LTI Mindtree Reports Strong Q1 Results, Upbeat on Growth Prospects

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LTI Mindtree, a leading global technology consulting and digital solutions company, reported strong financial results for the first quarter of fiscal year 2024 (FY24). The company’s net profit surged to Rs 1,152.3 crore, an impressive 3.4% rise from the previous quarter. Revenue also grew marginally to Rs 8,702 crore, representing a 0.12% increase quarter-on-quarter.

LTI Mindtree’s strong performance was driven by a number of factors, including its strategic programs, which have been instrumental in driving growth. The company also saw an increase in order inflow, reaching a remarkable $1.41 billion in the first quarter. Key verticals such as BFSI, Manufacturing & Resources, and Hi-Tech, Media, and Entertainment contributed significantly to the company’s revenues, making up 75% of the total revenue.

Debashis Chatterjee, CEO and MD of LTI Mindtree, said, “We are pleased with our strong Q1 results, which reflect our commitment to staying ahead of the digital curve and delivering value to our clients worldwide. With a focus on strategic growth, innovative solutions, and operational excellence, we are confident in our ability to continue to deliver strong results in the quarters ahead.”

LTI Mindtree is also committed to its workforce, and plans to roll out hikes for employees effective July. The company’s focus on talent development is mirrored in the decline in attrition rates, which decreased to 17.8% in the June ending quarter, down from 20.2% in the March quarter of FY23.

As part of its growth trajectory, LTI Mindtree has garnered accolades from various industries, with notable deal wins from leading companies. One of the largest Property & Casualty insurance companies in the United States has chosen LTI Mindtree as a strategic partner for a multi-year application development and maintenance deal. Additionally, a US-based Insurance & Retirement major has awarded LTI Mindtree a multi-year deal for 24×7 Infrastructure Managed Services.

LTI Mindtree’s success story extends to partnerships with well-known firms in the Consumer Electronics and Personal Computing space, showcasing the company’s excellence in driving digital transformation and adopting as-a-Service business models.

The company’s achievements in the first quarter reflect its commitment to staying ahead of the digital curve and delivering value to its clients worldwide. With a focus on strategic growth, innovative solutions, and operational excellence, LTI Mindtree continues to solidify its position as a prominent player in the global IT services landscape.

Here are some of the key takeaways from LTI Mindtree’s Q1 results:

  • The company’s net profit surged to Rs 1,152.3 crore, an impressive 3.4% rise from the previous quarter.
  • Revenue also grew marginally to Rs 8,702 crore, representing a 0.12% increase quarter-on-quarter.
  • The company’s strategic programs have been instrumental in driving growth.
  • Order inflow increased to a remarkable $1.41 billion in the first quarter.
  • Key verticals such as BFSI, Manufacturing & Resources, and Hi-Tech, Media, and Entertainment contributed significantly to the company’s revenues.
  • The company is committed to its workforce, with plans to roll out hikes for employees effective July.
  • LTI Mindtree has garnered accolades from various industries, with notable deal wins from leading companies.
  • The company is well-positioned for continued growth in the quarters ahead.

Disclaimer : The news provided above is based on information as of July 18, 2023. Readers are encouraged to refer to credible news sources for any updates or further developments on LTI Mindtree’s financial performance.