India’s sixth largest IT services firm, 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 increased 5 per cent year-on-year at Rs 9,142.6 crore. On a sequential basis, the firm’s revenue grew 2.8 per cent.
The company’s first-quarter performance beat revenue but missed net profit estimates of Bloomberg. Bloomberg had estimated revenue to be 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, registering a 2.5 per cent quarter-on-quarter (Q-o-Q) and 3.5 per cent year-on-year (Y-o-Y) revenue growth in dollar terms. Our Q1 FY25 earnings before interest and tax (EBIT) expanded to 15 per cent and order inflow remained stable at $1.4 billion. Our top three industry verticals and our largest geography have performed well sequentially. This is attributed to a measured uptick in IT spending for critical initiatives with clients balancing innovation and fiscal prudence,” said Debashis Chatterjee, chief executive officer and managing director, LTIMindtree.
The EBIT margin for the quarter came in at 15 per cent, up from 14.7 per cent in the preceding quarter.
The company’s headcount for the quarter was 81,934. The attrition for the quarter came in at 14.4 per cent. The firm added over 1,000 freshers during the quarter.
First Published: Jul 17 2024 | 5:35 PM IST
