LTI Mindtree Q4 Results FY2023, Net Profit at Rs. 11,141 million

On 27th April, LTI Mindtree announced its results for the last quarter of FY2023.

LTI Mindtree Revenue:

- For FY2023, Revenue in USD was reported at $4,105.7 million, growth of 17.2% YoY
- For FY2023, Revenue in INR was posted at ₹331,830 million, growth of 27.1% YoY
- In Q4FY23, Revenue in USD was reported at $1,057.5 million, a growth of 1.0% QoQ and 11.9% YoY.
- For the quarter, Revenue in INR was at ₹86,910 million, a growth of 0.8% QoQ and 21.9% YoY. 

LTI Mindtree Net Profit:

- For FY2023, Net profit in USD was reported at $545.7 million, growth of 3.0% YoY
- For FY2023, Net profit in INR was posted at ₹44,103 million, growth of 11.7% YoY
- In Q4FY23, Net profit in USD was reported at $135.6 million, growth of 11.6% QoQ and decline of 7.8% YoY
- For the quarter, Net profit in INR was at ₹11,141 million, growth of 11.3% QoQ and 0.5% YoY 

LTI Mindtree Revenue by Industry:

- The company earned 38% of its revenue from Banking, Financial Services & Insurance segment
- The company earned 23% of its revenue from the Hi-Tech, Media & Entertainment segment.
- The company earned 17.5% of its revenue from Manufacturing & Resources segment.
- The company earned 15.4% of its revenue from Retail, CPG, Travel, Transportation & Hospitality segments.
- The company earned 6.1% of its revenue from the Health, Life Sciences & Public Services segment.

LTI Mindtree Revenue by Geography:

- The company earned 71.9% of its revenue from the North American market.
- The company earned 15.4% of its revenue from the European market.
- The company earned 12.7% of its revenue from the rest of the world market.

Key Deals Won:

- LTI Mindtree was selected as the key digital transformation partner by Currys, a UK-based retailer of technology products and services.
- onsemi, a global leader in intelligent power and image-sensing technologies, has chosen LTIMindtree as a strategic service provider for developing its next-generation enterprise IT support platform
- LTIMindtree has been selected by Hellenic Bank, a leading financial institution in Europe, as their exclusive Strategic Sourcing partner for their digital transformation program improving the customer experience through digitalisation, streamlining processes, and offering competitive products.
- A North American manufacturer of high-performance building solutions chose LTIMindtree for its digital transformation journey. 
- LTI Mindtree won a multi-year, multi-million-dollar deal with a financial insurance company to provide them with application and data services.
- An American insurance company which is the largest provider of supplemental insurance in the US has partnered with LTIMindtree for a multi-year AMS deal.
- Chosen by a global leader of engineered products and services for agricultural equipment to provide consulting and testing services.
- One of the major airlines in the United States has selected LTIMindtree as a partner of choice in an application maintenance deal.

LTI Mindtree Other Business Highlights:

- 728 active clients as of March 31, 2023
- 84,546 professionals as of March 31, 2023
- The Board of Directors has recommended a final dividend of ₹40 per equity share of par value ₹1 each for the financial year ended March 31, 2023.

Commenting on the results, Debashis Chatterjee, Chief Executive Officer and Managing Director of LTIMindtree said: “We are pleased to report a strong FY23, with a broad-based full-year revenue growth of 19.9% in constant currency. This industry-leading performance positions us well to deliver continued profitable growth in FY24. As we move to unified systems & processes, we are ready to exploit the synergies. Our Q4 revenue came in at a healthy USD 1.06 billion - up 13.5% year-over-year in constant currency and 11.9% in reported USD terms. Our order inflow for the quarter came in at USD 1.35 billion, helping us close the full-year order inflow at USD 4.87 billion. We added 31 new clients for Q4 and increased our count of USD 50 million plus customers by 2 to 13. Our full-year operating margin was at 16.2% and the basic EPS was at INR 149.1. 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.”