LTIMindtree Delivers 8.2% YoY Revenue Growth in CC
17.7.2023 17:02:00 EEST | Business Wire | Press release
LTIMindtree [NSE: LTIM, BSE: 540005], a global technology consulting and digital solutions company, announced its consolidated results today for the first quarter ended June 30, 2023, as approved by its Board of directors.
“During the first quarter of FY24, LTIMindtree delivered 8.2% YoY revenue growth in Constant Currency. Our key verticals BFSI, Manufacturing & Resources and Hi-Tech, Media, and Entertainment which make up 75% of our revenues performed well. Our strategic programs are bearing fruit and is evident in the upward movement across our client buckets. The order inflow continued to increase and reached USD 1.41 billion in this quarter. Our operational rigor helped us achieve an EBIT of 16.7% and PAT of 13.2% ."
-Debashis Chatterjee, Chief Executive Officer and Managing Director
Key financial highlights:
Quarter ended June 30, 2023
-
In USD:
- Revenue at $1,058.7 million (growth of 0.1% Q-o-Q / 8.1% Y-o-Y)
- Net profit at $140.1 million (growth of 3.4% Q-o-Q / decline of 1.2% Y-o-Y)
-
In INR:
- Revenue at Rs 87,021 million (growth of 0.1% Q-o-Q / 13.8% Y-o-Y)
- Net profit at Rs 11,523 million (growth of 3.4% Q-o-Q / 4.1% Y-o-Y)
Other highlights:
-
Clients:
- 723 active clients as of June 30, 2023
- $5 million+ clients increased by 18 on a Y-o-Y basis, total 148
- $10 million+ clients increased by 9 on a Y-o-Y basis, total 88
- $50 million+ clients increased by 3 on a Y-o-Y basis, total 13
-
People:
- 82,738 professionals as of June 30, 2023
- Trailing 12 months attrition was 17.8%
Deal Wins
- One of the largest Property & Casualty insurance companies in the United States has chosen LTIMindtree as a strategic partner for a multi-year application development and maintenance deal.
- A US-based Insurance & Retirement major has awarded LTIMindtree a multi-year deal for 24x7 Infrastructure Managed Services.
- A well-known Consumer Electronics and Personal Computing firm, renowned for its quality and innovation, has selected LTIMindtree to drive digital transformation and business process re-engineering, including the adoption of as-a-Service business models.
- A Digital Communications technology giant based in the United States has partnered with LTIMindtree for developing a resilient supply chain for new business acquisition.
- A UK-based Pharmaceutical giant awarded LTIMindtree a multi-year contract to provide SAP Managed services along with testing and support services.
- A leading American multinational Consumer Goods company selected LTIMindtree to co-create and support their Integrated Media solutions platform for ad-buying across channels.
- A prestigious regulatory body has chosen LTIMindtree for its Next-Generation Data Warehouse implementation.
- LTIMindtree opened a new logo in the beverages industry, with an application services deal that allows our client to build a scalable core-flex model for IT application services.
- A world leader in Risk Management & Consulting has selected LTIMindtree to build a greenfield cloud-based data platform using AWS. This state-of-the-art foundational platform will help the client to improve the carrier and client experience by leveraging data to create an information advantage.
- A leading US-Based Property & Casualty insurance major selected LTIMindtree to migrate and modernize their legacy data platform to Snowflake’s cloud data platform by leveraging our proprietary PolarSled toolset.
Recognitions
- Recognized as a 'Leader' in Everest Group's Asset & Wealth Management IT Services PEAK Matrix 2023.
- Recognized as a 'Leader' in Everest Group's Microsoft Dynamics 365 PEAK Matrix 2023.
- Won the 2023 Global System Integrator Innovation Partner of the Year Award from Snowflake.
- Recognized as a Visionary in the 2023 Gartner® Magic Quadrant™ for Data Center Outsourcing & Hybrid Infrastructure Managed Services.
*GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
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 82,000+ 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
Monday, July 17, 2023 (19:00 IST)
To join the Earnings conference call
Register here
After registering, you will receive a confirmation email containing information about joining the webinar.
The Fact Sheet and Press Release will be available on LTIM’s website.
www.ltimindtree.com/investors
Transcript and recording will be available on:
https://www.ltimindtree.com/
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230717999321/en/
Contact information
Media Relations Contact: shambhavi.revandkar@ltimindtree.com / media@ltimindtree.com
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Blue Matter Launches Behavioral Science Center of Excellence to Decode and Predict Health Care Decisions in a Rapidly Evolving Biopharma Landscape30.9.2026 16:00:00 EEST | Press release
Blue Matter today announced the launch of its Behavioral Science Center of Excellence (BeSci CoE), a specialized capability within the Blue Matter Insights primary market research team. The CoE applies behavioral science as a strategic lens to decode the “why” behind the decisions made by healthcare professionals, patients, care partners, and other stakeholders. Biopharma decisions hinge on knowing why customers do what they do. Traditional research does a good job of capturing what stakeholders say but often misses the unconscious drivers, biases, emotions, and contexts that shape behavior. The result is an incomplete picture in the moments where clarity matters most, including when developing positioning strategies, planning product launches, and making major lifecycle decisions. "You don't need a survey to tell you that physicians see efficacy as the most important treatment decision driver," said Andrew Pilecki, Ph.D., Senior Market Research Director at Blue Matter. "What our clien
934 Embeds Bluefin Payment Security into Juno to Advance Secure, Connected Hospitality Payments30.9.2026 16:00:00 EEST | Press release
Bluefin, a global leader in payment and data security, and 934, a global provider of connected payment technology for the hospitality industry, today announced a partnership to integrate Bluefin’s payment security capabilities into Juno, 934’s hospitality payment platform. Hospitality businesses increasingly operate across connected payment environments spanning hotels, restaurants, resorts and other guest experiences. Behind those interactions are multiple systems, workflows and payment technologies that must work together while protecting sensitive payment data. Juno is designed to connect those experiences through a unified hospitality payment environment. By incorporating Bluefin’s security technology into the platform architecture, 934 can provide customers globally with access to PCI-validated point-to-point encryption (P2PE) for card-present payments and tokenization for protecting sensitive payment data. The result is a security-first approach in which payment protection is bui
Blackfuel Emerges From Stealth with More Than $250 Million in Contracted Revenue to Build a Global AI Token Grid30.9.2026 16:00:00 EEST | Press release
Blackfuel today emerged from stealth with more than $250 million in contracted revenue under multi-year customer agreements, unveiling its ambition to build a global AI Token Grid. Pioneering the AI Token Grid, Blackfuel is building a network of architecture-specific accelerator clusters connected through a common software and commercial layer, designed to turn dedicated compute into measurable, reservable AI output. By collaborating with AMD and NTT DATA, Blackfuel is developing its European-operated inference capacity, beginning with a GPU cluster currently being delivered in Europe. "The cloud was built around virtual machines. The next infrastructure layer will be built around tokens. We are building Blackfuel to become one of the world's defining AI compute companies, starting with our first deployments in Europe. That means bringing industrial-scale infrastructure, software and capital together so customers can buy intelligence with the same predictability with which they buy pow
Visioneering Technologies' New Contact Lens Trial Shows Landmark Results in Slowing Children's Nearsightedness30.9.2026 15:59:00 EEST | Press release
Visioneering Technologies, Inc. (VTI), a medical device company that designs and markets specialty contact lenses, will announce completed three-year results from PROTECT, a prospective, double-masked, multinational randomized controlled trial evaluating the company's NaturalVue® (etafilcon A) Multifocal 1 Day Contact Lens for slowing the progression of myopia, or nearsightedness, in children. Ashley Tuan, OD, MS, PhD, VTI's Chief Medical Officer, will present the full findings at the American Academy of Optometry's annual meeting in Anaheim. Myopia develops when a child's eye grows too long, causing distant objects to appear blurry, and it typically worsens through childhood. Faster progression is associated with a higher lifelong risk of more serious eye conditions, including retinal detachment and myopic maculopathy, a leading cause of permanent vision loss. Slowing that progression, even modestly, is considered clinically meaningful.3,4 Over three years, children who wore NaturalVu
Lyft App Launches in Europe30.9.2026 15:00:00 EEST | Press release
Starting today, Lyft (NASDAQ: LYFT) riders can use their Lyft app in cities across Europe. Early access to the Lyft app rolls out in Barcelona and Hamburg first; throughout October, the Lyft app will become available for riders to use in some of Europe’s largest cities including London, Rome, Paris, Berlin, Athens, and Warsaw. By the end of October riders visiting Spain, Italy, Greece, Poland, England, Scotland, Ireland, Austria, France, and Germany will have one go-to app when they cross the Atlantic, building on the foundations from this past summer beta testing the Lyft app in Europe. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260930010726/en/ The Lyft app is now available in Europe “Millions of riders across North America trust Lyft to get them where they’re going every day. Now that same app works the moment they land in Europe. No need to download anything new,” said Sid Patil, Lyft’s Chief Rideshare and Marketplac
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom