LTIMindtree Q2 results: Net profit down 2%, maintains margin guidance for FY24
LTIMindtree reported a 2% on-year dip in net profit for the second quarter amidst a “challenging business environment” that was marked by wage hikes and muted growth. The company however retained its margin guidance led by strong in flow of cost optimization deals and cost optimisation program.
Net profit for the three months ended September was Rs 1162.3 crore, compared with an estimated Rs 1,189 crore a year ago.
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Offering CollegeCourseWebsiteIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisitIIM KozhikodeIIMK Advanced Data Science For ManagersVisitRevenue came in at Rs 8,905.4 crore, up 8.2% year on year, which beat estimates. The company created from the merger of erstwhile Larsen and Toubro Infotech and Mindtree Technologies started operating as a merged entity in December 2022.
The profit was estimated at Rs 1,127 crore by ET poll while revenue was estimated at Rs 8,852 crore. Sequentially, profit was down 0.9% while revenue grew 2.3%.
India’s sixth largest IT firm said it continued to see prioritisation of spending from discretionary areas to cost optimization.
The Bengaluru-based executive said the H2 will be better than H1 led by the deal pipeline. “Some of the conversations also lead to continuing the in-flight transformation. But the bulk of the deals that we are chasing right now seem to be multi year efficiency oriented deals. ” said Debashis Chatterjee, chief executive at LTIMindtree.
The company clocked a revenue growth of 13.5% year on year in terms of constant currency and 27.1% in rupee terms in FY23.
The Mumbai-based firm’s operating
