LTIMindtree Q3 Results: Net Profit Rises by 17% to ₹1,169 Crore, Revenue Up by 5%

 

On Wednesday, January 17, LTIMindtree announced its financial results for the third quarter of the fiscal year 2023-24 (Q3FY24), revealing a significant 17% growth in consolidated net profit, reaching ₹1,169 crore compared to ₹1,000 crore in the previous year. Notably, the net profit margin slightly increased by 0.6%, contrasting with ₹1,162.3 crore in the previous September quarter.

As of December 31, 2023, for the nine-month period, LTIMindtree achieved a 5.7% increase in net profit, reaching ₹3,484 crore. The IT services company attributed this robust performance to its robust operational show amidst ongoing global challenges. Debasish Chatterjee, CEO and Managing Director of LTIMindtree, highlighted the resilience of the organization amid broad challenges.

Here are the five key highlights of LTIMindtree's Q3 performance:

1. Revenue Growth

   In the third quarter, LTIMindtree's total revenue for the fiscal year increased by approximately 5% to ₹9,016 crore compared to ₹8,620 crore in the same period of the previous year. As of December 31, 2023, the company's revenue grew by 8.7% to ₹26,624 crore, with manufacturing and resources segment seeing a 20.3% increase and banking, financial services, and insurance segment witnessing a 35.6% rise.

2. Order Book

   LTIMindtree recorded its highest-ever order flow in the December quarter, with a 21% annual growth, totaling $1.5 billion. Notably, a major U.S.-based oil and gas producer selected LTIMindtree as a strategic partner for end-to-end technology services.

3. Active Customer Base

   As of December 31, 2023, LTIMindtree maintained a total of 739 active customers. The company added 23 new customers in the December quarter, showcasing steady growth compared to the addition of 30 new customers in the previous September quarter.

4. Customer Contribution

   In the December quarter, the top 40 customers contributed 58.5% to the company's revenue, with the top 20 customers contributing 45.9%, and the top 10 customers contributing 35.3%.

5. CEO's Comment

   Debasish Chatterjee, CEO and Managing Director of LTIMindtree, stated, "For the quarter, we achieved $1.08 billion in revenue, representing a 3.5% year-on-year growth in USD terms."

The financial results reflect LTIMindtree's resilience and adaptability in navigating challenges during the challenging quarter.