LTIMindtree Q1 Results: Cons PAT falls over 1% YoY to Rs 1,134 crore; revenue rises 5%

LTIMindtree on Wednesday reported a consolidated net profit of Rs 1,134 crore for the quarter ended June 30, 2024, — down by 1.5% over Rs 1,152 crore reported by the company in the year-ago period. The PAT for the reported quarter missed the Street estimates of Rs 1,150 crore.The revenue from operations for the reported quarter stood at Rs 9,143 crore, higher by 5% YoY over Rs 8,702 crore reported in the corresponding quarter of the last financial year.

The net profit for the period attributable to shareholders stood at Rs 1,134 crore. On a sequential basis, the profit after tax for the reported quarter jumped nearly 3% as against Rs 1,100 crore in the previous quarter.

Meanwhile, the revenue from operations was up by 3% on a sequential basis versus Rs 8,893 crore in the January-March quarter.

In USD terms, the revenue was reported at $1,096.2 million, which grew by 3.5% on a YoY basis while rising by 2.5% on QoQ basis.

On Wednesday, the company’s board of directors granted their approval to set up a wholly-owned subsidiary in Brazil, with an initial investment of $1 million.

Segment Results

Revenue for its Banking, Financial Services & Insurance segment witnessed 35.2% YoY growth, which was flat over Q4FY24 growth but lower from the year-ago period, which saw 37.5% growth.The Technology, Media & Communications segment growth was reported at 25.6% versus 24.3% in Q4FY24 and 23.7% in Q1FY24.

The Manufacturing & Resources segment growth was reported at 18.5% versus 18.6% in Q4FY24 and 17.3% in Q1FY24.

The Consumer Business segment growth was reported at 14.5% versus 15.1% in Q4FY24 and 15.1% in Q1FY24.

The Healthcare, Life Sciences & Public Services segment growth was reported at 6.2% versus 6.9% in Q4FY24 and 6.4% in Q1FY24.

Geography-wise, North America, which accounts for the company’s highest revenue, witnessed YoY and QoQ growth at 75.1% in the reporting quarter versus 73.8% in Q4FY24 and 73.1% Q1FY24. However, the company took a dip in its YoY and QoQ revenue growth in Europe and the rest of the world in Q1FY25.

Deal Wins

The company managed to crack four new deals in the quarter gone by, including one from a major US airline. A leading Japanese automotive company also awarded LTIMindtree with a multi-year service desk support contract, the company filing said.

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