DBT Bureau,
Pune, 17 July 2024
LTIMindtree a global technology consulting and digital solutions company, announced its consolidated results today for the first quarter ended June 30, 2024, as approved by its Board of Directors.
“While the environment remains unchanged, fiscal 25 started on a positive note for us with Q1FY25 revenue of USD 1.1 billion, registering a 2.5% QoQ and 3.5% YoY revenue growth in USD terms. Our Q1FY25 EBIT expanded to 15% and order inflow remained stable at USD 1.4 billion. Our top 3 industry verticals and our largest geography have performed well sequentially. This is attributed to a measured uptick in IT spending for critical initiatives with clients balancing innovation and fiscal prudence.”-Debashis Chatterjee, Chief Executive Officer and Managing Director
Key financial highlights:
In the quarter ended June 30, 2024, LTIMindtree reported revenue of $1,096.2 million in USD, marking a 2.5% Q-o-Q increase and a 3.5% Y-o-Y rise. Net profit amounted to $136.1 million, reflecting a 2.8% Q-o-Q growth but a 2.9% decline Y-o-Y. In INR, revenue reached ₹91,426 million, up 2.8% Q-o-Q and 5.1% Y-o-Y, with net profit at ₹11,351 million, up 3.1% Q-o-Q and down 1.5% Y-o-Y. As of June 30, 2024, LTIMindtree had 748 active clients, including 390 clients with revenues exceeding $1 million (up by 2 Y-o-Y) and 43 clients with revenues surpassing $20 million (up by 3 Y-o-Y). The company employed 81,934 professionals, with a trailing 12-month attrition rate of 14.4%.
Deal Wins
· A major US airline chose LTIMindtree to provide Platform Engineering & Operations Services, leveraging its global delivery footprint in the US, UK, Poland and Australia.
· A US-based insurance and retirement corporation has chosen LTIMindtree as their partner for development and support in the Life & New Business area. This includes accountability for managing 100+ apps in the new business portfolio.
· A US-headquartered company that provides data center solutions to hyperscalers, cloud and enterprise customers has awarded LTIMindtree a multi-year deal to provide PoD-based managed services in the areas of application development, data engineering, infrastructure support, testing, and ITSM.
· A US-headquartered digital marketing company has expanded its relationship with LTIMindtree through a strategic outsourcing deal to accelerate its digital and cost transformation journey in the areas of quality assurance, data analytics and BI, data science, field analytics, and project management.
· A leading global designer and manufacturer of electric domestic appliances has chosen LTIMindtree as their anchor partner to deliver Quality Assurance Services.
· A leading Japanese automotive company awarded LTIMindtree a multi-year service desk support contract.
· A US-based non-profit organization has entrusted LTIMindtree with an Infrastructure & Cybersecurity Managed Services contract. This involves migration of the Data Center to the Cloud along with implementation and management of security and infra tools.
Partnerships
· LTIM has renewed its Strategic Collaboration Agreement with AWS. This partnership will see both entities work closely to enhance industry alignment across sales, solutions, and delivery. We will collaborate on developing joint solutions targeting key areas such as Generative AI, SAP, data management & migration, and modernization processes.
· LTIM won the AWS Champions Club UK & Ireland 2024 for the most innovative deal category. The award was bestowed at the AWS UKI Partner Summit. LTIM was nominated for 2 GenAI opportunities using technologies like Amazon Sagemaker and Amazon Bedrock.
· LTIM has been recognized as the 2024 Google Cloud Partner of the Year for the Manufacturing Industry Segment, highlighting its success in implementing Google Cloud technologies with specialized domain knowledge and automation.
· LTIM was awarded the Standard of Excellence award along with Star Insurance Group at Duck Creek’s annual event Formation 2024, for simplifying the process of complex Insurance and delivering business effectiveness. LTIMindtree continues to help carriers transform and adopt new, digital AI-enabled solutions with the skill, experience & security needed to achieve success.
Recognitions
· LTIMindtree recognized as a ‘Leader’ in Avasant: Avasant’s Multisourcing Service Integration 2023-2024.
· LTIMindtree recognized as a ‘Leader’ and Star performer in Everest Group: Duck Creek Services PEAK Matrix Assessment 2024.
· LTIMindtree recognized as a ‘Leader’ in Everest Group: Capital Markets IT Services PEAK Matrix Assessment 2024.
· LTIMindtree recognized as a Major Contender and Star Performer in Everest Group: Sustainability Enablement Technology Services PEAK Matrix 2024.
· LTIMindtree recognized as a Major Contender in Everest Group: Mainframe Services PEAK Matrix 2024.
· LTIMindtree recognized as a Major Contender in Everest Group: Enterprise Immersive Experience Services PEAK Matrix® Assessment 2024.
· LTIMindtree recognized as a Major Contender in Everest Group: Adobe Services PEAK Matrix Assessment 2024.
· LTIMindtree recognized as a Major Contender in Everest Group: Everest Healthcare Industry Cloud Services 2024.
· LTIMindtree recognized as a Major Contender in Everest Group: Guidewire Insurance PEAK Matrix Assessment 2024.
· LTIMindtree recognized as a Disruptor in HFS Horizons: HCP Service Providers,2024.
· LTIMindtree recognized as an Enterprise Innovator in HFS Horizons: Industry Cloud Service Providers, 2024.
· LTIMindtree recognized in ‘The Forrester Wave: Continuous Automation and Testing Services, Q2 2024’.
