LTIMindtree Q4 Results 2024 (Image Source: iStockphoto)
LTIMindtree, a leading IT services company, announced a consolidated net profit of Rs 1,100 crore for the March quarter, a marginal 1 per cent decrease compared to the same period last year.
Despite challenges, LTIMindtree showcased resilience with a 4.4 per cent revenue growth in USD terms for the full fiscal year ending FY24. The company’s EBIT margin stood at 15.7 per cent.
Segment-wise, LTIMindtree witnessed notable growth in various industries. The BFSI sector led with a robust revenue growth of 35.1 per cent, followed by tech, media, and communications at 24 per cent. Additionally, the manufacturing and consumer businesses saw healthy growth rates of 18.6 per cent and 15 per cent, respectively.
CEO and MD, Debashis Chatterjee said, “As the market dynamics evolve, we are excited to be part of innovations, partnerships, and initiatives that our clients will embark on in FY25”
The order inflow for the full fiscal year was reported at USD 5.6 billion, marking a significant 16 per cent increase over the previous fiscal year, indicating strong client confidence in LTIMindtree’s services and solutions.
In terms of revenue from operations, LTIMindtree registered a 2 per cent year-on-year increase, amounting to Rs 8,893 crore for the January-March period, compared to Rs 8,691 crore in the corresponding period last year.
Sanjeev Hota, Head of Research, Sharekhan by BNP Paribas said, “LTIM reported weaker than expected revenue de-growth in constant currency terms. EBIT margin contracted 70 bps q-o-q to 14.7 per cent, below our expectations of 15 per cent. Order Inflow for FY24 stood at USD 5.6 Billion, up 15.7 per cent y-o-y. New Client additions were decent at 30 while active clients witnessed a marginal decline sequentially. Net additions continued to decline while LTM attrition spiked 20 bps to 14.4 % and Utilisation fell 50bps sequentially.”
The Board has proposed a final dividend of Rs 45 per share for the fiscal year 2023-24. As per the company’s filing on NSE, “Board of Directors have recommended a final dividend of Rs. 45/- per equity share of Re. 1 each, for approval of shareholders at the ensuing Annual General Meeting (‘AGM’).”
On Wednesday, the shares of LTIMindtree closed at Rs 4,733, 0.20 per cent up from the previous day’s closing. The 52 week high and low of the share is Rs 6,442 and Rs 4,148.20.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. TT Research DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
