LTIMindtree Reports Strong Performance in Q3 FY23
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
Tigo Energy and Weco Certify MLPE-Inverter Compatibility to Simplify PV System Design16.1.2026 07:00:00 EET | Press release
Tigo Energy, Inc. (NASDAQ: TYGO) (“Tigo” or “Company”), a leading provider of intelligent solar and energy software solutions, today announced the Company has signed a certificate of compatibility with Weco S.r.l., documenting the compatibility between Tigo Flex MLPE products and hybrid solar inverters from Weco. The certification covers certain single-phase and three-phase Weco products and members of the Tigo TS4-A and TS4-X product families, when properly designed and installed. Together, these products are designed to deliver high-quality, enhanced value through a system that generates and manages solar energy more efficiently and delivers the features residential energy customers demand. “The compatibility between our inverter solutions and Tigo optimizers represents a significant step forward for the entire industry, and confirms our commitment to simplifying the work of solar professionals,” said Federico Cusumano, R&D manager at Weco S.r.l. “Thanks to this certification, design
Binarly to Unveil “Broken Trust” Research: Firmware Bypass Chains, BMC Persistence, and EDR Evasion16.1.2026 00:04:00 EET | Press release
Binarly, the industry leader in software and firmware supply-chain security, today announced an upcoming DistrictCon presentation “Broken Trust: Firmware Bypass Chains, BMC Persistence, and EDR Evasion.” The session will detail how firmware-level attack chains observed in shipped enterprise devices can effectively undermine modern endpoint defenses, enabling stealthy compromise and long-lived persistence. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260115834965/en/ Binarly Unveils Broken Trust Research: Firmware Bypass, BMC Persistence In this presentation, the Binarly REsearch team will dismantle the assumption of hardware trust by presenting multiple real-world firmware bypass chains. Alex Matrosov and Fabio Pagani will provide a deep dive into the specific vulnerability classes and exploitation primitives that make these attacks reliable in practice. The team will also deliver a live demonstration compromising a fully
World Economic Forum and Salesforce Empower Global Leaders With First-of-its-Kind Agentic Assistant for the 2026 Annual Meeting in Davos15.1.2026 20:06:00 EET | Press release
Salesforce (NYSE: CRM), the world’s #1 CRM, today announced the activation of the World Economic Forum’s institutional knowledge powered by Agentforce 360 to support over 3,000 of the world’s most influential leaders at the 2026 World Economic Forum Annual Meeting. The Forum has launched a new proactive, high-precision concierge app, “EVA,” built on the Agentforce 360 Platform, Salesforce’s agentic platform. EVA will empower attendees to move beyond traditional information access, with an AI agent that doesn’t just answer questions, but can reason, prioritize, and act on a leader’s behalf for the 2026 Annual Meeting. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260115571119/en/ Scheduled for January 19–23 in Davos, Switzerland, this year’s event is set to be the largest meeting in the organization's history. With over 450 high-impact sessions and thousands of specialized interactions, the gap between available insight and
Coolbrook Named on the 2026 Global Cleantech 10015.1.2026 19:14:00 EET | Press release
Coolbrook, a transformational technology and engineering company on a mission to decarbonise major industrial sectors like petrochemicals and chemicals, iron and steel, aluminium, and cement, has been named on Cleantech Group’s 2026 Global Cleantech 100. This annual list recognizes companies poised to deliver market-ready solutions that advance a cleaner, more resilient global future. The report highlights innovators addressing some of the world’s most urgent environmental and infrastructure challenges. The complimentary report introduces you to innovators advancing groundbreaking technologies and business models to enable us to act on the ever-increasing climate and environmental crisis. Following a 2025 marked by geopolitical volatility and shifting economic signals, the global cleantech ecosystem enters 2026 with slightly greater certainty - yet heightened competitive pressure. Growth is concentrating around two dominant themes: AI infrastructure and critical minerals. “The 2026 Glo
Frasca to Supply Four New Flight Training Devices to Global Medical Response15.1.2026 17:05:00 EET | Press release
Frasca International, Inc., a FlightSafety International company, today announced it has signed a contract with Global Medical Response (GMR) to supply four new Level 7 Flight Training Devices (FTDs). The new devices include an Airbus EC135, a Pilatus PC-12, a Beechcraft C90, and a Beechcraft B200. Each FTD will feature Frasca's unique motion system to provide enhanced realism in training. The devices will be installed at GMR’s new training facility currently under construction in Denton, Texas. Frasca has supported GMR’s pilot training efforts for nearly two decades, beginning with the delivery of their first device in 2005 for Air Evac Lifeteam, a GMR company. Since then, Frasca simulators have played a central role in preparing GMR’s flight crews for the complex and high-stakes environments they encounter in emergency medical operations. With the delivery of these new devices, GMR will operate a total of 15 Frasca simulators, including seven Level 7 FTDs and eight Helicopter Trainin
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