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Prabhudas Lilladher Report
LTIMindtree Ltd. reported revenue of $ 1.07 billion, down 1.3% QoQ in constant currency and reported terms, below consensus of 0.9% CC decline. The decline was led by project cancellations within banking, financial services verticals, where the clients have reprioritized their spends.
Otherwise the growth was broad-based across verticals, while Mfg growth tapered off (down ~10% QoQ) over Q3 high base. The margin impact was meaningful, down 70 bps QoQ (versus consensus of flat QoQ).
The margin decline had a one-off impact (~80 bps QoQ) of project cancellations, which should reverse in Q1, as the talents are already been repurposed to drive other projects.
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