LTIMindtree Delivers 2.8% QoQ USD Revenue Growth

October 17, 2024 at 10:03 AM EDT

Growth across all Verticals, EBIT Margin improves to 15.5%

Adds 2,500+ employees in Q2

LTIMindtree [NSE: LTIM, BSE: 540005], a global technology consulting and digital solutions company, announced its consolidated results today for the second quarter ended Sep. 30, 2024, as approved by its Board of Directors.

"Q2 was a good quarter marked by broad-based sequential growth experienced across all our verticals and geos, helping us register a dollar growth of 2.8%. We had several multi-year deal closures, including a USD 200 million+ deal. Continued deal momentum in key verticals and significant Q2 hiring, including freshers, positions us well as we enter into the latter half of the fiscal year.

"As GenAI becomes pivotal in customer interactions, there is a noticeable trend of modernization efforts focusing on transforming the data estate. Our robust Data practice, combined with our innovative LTIMindtree AI platform, establishes us as a significant disruptor."

- Debashis Chatterjee, Chief Executive Officer and Managing Director

Key financial highlights:

Quarter ended Sep 30, 2024

In USD:

- Revenue at $1,126.6 million (+2.8% Q-o-Q / +4.7% Y-o-Y)

- Operating Margin (EBIT) at 15.5%

- Net profit at $149.5 million (+9.8% Q-o-Q / +6.5% Y-o-Y)

In INR:

- Revenue at Rs 94,329 million (+3.2% Q-o-Q / +5.9% Y-o-Y)

- Net profit at Rs 12,516 million (+10.3% Q-o-Q / +7.7% Y-o-Y)

Other highlights:

Clients:

- 742 active clients as of Sep 30, 2024

- $5 million+ clients increased by 8 on a Y-o-Y basis, total 154

- $20 million+ clients increased by 1 on a Y-o-Y basis, total 42

People:

- 84,438 professionals as of Sep 30, 2024. Added 2,504 in Q2

- Trailing 12 months attrition was 14.5%

Deal Wins

A US-based global manufacturing leader expanded its engagement with LTIMindtree by selecting it as a preferred partner for its Global Application Management & Transformation services. LTIMindtree leveraged AI, resulting in significant OPEX savings in areas of NextGen Operations and Software Development Life Cycle (SLDC). Under this multi-year, multi-million-dollar agreement, LTIMindtree will provide end-to-end enterprise application management services across domains like Sales, Manufacturing, Services, Finance, etc.
Chosen by a large Global Financial Institution as a partner to modernize its wealth data platform. LTIMindtree’s deeper domain understanding enabled enhancing of customer experience and expanding customers global market presence, by creation of a new data taxonomy, cloud adoption for swifter service delivery to customers and partners, mainframe modernization, and cost reduction through advanced automation with GenAI.
A leading Pan African financial services provider has awarded LTIMindtree with a multi-year deal encompassing digital transformation, core banking modernization, cybersecurity, and round-the-clock IT support. LTIMindtree leveraged GenAI to reduce FTEs and helped the customer achieve operational efficiency and enhance its customer experience in various lines of business, such as retail banking, corporate banking, and wealth management.
A global US-based Engineering Procurement and Construction (EPC) leader, partnered with LTIMindtree for its IT Infrastructure Operations Support, Security service, and Hybrid Cloud Infrastructure support, including Multi-cloud, Server, and Data Centre support.
A global financial institution has chosen LTIMindtree to transform its regulatory-related compliances by accelerating legacy application migration, utilizing cloud platforms, and incorporating Gen AI-based capabilities.
Selected by a leading US-based energy utility company as its long-term strategic partner for Infrastructure & Cloud Managed Services across multiple towers - Enterprise systems, End User Computing, Offshore Network Operations Center (NOC), and Off-hours Service Desk.
A leading European automobile major has selected LTIMindtree for supporting its end-to-end Enterprise Application Operations through delivery teams across Poland and Germany.

Partnerships

LTIMindtree and Microsoft have entered into a Strategic Partnership Agreement (SPA) to enhance digital transformation for joint customers utilizing Microsoft Azure. This partnership prioritizes the delivery of innovative AI solutions and aims to drive cloud transformation through a collaborative GTM strategy and shared investments.
Google and LTIMindtree have signed a Strategic Partnership Agreement (SPA) to accelerate global business growth and drive cloud transformation for customers. The agreement focuses on collaboration for solution development, investments, market expansion, GTM strategies, and training LTIM resources on Google technologies.
LTIMindtree has been recognized as the 2024 Salesforce Partner Innovation Award winner for the Retail Industry Segment, highlighting our success in implementing Salesforce technologies with specialized domain knowledge and automation.
LTIMindtree has received the 2024 Oracle Cloud/Technology Partner Award - Business Impact North America.

Recognitions

LTIMindtree recognized as a Notable Provider in Forrester: 'The Modern Application Development Services Landscape, Q3 2024'.
LTIMindtree recognized as a Notable Provider in Forrester: 'The Oracle Services Landscape, Q3 2024'.
LTIMindtree recognized as a Notable Provider in Forrester: 'The SAP Services Landscape, Q3 2024'.
LTIMindtree recognized as a Major Contender in Everest Group: Open Banking IT Services PEAK Matrix® Assessment 2024.
LTIMindtree recognized as a Major Contender in Everest Group: Life & Annuity Insurance IT Services PEAK Matrix® Assessment 2024.
LTIMindtree recognized as a Major Contender in Everest Group: Retail and CPG Data, Analytics and AI Services PEAK Matrix® Assessment 2024.
LTIMindtree recognized as a Major Contender in Everest Group: Digital Workplace Services PEAK Matrix® Assessment 2024 - North America.
LTIMindtree recognized as a Major Contender in Everest Group: Digital Transformation Consulting Services PEAK Matrix® Assessment 2024 - North America.
LTIMindtree recognized as a Major Contender in Everest Group: Cybersecurity Services PEAK Matrix® Assessment 2024 - North America.
LTIMindtree recognized as a Major Contender in Everest Group: Digital Workplace Services PEAK Matrix® Assessment 2024 – Europe.
LTIMindtree recognized as a Major Contender in Everest Group: Digital Commerce Services PEAK Matrix® Assessment 2024.
LTIMindtree recognized as a Major Contender and Star performer in Everest Group: Salesforce Services PEAK Matrix® Assessment 2024.
LTIMindtree recognized as an Enterprise Innovator in HFS Horizons: The Best Service Providers for Core Banking Modernization, 2024.

Announcements

The Board of Directors have approved an interim dividend of Rs 20 per equity share of par value Rs 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 84,000+ talented and entrepreneurial professionals across more than 30 countries, LTIMindtree — a Larsen & Toubro Group company — solves the most complex business challenges and delivers transformation at scale. For more information, please visit https://www.ltimindtree.com/.