LTIMindtree Q4 PAT down 6% QoQ to Rs 1,100

LTIMindtree said its consolidated net profit fell 5.87% to Rs 1,100 crore and operating income rose 1.37% to Rs 8,892 crore in Q3 FY24.

Profit before tax fell 6.24% quarter-on-quarter to Rs 1,448 billion in the fourth quarter of fiscal 2024.

Compared to the fourth quarter of fiscal 2023, the company’s net profit decreased by 1.26% and operating income increased by 2.31%.

EBITDA for the fourth quarter of fiscal 2024 was Rs 1,603.7 billion, down 3.1% quarter on quarter and down 4.2% year on year. EBITDA margin in Q4 of FY24 was 17.3%, compared to 17.6% in Q3 of FY24 and 18.5% in Q4 of FY23.

In US dollar terms, the company’s revenue for the fourth quarter of FY24 was $1.0694 billion, down 1.3% quarter-on-quarter and up 1.1% year-on-year. On a constant currency basis, revenue growth fell to 1.3% sequentially and 1.2% year over year.

The company said it added 30 new subscribers in the quarter ended March 31, 2024. The current total subscriber base is 738 active subscribers.

Total headcount in the fourth quarter of fiscal 2024 was 81,650. The company’s trailing twelve month (TTM) churn rate was 14.4% in Q4 FY24, compared to 20.2% in Q4 FY23 and 14.2% in Q3 FY24.

Based on FY2024, the company’s net profit rose 4% to Rs 45.846 billion in FY24 from Rs 44.1 billion in FY23. Operating income rose 7.03% YoY to Rs 355.17 billion in FY2024.

Meanwhile, the company’s board of directors declared a dividend of Rs 45 per share for FY24.

Debashis Chatterjee, Chief Executive Officer and Managing Director, said: “We ended FY24 with a resilient performance despite a challenging macro environment, with full-year revenue growing 4.4% in US dollar terms, EBIT. The margin was 15.7%. Our full-year order inflow was $5.6 billion, an increase of 15.7% over 2023. This growth reflects our position as a larger organization so that as market dynamics evolve, we are keen to be part of the innovation, collaboration initiatives our customers will undertake in FY25.

LTIMindtree is a global technology consulting and digital solutions company that helps use digital technologies to reimagine business models across industries, accelerate innovation and maximize growth. LTIMindtree, a Larsen & Toubro Group company, combines the previously acclaimed strengths of Larsen & Toubro Infotech and Mindtree to deliver solutions to the most complex business challenges and deliver large-scale transformation.

The stock closed up 0.23% at Rs 4,732.55 on Wednesday, April 24, 2024.

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