Its EBIT Margin improves to 15%
FinTech BizNews Service
Mumbai, July 17, 2024: LTIMindtree [NSE: LTIM, BSE: 540005], a global technology consulting and digital solutions company, announced its consolidated results today for the first quarter ended June 30, 2024, as approved by its Board of Directors.
“While the environment remains unchanged, fiscal 25 started on a positive note for us with Q1FY25 revenue of USD 1.1 billion, registering a 2.5% QoQ and 3.5% YoY revenue growth in USD terms. Our Q1FY25 EBIT expanded to 15% and order inflow remained stable at USD 1.4 billion. Our top 3 industry verticals and our largest geography have performed well sequentially. This is attributed to a measured uptick in IT spending for critical initiatives with clients balancing innovation and fiscal prudence.”
-Debashis Chatterjee, Chief Executive Officer and Managing Director
Key financial highlights:
Quarter ended June 30, 2024
· In USD:
- Revenue at $1,096.2 million (+2.5% Q-o-Q / +3.5% Y-o-Y)
- Net profit at $136.1 million (+2.8% Q-o-Q / -2.9% Y-o-Y)
· In INR:
- Revenue at ₹91,426 million (+2.8% Q-o-Q / +5.1% Y-o-Y)
- Net profit at ₹11,351 million (+3.1% Q-o-Q / -1.5% Y-o-Y)
Other highlights:
· Clients:
- 748 active clients as of June 30, 2024
- $1 million+ clients increased by 2 on a Y-o-Y basis, total 390
- $20 million+ clients increased by 3 on a Y-o-Y basis, total 43
· People:
- 81,934 professionals as of June 30, 2024
- Trailing 12 months attrition was 14.4%
Deal Wins
· A major US airline chose LTIMindtree to provide Platform Engineering & Operations Services, leveraging its global delivery footprint in the US, UK, Poland and Australia.
· A US-based insurance and retirement corporate has chosen LTIMindtree as their partner for development and support in the Life & New Business area. This includes accountability for managing 100+ apps in the new business portfolio.
· A US-headquartered company that provides data center solutions to hyperscalers, cloud and enterprise customers has awarded LTIMindtree a multi-year deal to provide PoD-based managed services in the areas of application development, data engineering, infrastructure support, testing, and ITSM.
· A US-headquartered digital marketing company has expanded their relationship with LTIMindtree through a strategic outsourcing deal to accelerate their digital and cost transformation journey in the areas of quality assurance, data analytics and BI, data science, field analytics, and project management.
· A leading global designer and manufacturer of electric domestic appliances has chosen LTIMindtree as their anchor partner to deliver Quality Assurance Services.
· A leading Japanese automotive company awarded LTIMindtree a multi-year service desk support contract.
· A US-based non-profit organization has entrusted LTIMindtree with an Infrastructure & Cybersecurity Managed Services contract. This involves migration of Data Center to Cloud along with implementation and management of security and infra tools.
Partnerships
· LTIM has renewed its Strategic Collaboration Agreement with AWS. This partnership will see both entities work closely to enhance industry alignment across sales, solutions, and delivery. We will collaborate on developing joint solutions targeting key areas such as Generative AI, SAP, data management & migration, and modernization processes.
· LTIM won the AWS Champions Club UK & Ireland 2024 for the most innovative deal category. The award was bestowed at the AWS UKI Partner Summit. LTIM was nominated for 2 GenAI opportunities using technologies like Amazon Sagemaker and Amazon Bedrock.
· LTIM has been recognized as the 2024 Google Cloud Partner of the Year for the Manufacturing Industry Segment, highlighting its success in implementing Google Cloud technologies with specialized domain knowledge and automation.
· LTIM was awarded the Standard of Excellence award along with Star Insurance Group at Duck Creek’s annual event Formation 2024, for simplifying the process of complex Insurance and delivering business effectiveness. LTIMindtree continues to help carriers transform and adopt new, digital AI enabled solutions with the skill, experience & security needed to achieve success.
