India’s sixth-largest IT services company, LTIMindtree, reported a net profit for the first quarter of FY25 at Rs 1,135 crore, down 1.5 per cent year-on-year. On a sequential basis, profit grew 3.1 per cent.
Revenue for the quarter rose 5 percent year-on-year to Rs 9,142.6 crore. On a sequential basis, the company’s revenue grew 2.8 percent.
The company’s first-quarter performance beat revenues but missed Bloomberg’s net profit estimates. Bloomberg had estimated revenues at Rs 9,074.6 crore and profit after tax (PAT) at Rs 1,161.2 crore.
“While the environment remains unchanged, FY25 started on a positive note for us with Q1 FY25 revenue of $1.1 billion, with quarter-on-quarter (QoQ) and 3.5 percent year-on-year (YoY) dollar revenue growth. Our Q1 FY25 earnings before interest and tax (EBIT) grew to 15 percent and order intake remained stable at $1.4 billion. Our three largest industry verticals and our largest region performed well sequentially, attributed to a measured increase in IT spending on critical initiatives as customers balance innovation with fiscal prudence,” said Debashis Chatterjee, CEO and managing director, LTIMindtree.
The EBIT margin for the quarter was 15 percent, up from 14.7 percent in the previous quarter.
The company’s headcount for the quarter was 81,934. The attrition rate for the quarter was 14.4 percent. The company added more than 1,000 new hires during the quarter.
First print: Jul 17, 2024 | 5:35 PM IST