LTIMindtree delivers 8.2% YoY revenue growth in CC
LTIMindtree,
a global technology consulting and digital solutions company, announced its
consolidated results today for the first quarter ended June 30, 2023, as
approved by its Board of directors.
“During the first quarter of FY24, LTIMindtree delivered 8.2% YoY revenue
growth in Constant Currency. Our key verticals BFSI, Manufacturing &
Resources and Hi-Tech, Media, and Entertainment which make up 75% of our
revenues performed well. Our strategic programs are bearing fruit and is evident
in the upward movement across our client buckets. The order inflow continued to
increase and reached USD 1.41 billion in this quarter. Our operational rigor
helped us achieve an EBIT of 16.7% and PAT of 13.2%,”said, Debashis
Chatterjee, Chief Executive Officer and Managing Director
Key financial highlights:
Quarter ended June 30, 2023
· In USD:
o Revenue at $1,058.7 million (growth of 0.1% Q-o-Q / 8.1% Y-o-Y)
o Net profit at $140.1 million (growth of 3.4% Q-o-Q / decline of 1.2%
Y-o-Y)
· In INR:
o Revenue at Rs 87,021 million (growth of 0.1% Q-o-Q / 13.8% Y-o-Y)
o Net profit at Rs 11,523 million (growth of 3.4% Q-o-Q / 4.1% Y-o-Y)
Other highlights:
· Clients:
o 723 active clients as of June 30, 2023
o $5 million+ clients increased by 18 on a Y-o-Y basis, total 148
o $10 million+ clients increased by 9 on a Y-o-Y basis, total 88
o $50 million+ clients increased by 3 on a Y-o-Y basis, total 13
· People:
o 82,738 professionals as of June 30, 2023
o Trailing 12 months attrition was 17.8%
Deal Wins
· One of the largest Property & Casualty insurance companies in the
United States has chosen LTIMindtree as a strategic partner for a multi-year
application development and maintenance deal.
· A US-based Insurance & Retirement major has awarded LTIMindtree a
multi-year deal for 24x7 Infrastructure Managed Services.
· A well-known Consumer Electronics and Personal Computing firm, renowned
for its quality and innovation, has selected LTIMindtree to drive digital
transformation and business process re-engineering, including the adoption of
as-a-Service business models.
· A Digital Communications technology giant based in the United States has
partnered with LTIMindtree for developing a resilient supply chain for new
business acquisition.
· A UK-based Pharmaceutical giant awarded LTIMindtree a multi-year
contract to provide SAP Managed services along with testing and support
services.
· A leading American multinational Consumer Goods company selected
LTIMindtree to co-create and support their Integrated Media solutions platform
for ad-buying across channels.
· A prestigious regulatory body has chosen LTIMindtree for its
Next-Generation Data Warehouse implementation.
· LTIMindtree opened a new logo in the beverages industry, with an application
services deal that allows our client to build a scalable core-flex model for IT
application services.
· A world leader in Risk Management & Consulting has selected
LTIMindtree to build a greenfield cloud-based data platform using AWS. This
state-of-the-art foundational platform will help the client to improve the
carrier and client experience by leveraging data to create an information
advantage.
· A leading US-Based Property & Casualty insurance major selected
LTIMindtree to migrate and modernize their legacy data platform to Snowflake’s
cloud data platform by leveraging our proprietary PolarSled toolset.
Recognitions
· Recognized as a 'Leader' in Everest Group's Asset & Wealth
Management IT Services PEAK Matrix 2023.
· Recognized as a 'Leader' in Everest Group's Microsoft Dynamics 365 PEAK
Matrix 2023.
· Won the 2023 Global System Integrator Innovation Partner of the Year
Award from Snowflake.
· Recognized as a Visionary in the 2023 Gartner® Magic Quadrant™ for Data
Center Outsourcing & Hybrid Infrastructure Managed Services.
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