LTIMindtree Q1FY24 results: Net profit rises 4.12% to Rs 1,152 crore

LTIMindtree on Monday reported a 4.12 per cent jump in its net profit to Rs 1,152 crore from Rs 1,106 crore in the same quarter last year. The company’s revenue from operations jumped to Rs 8,702.1 crore from Rs 7,644 crore last year. 

In the previous quarter, that ended on March 31, the company’s net profit was Rs 1,114.1 crore. 

In constant currency (CC) terms, the company's revenue grew 8 per cent YoY.

“Our key verticals BFSI, manufacturing and resources, and hi-tech, media, and entertainment which make up 75 per cent of our revenues performed well," said Debashis Chatterjee, chief executive officer (CEO) and managing director (MD), LTIMindtree.

The company posted an earnings before interest, tax, depreciation and amortisation (Ebitda) of Rs 1,635 crore in the June quarter, which is up 9 per cent year-on-year. 

Meanwhile, Ebitda margins shrunk to 18.8 per cent for the quarter under review as against 19.5 per cent in the year-ago period.

Indian IT services companies have started earnings on a weaker note for the June quarter, with the country's top Tata Consultancy Services warning of uncertain near-term demand.

HCLTech and Wipro have also flagged discretionary spending cuts from clients.

LTIMindtree's earnings before interest and taxes, depreciation, and amortisation margins or EBITDA margin fell to 18.8 per cent from 19.5 per cent a year earlier, while profit margins dropped to 13.2 per cent from 14.5 per cent a year earlier.

Revenue from operations rose 13.8 per cent to Rs 8,702 crore, while total expenses jumped by nearly 15 per cent.

Last week, LTIMindtree replaced Housing Development Finance Corporation (HDFC) in the benchmark Nifty 50 index.

Shares of the Mumbai-based IT firm ended 0.82 per cent higher on Monday ahead of results, while the benchmark Nifty 50 index gained 0.75 per cent.

(With agency inputs)