LTI Mindtree Q2 Results FY2024, Net profit at Rs.11623 million

On 18th October 2023, LTI Mindtree announced its quarterly results.

Key Highlights:

- In USD, Revenue stood at $1,075.5 million, up by 5.2% YoY. In INR, Revenue stood at Rs.89,054 million, up by 8.2% YoY
- In USD, Net profit was reported at $140.4 million. In INR, Net profit was at Rs.11,623 million
- Trailing 12 months attrition was 15.2%
-  Strong order inflow of USD 1.3 billion; marks a YoY growth of 20%

Segment Highlights:

- Industry segment growth in USD was led by  BFSI vertical which grew 36.2%, Hi-Tech, Media & Entertainment at 25.3%, Manufacturing & Resources at 16.2%, Retail, CPG, Travel, Transport & Hospitality at 15.4% and Healthcare, Life Sciences & Public Services was at 6.8%.
- Among major markets, North America grew72.9% and Europe grew 14.6%. Rest of the World grew 12.5%

Key Deals Won:

- To update its SAP application landscape, one of the biggest semiconductor manufacturers in the world has selected LTIMindtree as a key digital transformation partner.
- LTIMindtree has been chosen by a major US clothing retailer with over 900 outlets for a multi-year managed services agreement for application and infrastructure services.
- An American company that specializes in insurance and retirement has given LTIMindtree a multi-year application development and maintenance program.
- A US-based international chain of fast-casual restaurants selected LTIMindtree as their strategic partner for digital transformation.

Commenting on the results, Debashis Chatterjee, Chief Executive Officer and Managing Director said: “Our results in the second quarter were highlighted by strong revenue growth of 5.2% YoY, in USD terms, along with a healthy operating margin of 16% despite wage hikes across the organization. This all-round performance, in a challenging business environment, demonstrates the strength of our capabilities and disciplined execution. Our robust order inflow at USD 1.3 billion, representing a 20% increase YoY, and growth across our client bands speaks to the strength of our client relationships, robust delivery and our ability to address the priorities of our clients across their efficiency and transformation mandates.”