MUMBAI - LTIMindtree (NS:LTIM) [NSE: LTIM, BSE: 540005], a leading global technology consulting and digital solutions company, has announced a year-over-year (YoY) revenue growth of 3.5% to USD 1.08 billion for the quarter ended December 31, 2023. The company also reported a 14.6% increase in Earnings Before Interest and Taxes (EBIT) and a record order inflow of USD 1.5 billion, marking a 21% growth compared to the same period last year.
The company's operational performance has been robust despite traditionally weaker seasonal factors and ongoing macroeconomic challenges. With an EBIT margin of 15.4% and a Profit After Tax (PAT) margin of 13%, both metrics have shown an improvement from the previous year, increasing by 150 and 140 basis points, respectively.
LTIMindtree's CEO and Managing Director, Debashis Chatterjee, highlighted the company's strong cash flow metrics, which have resulted in a cash and investment balance crossing INR 10,000 crore ($1 = ₹83.17). Chatterjee expressed confidence in the company's trajectory as it moves into the new year.
The company's financial performance in Indian Rupees (INR) also reflected growth, with revenue reaching Rs 90,166 million and net profit at Rs 11,693 million for the quarter. This represents a quarter-over-quarter growth of 1.2% and 0.6%, respectively, and a YoY growth of 4.6% and 16.8%.
For the nine months ending December 31, 2023, LTIMindtree posted a revenue of USD 3,217.9 million and a net profit of USD 421.1 million, indicating a 5.6% and 2.7% growth over the same period the previous year.
The company has expanded its client base, now serving 739 active clients, and has seen an increase in clients across various revenue brackets. Notably, the company has added 5 clients in the $5 million+ category and 8 clients in the $10 million+ category from the previous year.
LTIMindtree has secured several significant deals, including partnerships with a global leader in high-tech industries for digital transformation, a US-based oil and gas producer for technology services, and a mass media corporation for ServiceNow (NYSE:NOW) transformation.
The company has received several accolades and recognitions, such as the "Global Partner of the Year award" for Sustainability from AWS and being named a Global Future 50 Company by Fortune Magazine.
This news report is based on a press release statement issued by LTIMindtree.
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