LTIMindtree Q4 profit comes in flat at Rs 1,114 crore; revenue jumps 22% YoY

LTIMindtree's board has recommended a final dividend of Rs 40 per equity share.

IT services company LTIMindtree on April 27 reported its Q4FY23 earnings with net profit coming in flat at Rs 1,114 crore against Rs 1,108 crore reported in the corresponding quarter of last year. Profit stood at Rs 1,001 crore in the December 2022 quarter. Revenue from operations during the reporting quarter surged 22 percent to Rs 8,691 crore against Rs 7,128 crore in the same period of last fiscal year. Revenue stood at Rs 8,620 crore in Q3FY23.

In dollar terms, revenue stood at $1.05 billion, rising 12 percent YoY (year-on-year) and 1 percent QoQ (quarter-on-quarter).

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“We are pleased to report a strong FY23, with a broad-based full-year revenue growth of 19.9 percent in constant currency,” said Debashis Chatterjee, CEO and MD of LTIMindtree.“This industry-leading performance positions us well to deliver continued profitable growth in FY24. As we move to unified systems and processes, we are ready to exploit the synergies."

The company’s board has also recommended a final dividend of Rs 40 per equity share for the financial year ended March 2023 which will be paid within 30 days from the conclusion of the annual general meeting (AGM). The record date for the purpose of determining shareholders eligible to receive dividend and the date of the AGM will be intimated in due course, the company said in an exchange filing.

The company's order inflow came in at $1.35 billion, with the full-year inflow standing at $4.87 billion. New client additions stood at 31 for Q4FY23 with active clients standing at 728 as of March 2023.

"Client requirements have changed over the last quarter, and we are now meeting the new requirements to deliver cost savings which are being directed to fund in-flight transformation programs,” said Chatterjee.

For the full year, the company's operating margin stood at 16.2 percent with net profit for FY23 rising 12 percent to Rs 4,410 crore. Basic EPS stood at Rs 149.1.

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Attrition in the trailing 12 months was at 20.2 percent for the fourth quarter, while the total headcount was at 84,546 as of March 2023.

On April 27, the scrip closed 4 percent up on National Stock Exchange at Rs 4,322 with the benchmark Nifty closing 0.57 percent up at 17,915.05 points.