LTIMindtree Q1 Results: Profit Meets Estimates, Revenue Flat
LTIMindtree revenue was flat at Rs 9,841 crore in the quarter ended June.
LTIMindtree Ltd.’s net profit rose 11% sequentially in the first quarter of this fiscal to Rs 1,254 crore, as compared to Rs 1,129 crore in the year-ago period, according to the consolidated results declared by the company on Thursday.
The bottomline posted by the IT firm has met the consensus estimate of analysts tracked by Bloomberg.
LTIMindtree's revenue rose marginally during the quarter under review to Rs 9,841 crore, as against Rs 9,772 crore in the year-ago period. This was also in line with the estimates.
LTIMindtree Q1 Results Highlights (Consolidated, QoQ)
Revenue up 0.7% at Rs 9,841 crore versus Rs 9,772 crore (Bloomberg estimate: Rs 9,855 crore).
EBIT rises 4.5% to Rs 1,407 crore versus Rs 1,345 crore (Estimate: Rs 1,315 crore).
Margin expands to 14.3% versus 13.8% (Estimate: 14%).
Net profit up 11% at Rs 1,254 crore versus Rs 1,129 crore (Estimate: Rs 1,194 crore).
Also Read: Jio Financial Q1 Results
In dollar terms, revenue for the first quarter stood at $1,53.3 million, up 2% sequentially and 5.2% on a year-on-year basis. Net profit stood at $147 million, rising 12.6% quarter-on-quarter basis, and up 8% compared to the year-ago quarter.
On an annual basis, revenue from BFSI segment grew 10.6%, technology, consumer business grew 5.7%, and manufacturing and resources grew 11.6% in the first quarter. However, media and communications business, along with healthcare, life sciences and public services segment dipped by 4.7%.
Geographically, LTIMindtree's revenue from the North America region grew 4.2%, while from rest of the world, it grew by 10.1% during the quarter under review. The revenue from Europe region also rose 7%.
The IT firm's order inflows in the first quarter stood at $1.40 billion, tad lower than $1.60 billion recorded last quarter.
The number of active clients stood at 741 at the end of June quarter, the same as at the end of last quarter. There was an increase of 11 clients in the '$5 million and above client' bracket and two increase in '$50 million and above' bracket. However, the highest addition was in the $1 million and above bracket with 14 new clients, taking the total to 404. The $10 million and above bracket saw an addition to three clients at the end of quarter ended June.
LTIMindtree's total number of employees at the end of the June quarter stood at 83,889, down by 418 employees in comparison to the last quarter. Attrition rate remained flat at 14.4%, while utilisation was at 88.1%.
