LTIMindtree Q4 profit falls 1.2%, revenue edges up

economictimes.indiatimes.com:

IT services firm LTIMindtree on Wednesday reported a 1.2% year-on-year (YoY) decline in net profit at Rs 1,100 crore for the March quarter of the financial year 2024 missing street estimate of Rs 1,150 crore. The profit stood at Rs 1,114 crore a year ago.
Sequentially, the Mumbai-headquartered company's net profit fell by 5.9% from Rs 1,169 crore.

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During the quarter, its consolidated revenue came in at Rs 8,892.9 crore, up 2.3% YoY from Rs 8,691 crore in the year-ago quarter. Revenue dipped 1.4% QoQ from Rs 9,016 crore in Q3FY23.

“This quarter was a one off, we will return to growth in Q1 (FY25)… we still see the level of caution that we have seen. The macro is playing very heavily as far as FY25 is concerned… though the market is still cautionary, our execution will be better in FY25,” said Debashis Chatterjee, chief executive officer and managing director of LTIMindtree in a post results conference call.

Full year

For the full year, net profit rose 4% YoY to Rs 4,584.6 crore while revenue increased by 7% to Rs 35,517 crore. In dollar terms the revenue stood at $4.3 billion, up 4.4% YoY and growth in constant currency terms was at 4.2%.

Ebitda margins declined both for the quarter as well as full year. For FY24 to 15.7% as compared to 16.2% in FY23. For the final quarter margins declined to 14.7% from 15.4% in the previous quarter.

Last quarter, Chatterjee had told ET that muted revenues, ramp-up of new deals and a focus on