated net profit of Rs 1,151.5 crore in the first quarter of fiscal year 2023-24, which marks a jump of 4 percent as compared to 1,106 crore reported in the year-ago period.
The revenue from operations in Q1FY24 climbed by 14 percent on-year to Rs 8,702 crore, as per a regulatory filing. It was, however, marginally lower by 0.5 percent as compared to the CNBC TV-18 poll estimate of Rs 1,458 crore.
The net profit clocked by the company, Rs 1,151.5 crore, is 3.6 percent lower as against the CNBC TV-18 poll estimate of Rs 1,194 crore.
In constant currency terms, the revenue growth came in at 0.1 percent, which is lower sequentially as compared to 0.7 percent in the March quarter.
The revenue in dollar terms came in at $1,058.7 million in the June quarter, which is marginally lower as against the CNBC-TV-18 poll estimate of $1,063 million.
The earnings before interest, tax depreciation and amortisation (EBITDA) came in at Rs 1,635 crore during the quarter under review, which is 9 percent higher as compared to the year-ago period. The EBITDA margins, however, dropped to 18.8 percent from 19.5 percent in Q1FY23.
In terms of industries, LTIMindtree recorded the highest growth in BFSI segment at 12 percent, and a 1 percent growth in other key verticals such as hi-tech, entertainment and media.
Geography-wise, the revenue growth was highest at 10 percent in North America region, followed by 7 percent in Europe. For the rest of the world, the revenue declined by 2.6 percent.
LTIMindree recorded total deal wins worth $1.41 billion in Q1FY24, and added 19 more clients during the three-month period to take the overall client count to 723.
"Our key verticals BFSI, manufacturing & resources and hi-tech, media, and entertainment which make up 75 percent 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," LTIMindree CEO and MD Debashis Chatterjee stated.
The company's rate of attrition in the trailing 12 months was at 17.8 percent for the first quarter down, from 20.2 percent in Q4FY23. The total headcount declined sequentially by 1,808 to 82,738 employees in the first quarter of this fiscal.
The financial results were declared by LTIMindree shorty after the market hours concluded. The scrip settled at Rs 5,133.95 on the BSE, which was 0.78 percent higher as against the previous day's close.
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