LTIMindtree Delivers 3.5% YoY USD Revenue Growth

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Business Wire IndiaLTIMindtree [NSE: LTIM, BSE: 540005], a global technology consulting and digital solutions company, announced its consolidated results today for the third quarter ended December 31, 2023, as approved by its Board of directors.
 
Our strong operational performance in a seasonally weak quarter speaks about the organization’s resilience amid the continuing macro challenges. For the quarter, we reported a revenue of USD 1.08 billion, a 3.5% YoY growth in USD terms, an EBIT margin of 15.4%, an increase of 150 bps YoY, and a PAT margin of 13%, an increase of 140 bps YoY. 
We have booked our highest-ever order inflow at USD 1.5 billion, representing a 21% increase YoY, and our strong cash flow metrics helped us cross INR 10,000 crore in cash and investment balance. These strong indicators make us confident to deliver on our path to success as we enter the new year.”

-Debashis Chatterjee, Chief Executive Officer and Managing Director 

 
Key financial highlights:
 
Quarter ended December 31, 2023
 

  • In USD:
    • Revenue at $1,083.7 million (growth of 0.8% Q-o-Q / 3.5% Y-o-Y)
    • Net profit at $140.5 million (growth of 0.1% Q-o-Q / 15.6% Y-o-Y)
  • In INR:
    • Revenue at Rs 90,166 million (growth of 1.2% Q-o-Q / 4.6% Y-o-Y)
    • Net profit at Rs 11,693 million (growth of 0.6% Q-o-Q / 16.8% Y-o-Y)

Nine Months ended December 31, 2023 (YTD FY24 vs YTD FY23)
 

  • In USD:
    • Revenue at $3,217.9 million (growth of 5.6%)
    • Net profit at $421.1 million (growth of 2.7%)
  • In INR:
    • Revenue at Rs 2,66,241 million (growth of 8.7%)
    • Net profit at Rs 34,839 million (growth of 5.7%)

Other highlights:

  •  Clients:
    • 739 active clients as of December 31, 2023
    • $5 million+ clients increased by 5 on a Y-o-Y basis, total 149
    • $10 million+ clients increased by 8 on a Y-o-Y basis, total 89
    • $20 million+ clients increased by 3 on a Y-o-Y basis, total 40
    • $50 million+ clients increased by 1 on a Y-o-Y basis, total 12
  • People:
    • 82,471 professionals as of December 31, 2023
    • Trailing 12 months attrition was 14.2%

Deal Wins
 

  • A global leader in the design, engineering, and delivery of customized facilities for high-tech industries has selected LTIMindtree as their preferred strategic partner for their Digital Transformation journey over the next 5 years. LTIMindtree will drive transformation across the technology landscape through multiple services including Cloud Migration, End User Services, Security, and Application Development and Support.
  • A US-based premier oil and gas producer selected LTIMindtree as their strategic partner for end-to-end technology services. As part of the partnership, LTIMindtree will provide services across several value-based portfolios covering Digital Solutions, Platforms and Operations.
  • A diversified multinational mass media corporation has chosen LTIMindtree as their preferred ServiceNow transformation partner. This engagement will help unlock the value of their ServiceNow investments, improve ROI, and drive cost efficiency.
  • A leading US-based energy producer has expanded its infrastructure managed services scope with LTIMindtree.
  • A global financial services technology company has chosen LTIMindtree for its Product Development initiatives.
  • A utilities company in the Middle East continues to strengthen its relationship with LTIMindtree by signing another 3-year agreement where LTIMindtree will support their transformation journey by identifying areas of expansion and optimizing the technology landscape.

 
Partnerships
 

  • LTIMindtree received the “Global Partner of the Year award” for Sustainability from #AWS at #reinvent2023. We received this commendation for the business impact we created for one of our marquee Utility customers, enabling them to reduce over 2 million metric tonnes of carbon emissions. This recognition accentuates LTIMindtree as a conscientious, futuristic, and sustainable organization committed to an inclusive vision, shared growth, and positive value creation with our stakeholders.
  • LTIMindtree was honoured with “Partner on Boomi Award” at the Boomi World Tour. This recognition endorses LTIMindtree’s deep expertise to deliver integrated environments, power automation, and enable data-driven decision-making to give our joint customers the best business outcomes.

 
Recognitions
 

  • LTIMindtree named Global Future 50 Company by Fortune Magazine in its latest edition, being the only IT Services company to feature on the list.
  • LTIMindtree positioned as a Leader in Everest Group’s Cloud Services in Insurance PEAK Matrix® Assessment 2024.
  • LTIMindtree recognized as Leader and Star Performer in Everest Group’s Talent Readiness for Next-gen IT Services PEAK Matrix 2023.
  • LTIMindtree recognized as Leader in Everest Group’s Lending Services 2023 PEAK Assessment.
  • LTIMindtree recognized in Forrester’s ‘The Application Modernization and Migration Services Landscape, Q4 2023’.
  • LTIMindtree interviewed for Forrester’s November 2023 report, ‘Layers, Gates, Pipes, And Loops: A GenAI Application Architecture’.
  • LTIMindtree recognized in Forrester’s ‘The Continuous Automation and Testing Services Landscape, Q4 2023’.
  • LTIMindtree recognized in Forrester’s ‘The Microsoft Business Applications Services Landscape, Q42023’.
  • LTIMindtree recognized as an Enterprise Innovator in HFS Horizons: Generative Enterprise Services Horizons.
  • LTIMindtree recognized as an Enterprise Innovator in HFS Horizons: Life science service providers 2023.
  • LTIMindtree positioned as an Innovator in HFS Horizon’s Retail & CPG Industry 2023.
  • LTIMindtree positioned as a Rising Star in ISG Supply Chain Services 2023.
  • LTIMindtree positioned as a Major Contender in Everest Group’s Cloud Security Services PEAK Matrix® Assessment 2023.
  • LTIMindtree recognized as a Major Contender in Everest Group’s Digital Interactive Experience (IX) Services PEAK Matrix® Assessment 2023 – North America.
  • LTIMindtree recognized as a Major Contender in Everest Group’s Artificial Intelligence(AI) Services PEAK Matrix® Assessment 2023.
  • LTIMindtree recognized as a Major Contender in Everest Group’s Healthcare Digital Payer Services PEAK Assessment 2023.