LTIMindtree, India's sixth largest IT services provider, posted a net profit of Rs 1,135 crore in the first quarter of FY25, down 1.5% year on year. Profit increased sequentially by 3.1%.
Revenue for the quarter climbed 5% year on year to Rs 9,142.6 crore. On a sequential basis, revenue increased by 2.8%.
The company's first-quarter performance exceeded revenue expectations but fell short of Bloomberg's net profit predictions. Bloomberg predicted revenue to be Rs 9,074.6 crore, with Profit After Tax (PAT) of Rs 1,161.2 crore.
“While the climate remains constant, FY25 began on a strong one for us, with first quarter FY25 revenue of $1.1 billion, representing a 2.5 percent quarter-on-quarter (Q-o-Q) and 3.5% year-on-year (Y-o-Y) revenue growth in dollar terms. Our Q1 FY25 earnings before interest and tax (EBIT) increased to 15%, while order inflow remained unchanged at $1.4 billion. Our top three industry verticals and largest geography have done strongly sequentially. This is due to a measured increase in IT spending for essential initiatives, with clients combining innovation and fiscal conservatism,” said Debashis Chatterjee, chief executive officer and managing director, LTIMindtree.
LTI Mindtree Ltd
The EBIT margin for the quarter was 15%, up from 14.7% in the previous quarter. The company's headcount during the quarter was 81,934. The quarterly attrition rate was 14.4 percent. During the quarter, the firm hired more than 1,000 new employees.
