LTIMindtree, the IT services unit of infrastructure major Larsen & Toubro, registered a 16 percent sequential fall in consolidated profit at Rs 1,000.7 crore for the quarter ended December FY23, with double-digit fall in operating profit and sharp increase in other expenses (up 37 percent QoQ).
Consolidated revenue from operations for the quarter at Rs 8,620 crore increased by 4.8 percent compared to previous quarter, the company said in its BSE filing. The same increased 25.3 percent YoY.
Revenue in dollar terms grew by 2.4 percent quarter-on-quarter (up 14 percent YoY) to $1,046.7 million for December FY23 quarter, with revenue in constant currency rising 1.9 percent sequentially for the quarter gone by, said LTIMindtree, which is the entity formed from the merger of L&T Infotech and Mindtree in November 2022.
ALSO READ: LTIMindtree sees first big exit post merger, Markets President Venugopal Lambu resigns
"The combined entity has started out with a $1 billion quarterly revenue run rate, a top-quartile constant currency year-over-year revenue growth of 16.3 percent, and a robust order inflow of $1.25 billion," said Debashis Chatterjee, Chief Executive Officer and Managing Director.
On the operating front, EBITDA (earnings before interest, tax, depreciation and amortisation) at Rs 1,374.8 crore dropped 16 percent QoQ for the quarter. Operating profit margin plunged to 15.95 percent in Q3FY23, down from 19.88 percent in Q2FY23.
LTIMindtree has 723 active clients as of December FY23 with adding 4 clients in $10 million+ band, 7 in $5 million+ category and 13 clients in $1 million+ band during the quarter.
Click Here To Read All Earnings Related News
The company with 86,462 professionals as of December FY23 reported decline in attrition rate to 22.3 percent in the quarter gone by, against 24.1 percent in previous quarter.
LTI Mindtree announced an interim dividend of Rs 20 per share for the current financial year.