LTIMindtree Q4 Profit Dips 1.2%, Expects Growth in Q1
IT services company LTIMindtree reported a 1.2% year-on-year decline in consolidated net profit for the March quarter to ₹1,100.7 crore, impacted by slower ramp-ups and weak performance in the banking and financial services space. However, the company expressed confidence in returning to growth in the April-June period.
The company’s revenue for the quarter grew 2.32% to ₹8,892.9 crore, with 74% of the revenue coming from the North American region. The profit (attributable to shareholders of the company) came in at ₹1099.9 crore for the March quarter, a year-on-year dip of 1.2%.
For the full fiscal year 2024, LTIMindtree’s net profit rose 4% to ₹4,584.6 crore, and revenue increased 7% to ₹35,517 crore. The profit (attributable to shareholders of the company) for the fiscal stood at ₹4,582.1 crore, which was 3.94% higher than that of FY23. The company’s order inflow for the full year grew 15.7% to $5.6 billion.
“This quarter was a one-off. We will return to growth in Q1(FY25). The positive outcomes of our positioning as an organisation with scaled expanded capabilities and stronger partnerships continue to reflect in our order inflow and pipeline,” Debashis Chatterjee, Chief Executive Officer and Managing Director of LTIMindtree, said during the company’s earning call for the fourth quarter.
He further said the company has entered FY25 with a strong foundation to drive revenue synergies. “Reflecting on LTIMindtree’s achievements and looking forward, I am confident that the insights gained and the strategies implemented will enable us to execute better,” he added.
The company — formed through the merger of two L&T Group subsidiaries erstwhile Mindtree and L&T Infotech in 2022 — has also announced the reappointment of Nachiket Deshpande as whole-time director for five consecutive years effective from May 2, 2024.
LTIMindtree’s scrip closed 0.23% higher at ₹4,732.55 apiece on the BSE on Wednesday. The results were declared after market hours. The board of directors has recommended a final dividend of ₹45 per equity share of ₹1 each.
