LTIMindtree Reports Strong FY23

LTIMindtree [NSE: LTIM, BSE: 540005], a global technology consulting and digital solutions company, announced its consolidated results today for the fourth quarter and full year ended March 31, 2023, as approved by its Board of Directors.

“We are pleased to report a strong FY23, with a broad-based full year revenue growth of 19.9% in constant currency,” said Debashis Chatterjee, Chief Executive Officer and Managing Director of LTIMindtree. “This industry-leading performance positions us well to deliver continued profitable growth in FY24. As we move to unified systems & processes, we are ready to exploit the synergies. Our Q4 revenue came in at a healthy USD 1.06 billion - up 13.5% year-over-year in constant currency and 11.9% in reported USD terms. Our order inflow for the quarter came in at USD 1.35 billion, helping us close the full-year order inflow at USD 4.87 billion. We added 31 new clients for Q4 and increased our count of USD 50 million plus customers by 2 to 13. Our full-year operating margin was at 16.2% and the basic EPS was at INR 149.1. Client requirements have changed over the last quarter, and we are now meeting the new requirements to deliver cost savings which are being directed to fund in flight transformation programs.”

Key financial highlights:

Year ended March 31, 2023

In USD:

- Revenue at $4,105.7 million (growth of 17.2% Y-o-Y)

- Net profit at $545.7 million (growth of 3.0% Y-o-Y)

In INR:

- Revenue at Rs 331,830 million (growth of 27.1% Y-o-Y)

- Net profit at Rs 44,103 million (growth of 11.7% Y-o-Y)

Quarter ended March 31, 2023

In USD:

- Revenue at $1,057.5 million (growth of 1.0% Q-o-Q / 11.9% Y-o-Y)

- Net profit at $135.6 million (growth of 11.6% Q-o-Q / decline of 7.8% Y-o-Y)

In INR:

- Revenue at Rs 86,910 million (growth of 0.8% Q-o-Q / 21.9% Y-o-Y)

- Net profit at Rs 11,141 million (growth of 11.3% Q-o-Q / 0.5% Y-o-Y)

Other FY23 highlights:

Clients:

- 728 active clients as of March 31, 2023

- $1 million+ clients increased by 56, total 383 (increased by 9 in Q4)

- $10 million+ clients increased by 5, total 81 (no change in Q4)

- $50 million+ clients increased by 3, total 13 (increased by 2 in Q4)

People:

- 84,546 professionals as of March 31, 2023

- Trailing 12 months attrition was 20.2%

Deal Wins

• Selected as the key digital transformation partner by Currys, a UK based retailer of technology products and services. This multi-million-dollar collaboration will enable Currys in strengthening its market position. LTIMindtree aims to enhance Currys' omnichannel revenue stream and drive cost transformation.
• onsemi, a global leader in intelligent power and image sensing technologies, has chosen LTIMindtree as a strategic service provider for developing its next-generation enterprise IT support platform. This multi-year deal will involve LTIMindtree collaborating with onsemi's IT team to drive innovation and increase efficiency. The IT transformation is part of onsemi's broader strategy to streamline operations and invest in growth areas, such as electric vehicles, ADAS, alternative energy, and industrial automation.
• LTIMindtree has been selected by Hellenic Bank, a leading financial institution in Europe, as their exclusive Strategic Sourcing partner for their digital transformation program improving the customer experience through digitalisation, streamlining processes, and offering competitive products.
• A North American manufacturer of high-performance building solutions chose LTIMindtree for its digital transformation journey. LTIMindtree would be the sole partner helping the client with its hybrid cloud infrastructure and 100+ enterprise applications landscape.
• Awarded multi-year, multi-million-dollar deal by a financial insurance company to provide them application and data services.
• Independent testing deal signed with one of the largest property and casualty insurance company in the United States.
• An American insurance company which is the largest provider of supplemental insurance in the US has partnered with LTIMindtree for a multi-year AMS deal.
• Chosen by a global leader of engineered products and services for agricultural equipment to provide consulting and testing services.
• One of the major airlines in the United States has selected LTIMindtree as a partner of choice in an application maintenance deal.

Recognitions

• Recognized in The Forrester Customer Analytics Services Providers Landscape, Q1 2023.
• Named as a 'Leader' in ISG Provider Lens™ Google Cloud Partner Ecosystem 2022.
• LTIMindtree named as a ‘Major Contender’ in Everest Group's Digital Transformation Consulting PEAK Matrix® Assessment 2023.
• Recognized in 2022 Gartner® Magic Quadrant™ for Oracle Cloud Application Services, worldwide.
• Recognized in 2022 Gartner® Magic Quadrant™ for SAP S/4HANA Application Services, worldwide.
• LTIMindtree named as a ‘Leader’ and ‘Star Performer’ in Everest Group's Application and Digital Services in P&C Insurance PEAK Matrix Assessment 2023.
• Named winner in the 2023 Artificial Intelligence Excellence Awards for LTIMindtree’s Canvas.
• Earned the 2022 Innovation Awards for OnDemand Enablement Tooling from Duck Creek Technologies in the CBO (Custom Business Object) Remediation and DB Reference Data Remediation categories.
• Recognized as One of the Best Organizations for Women, 2023, by The Economic Times.
• Recognized at the DivHERsity Awards 2023 among the Top 5 Most Innovative Practices in the ‘Women L&D Programs’ and the Top 20 Most Innovative Practices in the ‘Women Returnee Programs’ categories.

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Announcements

The Board of Directors have recommended a final dividend of Rs 40 per equity share of par value Rs 1 each for the financial year ended March 31, 2023.

About LTIMindtree

LTIMindtree is a global technology consulting and digital solutions company that enables enterprises across industries to reimagine business models, accelerate innovation, and maximize growth by harnessing digital technologies. As a digital transformation partner to more than 700 clients, LTIMindtree brings extensive domain and technology expertise to help drive superior competitive differentiation, customer experiences, and business outcomes in a converging world. Powered by 84,000+ talented and entrepreneurial professionals across more than 30 countries, LTIMindtree — a Larsen & Toubro Group company — combines the industry-acclaimed strengths of erstwhile Larsen and Toubro Infotech and Mindtree in solving the most complex business challenges and delivering transformation at scale. For more information, please visit https://www.ltimindtree.com/.

Earnings Conference Call

Thursday, April 27, 2023 (18:45 IST)

To join the Earnings conference call

Click here: https://LTIMindtree.zoom.us/j/84021137095

Or Dial-in: (For higher quality, dial a number based on your location):

US: +1 386 347 5053 or +1 408 638 0968

India: +91 80 71 279 440 or +91 116 480 2722

Webinar ID: 840 2113 7095

Zoom Dial-in numbers: https://LTIMindtree.zoom.us/u/kf0wVD3qg

Transcript and recording will be available on: https://www.ltimindtree.com/

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Contact information

Media Relations: media@ltimindtree.com