LTIMindtree Reports Strong Performance in Q3 FY23
20.1.2023 16:40:00 EET | Business Wire | Press release
LTIMindtree [NSE: LTIM, BSE: 540005], a global technology consulting and digital solutions company, announced its consolidated results today for the third quarter ended December 31, 2022, as approved by its Board of directors.
“We are pleased to report a strong Q3 FY23, our first as LTIMindtree,” said Debashis Chatterjee, Chief Executive Officer and Managing Director of LTIMindtree. “The combined entity has started out with a USD 1 billion quarterly revenue run rate, a top-quartile constant currency year-over-year revenue growth of 16.3%, and a robust order inflow of USD 1.25 billion. Our performance speaks to our steadfast client focus through the merger and our resilient client and solutions portfolio. Clients across sectors are evincing keen interest in our unique value proposition spanning core to experience to edge. The client imperative to dial up technology-led innovation for future-readiness holds significant long-term upside for our full-stack offerings and cross-industry exposure, boosting our endeavour to deliver industry-leading revenue growth in the future as well.”
Key financial highlights:
Quarter ended December 31, 2022
In USD:
- Revenue at $1,046.7 million (growth of 2.4% q-o-q / 14.0% y-o-y)
- Net profit at $121.5 million (decline of 17.7% q-o-q / 13.3% y-o-y)
In INR:
- Revenue at ₹86,200 million (growth of 4.8% q-o-q / 25.3% y-o-y)
- Net profit at ₹10,007 million (decline of 15.8% q-o-q / 4.7% y-o-y)
Other highlights:
Clients:
- 723 active clients as of December 31, 2022
- $1 million+ clients increased by 13, total 374
- $5 million+ clients increased by 7, total 144
- $10 million+ clients increased by 4, total 81
People:
- 86,462 professionals as of December 31, 2022
- Trailing 12 months attrition was 22.3%
Deal Wins
- A leading digital marketplace offering end-to-end solutions for the automotive industry signed a multiyear deal with LTIMindtree as its anchor digital transformation partner to consolidate all digital initiatives for enhancing efficiencies and accelerating time-to-market.
- A leading public utility company based in North America chose LTIMindtree as a long-term strategic partner for an infrastructure and cloud managed services deal.
- An energy and utilities company selected LTIMindtree to enable its digital transformation journey towards green energy.
- A North American energy company signed a managed services deal with LTIMindtree for a data, cloud-enablement, and infrastructure program.
- A leading global provider of transportation solutions selected LTIMindtree to modernize its core operations leveraging a cloud-based business applications platform.
- A North American P&C insurer selected LTIMindtree as a strategic partner for driving the transition from Quality Assurance to Quality Engineering. As part of this deal, LTIMindtree will drive an automation-first mindset to deliver efficiency and productivity improvements.
- A leading hospitality company awarded LTIMindtree a multiyear contract to provide agile-based product development, testing, and support services.
- A Canada-based automobile manufacturer signed a multiyear Application Management Services deal with LTIMindtree.
- A leading semiconductor manufacturer and technology provider selected LTIMindtree for a multiyear contract to provide platform-led, end-user services globally.
Recognitions
- LTIMindtree Syncordis recognised as Temenos Global Delivery Partner.
- Honoured as Global Collaboration Partner of the Year by Amazon Web Services (AWS).
- Recognised as the 2023 ServiceNow Americas Emerging Service Provider Partner of the Year.
- Recognised in the 2022 Gartner®* Market Guide for Augmented Analytics for its Lumin by Fosfor product.
- Named a Leader and Star Performer in Everest Group’s Application and Digital Services in P&C Insurance PEAK Matrix® Assessment 2023.
- Named a Major Contender and Star Performer in Everest Group’s Risk & Compliance in BFS IT Services PEAK Matrix® Assessment 2023.
- Named a Major Contender and Star Performer in Everest Group’s Guidewire Services PEAK Matrix® Assessment 2023.
- Named a Major Contender in Everest Group’s Healthcare Provider Digital Services PEAK Matrix® Assessment 2023.
*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.
Announcements
The Board of Directors has recommended an interim dividend of ₹20 per equity share of par value ₹1 each.
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 nearly 90,000 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 www.ltimindtree.com.
Earnings Conference Call and Audio Webcast
Friday, January 20, 2023 - 6:00 PM IST
Please dial any of the below numbers at least 5-10 minutes prior to the conference to ensure that you are connected to your call in-time.
|
Universal Access Number |
+91 22 6280 1107
|
||
|
International Toll-Free Number |
USA: UK: Singapore: Hong Kong: |
18667462133 08081011573 8001012045 800964448 |
|
|
Replay of Conference Call |
Available after 1 hour from the call end time until January 27th, 2023 Playback Code: 23855
Dial-in Number: India +91 22 7194 5757
|
||
|
USA Toll Free UK Toll Free Singapore Toll Free Hong Kong Toll Free |
18332898317 8007563427 8001012510 800965553 |
||
|
Audio Webcast The audio from the conference call will be available online through a webcast and can be accessed at the following link: https://links.ccwebcast.com/?EventId=LTI200123 |
|||
|
Click here for your DiamondPass™ DiamondPass™ is a Premium Service that enables you to connect to your conference call without having to wait for an operator. If you have a DiamondPass™, click the above link to associate your pin and receive the access details for this conference. If you do not have a DiamondPass™, please register through the link and you will receive your DiamondPass™ for this conference. |
|||
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/20230120005205/en/
Contact information
Media Relations: 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
SAP and S3NS Accelerate Trusted Cloud Adoption in France With Thales as First Strategic Customer27.4.2026 09:00:00 EEST | Press release
Thales (Euronext Paris: HO): This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260426644177/en/ Strategic partnership (c)S3NS A decisive step in scaling trusted cloud in Europe The strategic partnership between SAP and S3NS, the trusted cloud provider established by Thales and Google Cloud, will strengthen trusted cloud capabilities in France and support Europe’s growing demand for cloud business transformation. SAP RISE private cloud edition will be deployed by SAP Sovereign Cloud on S3NS’ SecNumCloud-qualified Cloud Platform, known as PREMI3NS, by H2 2026 enabling organizations to run critical workloads in a trusted environment aligned with French and European regulations. Data will remain stored, processed, and encrypted in France under French jurisdiction, while benefiting from the best cloud technology and SAP’s full innovation stack, including AI-driven capabilities. “This partnership represents a major step forward for o
First Enterprise Quantum Computer Purchase in Japan: IQM to Deploy System to TOYO Corporation27.4.2026 09:00:00 EEST | Press release
IQM Quantum Computers, the global leader in superconducting quantum computers, today announced the purchase of its full-stack 20-qubit quantum computer by TOYO Corporation, marking the first enterprise quantum system deployment in Japan. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260426053944/en/ (From Left): Toshiya Kohno, Representative Director, President and CEO of TOYO Corporation, and Jan Goetz, CEO & Co-founder of IQM Quantum Computers. The Radiance 20-qubit system will be made available in both on-premises and cloud environments and will be delivered by the end of 2026. The deployment expands IQM's installed base across the Asia-Pacific region, where the company already has deployed systems in South Korea and Taiwan. TOYO will operate the quantum computer to support Japanese enterprises and researchers in developing quantum use cases, while integrating the system with high-performance computing (HPC) infrastructu
Murata Launches Ultra-Low Power AMR Sensors to Boost Battery Life in Healthcare and Wearables Devices27.4.2026 05:00:00 EEST | Press release
Murata Manufacturing Co., Ltd. (TOKYO: 6981) (ISIN: JP3914400001) has commenced mass production of its MRMS166R and MRMS168R anisotropic magnetoresistance (AMR) sensors for healthcare, wearable, and IoT devices. The MRMS166R is the first AMR sensor to combine an average current consumption of 20 nA with operation from a 1.2 V supply, enabling extended battery life in coin cell-powered systems. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260413296947/en/ [Murata Manufacturing Co., Ltd.] AMR sensor The devices are solid-state magnetic sensors used for switching applications. They detect the presence or absence of a magnetic field and generate an output signal that system logic uses to control functions such as transitions between active and sleep modes. This enables contactless switching without mechanical components, improving reliability, and supporting sealed, miniaturized designs. Automatic switching between active and
Sun Pharma signs Definitive Agreement to Acquire Organon27.4.2026 02:51:00 EEST | Press release
Sun Pharmaceutical Industries Limited(Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUNPHARMA, BSE: 524715) (together with its subsidiaries and/or associated companies, “Sun Pharma”) and Organon & Co. (NYSE: OGN) (“Organon”) today announced that they have entered into a definitive agreement under which Sun Pharma will acquire all outstanding shares of Organon for US$ 14.00 per share in an all‑cash transaction with an enterprise valuation of US$ 11.75 billion. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260426881370/en/ Organon is a global healthcare company formed through a spinoff from Merck, known as MSD outside of the United States and Canada, in 2021. Organon has a legacy of deep trust and strong brand equity among HCPs, patients, regulators and other stakeholders. A global leader in women’s health, the company’s portfolio includes more than 70 products across Women’s Health and General Medicines, which includes biosimila
PMC Organometallix Announces Price Increase on All Products25.4.2026 00:02:00 EEST | Press release
Due to significant changes in market conditions, PMC Organometallix, Inc. announces that effective May 1, 2026, or as contracts permit, prices across all product lines globally will increase by 10-25%. This adjustment is driven by sustained cost pressures from key inputs including rising raw material costs and escalating freight and logistics expenses. While the company has been absorbing these increases, the current economic environment brought on by the geopolitical crisis of the Iran conflict requires this adjustment to continue providing the high-quality, consistent materials and supply reliability that customers expect. PMC Organometallix will implement these changes in a transparent, collaborative manner and values your partnership while navigating these economic challenges. Customers with questions or to discuss a specific situation should contact their account representative. About PMC Group PMC Group is a growth-oriented, diversified, global chemicals and plastics company deli
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
