LTI Mindtree Q1 results exceed expectations: PAT at Rs 1,151 crore; Revenue grows 14% YoY

IT services company records robust performance with promising deal wins and strategic growth

LTI Mindtree, a prominent IT services company, has impressed the markets with its Q1 results for the fiscal year 2023-24. The company reported a consolidated net profit of Rs 1,151 crore during the first quarter, showcasing a commendable 4% year-on-year (YoY) growth compared to the same period last year when it recorded Rs 1,106 crore. Simultaneously, the revenue from operations witnessed a substantial 14% YoY rise, reaching Rs 8,702 crore.

The solid performance can be attributed to LTI Mindtree’s well-performing key verticals, including BFSI, Manufacturing & Resources, and Hi-Tech, Media, and Entertainment, which collectively constitute 75% of the company’s revenues. Additionally, the order inflow has seen an impressive upward trend, reaching a remarkable USD 1.41 billion in this quarter. These positive indicators underscore the success of the company’s strategic programs and operational rigor.


Despite the challenges posed by the ongoing global scenario, LTI Mindtree’s EBITDA (earnings before interest, tax, depreciation, and amortization) witnessed a 9% YoY growth, reaching Rs 1,635 crore. However, the EBITDA margins experienced a slight shrinkage to 18.8% in the quarter under review, compared to 19.5% in the same period last year.

While the constant currency growth on a sequential basis was a modest 0.1%, the BFSI segment notably recorded a 12% YoY growth, reflecting the company’s strength in the financial sector. However, the hi-tech, media, and entertainment segment registered only a 1% increase in comparison.

Geographically, North America’s revenues surged by 10% YoY during the reporting quarter, while the European region recorded a growth of 7%. On the other hand, revenue from the rest of the world experienced a marginal decline of 2.6%. The company’s commitment to expanding its client base remained evident as it added a total of 19 new clients during the quarter, taking the total number of active clients to 723.

Furthermore, LTI Mindtree achieved remarkable success in securing notable deals across various industries. The wins include strategic partnerships with leading insurance companies, technology giants, and multinational consumer goods firms. These agreements underscore the company’s ability to provide cutting-edge digital transformation solutions and technology services.

Despite a temporary reduction in the headcount during the quarter, the attrition rate experienced a decline to 17.8% in the June quarter, further reinforcing the company’s efforts in maintaining a skilled and dedicated workforce.

LTI Mindtree’s Q1 results present a promising outlook for the company as it continues to leverage its strengths, embrace digital advancements, and solidify its position in the ever-evolving IT services landscape.