LTIMindtree Q4 Results: Net profit drops 5.9% sequentially, misses Street estimates

LTIMindtree Q4 FY24 Results: LTIMindtree, the country's fifth largest IT company by market value, on Wednesday reported a consolidated net profit of Rs 1,099.9 crore for the January-March period, down 5.9 per cent on a quarter-on-quarter basis and falling short of analysts' expectations. 

Its fourth-quarter revenue declined 1.4 per cent sequentially to Rs 8,892.9 crore, according to a regulatory filing. 

According to Zee Business research, Mumbai-headquartered LTIMindtree's March-quarter net profit was estimated at Rs 1,150 crore and revenue at Rs 8,930 crore.

While revenue in dollar terms declined 1.3 per cent on a quarter-on-quarter basis to $1,069.4 million, that in constant currency also dropped 1.3 per cent sequentially, LTIMindtree said.  

Zee Business analysts had pegged the IT firm's fourth-quarter revenue at $1,075 million. 

LTIMindtree logged Rs 1,308.7 crore in earnings before interest and taxes (EBIT) for the March quarter as against Rs 1,386 crore crore for the October-December period. 

LTIMindtree said it had 738 active clients at the end of March, with the number of $5 million-plus clients having increased by 7.0 per cent on a year-on-year basis to 153. 

While its number of $10 million-plus clients increased by 10 to 91, the number of $20 million-plus clients grew by two to 40. 

Attrition at the company, on a trailing 12-month basis, worsened to 14.4 per cent as against 14.2 per cent three months ago. 

LTIMindtree said "a global leader in the design, engineering, and delivery of customised facilities for high-tech industries" selected it as their preferred strategic partner for their Digital Transformation journey over the next five years. 

Besides, a "US-based premier oil and gas producer selected LTIMindtree as their strategic partner for end-to-end technology services", it said. As part of the partnership, LTIMindtree will provide services across several value-based portfolios covering digital solutions, platforms and operations, the Mumbai-headquartered IT firm added. 

The company said it had 81,650 professionals, as of March 31, 2024. 

LTIMindtree dividend

The IT firm declared a final dividend of Rs 45 per equity for the financial year 2023-24.

LTIMindtree shares ended 0.2 per cent higher at Rs 4,732.6 apiece on BSE ahead of the earnings announcement. 

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