LTMindtree Q1 Results: Profit grows 4.13% to Rs 1152 crore

Today, LTIMindtree announced its quarterly results for the first quarter of FY24. In Q1 FY24, LTIMindtree witnessed a significant surge in revenue from operations, with a year-on-year increase of 13.84%, from Rs 7,644 crore to Rs 8,702 crore. However, the company’s other income declined from Rs 117.6 crore to Rs 131.6 crore. On a sequential basis, the company’s revenue showed a modest growth of 0.12%, from Rs 8,691 crore to Rs 8,702 crore.

When considering revenue in USD terms, there was a flat growth on a sequential basis, with revenue amounting to USD 1,058.7 million compared to USD 1,057.5 million. However, year-on-year growth of 8.1%, from USD 979.5 million to USD 1,058.7 million.

Regarding Earnings before interest and taxes (EBIT), LTIMindtree observed a 9.3% growth from Rs 1,327.2 crore to Rs 1,450.8 crore in Q1 FY24 with an EBIT margin of 16.7%, slightly lower than the 17.4% recorded in the same quarter last year. On a sequential basis, EBIT increased by 2.06%, from Rs 1,421.4 crore to Rs 1,450.8 crore. In Q4 FY23, the EBIT margin of the company was at 16.4%.

The net profit for the June quarter stood at Rs 1,152 crore, reflecting a growth of 4.13% compared to Rs 1,106.5 crore in the same quarter last year. The net profit margin of the company was 13.2%, down from 14.5% in the same quarter last year. However, there was an improvement in margins on a sequential basis, increasing from 12.8% to 13.2%.  

In the latest quarter, LTIMindtree’s revenue by geography reveals that the majority of its revenue is derived from North America, constituting 73.1% of the total revenue. Europe contributes 15.2% to the revenue, while the Rest of the World accounts for 11.7% of the company’s revenue.

LTIMindtree Limited is a technology consulting and digital solutions company. It is engaged in the business of analysing, designing, maintaining, converting, porting, debugging, coding, outsourcing, and programming software and also providing information technology-enabled services.

The shares of LTIMindtree opened at Rs 5,115.15 and ended the day at Rs 5,133.95, reflecting a 0.78% increase compared to the previous day’s closing price of Rs 5,094.05 on BSE. The company’s 52-week high and low stand at Rs 5,425 and Rs 3,851 crore, respectively. The company’s current market capitalization is Rs 151,906.06 crore. Over the past year, the company has generated a return of 30%.