Revenue growth of 4.4% in USD; Growth broad-based across all verticals

LTIMindtree [NSE: LTIM, BSE: 540005], a global technology consulting and digital solutions company, announced its consolidated results today for the fourth quarter and full year ended March 31, 2024, as approved by its Board of Directors.

“We closed FY24 amidst a tough macro environment and delivered a resilient performance with full-year revenue growth of 4.4% in USD terms and an EBIT margin of 15.7%. Our order inflow for the full year at USD 5.6 billion registered a 15.7% growth over FY23. This growth reflects the positive outcomes of our positioning as an organization with scale, expanded capabilities, and larger partnerships. As the market dynamics evolve, we are excited to be part of innovations, partnerships, and initiatives that our clients will embark on in FY 25.”

-Debashis Chatterjee, Chief Executive Officer and Managing Director

Key financial highlights:

Quarter ended March 31, 2024

In USD:

- Revenue at $1,069.4 million (-1.3% Q-o-Q / +1.1% Y-o-Y)

- Net profit at $132.4 million (-5.8% Q-o-Q / -2.4% Y-o-Y)

In INR:

- Revenue at ₹88,929 million (-1.4% Q-o-Q / +2.3% Y-o-Y)

- Net profit at ₹11,007 million (-5.9% Q-o-Q / -1.2% Y-o-Y)

Year ended March 31, 2024

In USD:

- Revenue at $4,287.3 million (growth of 4.4% Y-o-Y)

- Net profit at $553.4 million (growth of 1.4% Y-o-Y)

In INR:

- Revenue at ₹3,55,170 million (growth of 7.0% Y-o-Y)

- Net profit at ₹45,846 million (growth of 4.0% Y-o-Y)

Other highlights:

Clients:

- 738 active clients as of March 31, 2024

- $5 million+ clients increased by 7 on a Y-o-Y basis, total 153

- $10 million+ clients increased by 10 on a Y-o-Y basis, total 91

- $20 million+ clients increased by 2 on a Y-o-Y basis, total 40

People:

- 81,650 professionals as of March 31, 2024

- Trailing 12 months attrition was 14.4%

Deal Wins

• As part of a multi-year engagement, a leading financial services firm specializing in loans and mortgages has selected LTIMindtree as their primary engineering partner to meet their regulatory timelines and enable seamless operations of their application landscape through a ‘Remediation-as-a-Service’ and ‘Operations-as-a-Service’ engagement.
• A multinational financial services corporation has awarded LTIMindtree a multi-year contract as an exclusive assurance partner for their transformation journey by implementing a centralized Quality Engineering organization.
• A global leader in insurance brokerage services and risk management solutions has chosen LTIMindtree as their primary partner to establish a new technology platform as they create a new operating model in their digital transformation journey.
• A leading energy company in the Middle East has awarded LTIMindtree an end-to-end infrastructure-managed services contract for five years.
• A leading producer of frozen products in Sweden has awarded LTIMindtree with a full-scope infrastructure contract for Cloud Transformation. This is a new logo for LTIMindtree.

Partnerships

LTIM has achieved Amazon Connect service delivery designation, allowing businesses to provide improved customer service at a lower cost through the cloud-based contact center service.

LTIM joined the IBM Quantum Network, to explore quantum computing innovation for the benefit of its global clientele across multiple industries. This solidifies LTIM’s position in the global quantum ecosystem being the first Indian GSI to join the IBM Quantum Network.

LTIM has been awarded the Fivetran Global and EMEA Innovation Partner of the Year 2024, showcasing our dedication to innovation and customer-centricity.

LTIM was awarded "Global Breakthrough Partner of the Year" by Tricentis. This award highlights our strong partnership and dedication to delivering innovative solutions to clients using Tricentis technology.

Received Temenos Learning Community Award accrediting LTIM’s commitment towards constant upskilling in Banking Digital transformation.

Recognitions

• LTIMindtree recognized as a Major Contender in Everest Group’s CPG IT Services PEAK Matrix® Assessment 2024.
• LTIMindtree recognized as a Major Contender in Everest Group’s Retail IT Services PEAK Matrix® Assessment 2024.
• LTIMindtree featured in Forrester's ‘The state of Digital Workplace Services, 2024’.
• LTIMindtree recognized as a Major Contender in Everest Group’s Application Transformation Services PEAK Matrix Assessment 2024-North America.
• LTIMindtree featured in Forrester's ‘The Adobe Services Landscape Q1 2024’.

Announcements

The Board of Directors have recommended a final dividend of ₹45 per equity share of par value ₹1 each for the financial year ended March 31, 2024.

About LTIMindtree

LTIMindtree is a global technology consulting and digital solutions company that enables enterprises across industries to reimagine business models, accelerate innovation, and maximize growth by harnessing digital technologies. As a digital transformation partner to more than 700 clients, LTIMindtree brings extensive domain and technology expertise to help drive superior competitive differentiation, customer experiences, and business outcomes in a converging world. Powered by 81,000+ talented and entrepreneurial professionals across more than 30 countries, LTIMindtree — a Larsen & Toubro Group company — combines the industry-acclaimed strengths of erstwhile Larsen and Toubro Infotech and Mindtree in solving the most complex business challenges and delivering transformation at scale. For more information, please visit https://www.ltimindtree.com/.

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