LTIMindtree Reports Q3FY25 Results: Record Order Inflow Amid Profit Dip

LTIMindtree Q3 net profit slips 7% to Rs 1,085 crore; revenue climbs

Dampened by seasonal weakness in demand and higher furloughs in core markets, India's sixth largest IT services company LTIMindtree's net profit dipped by 7.1% year-on-year (YoY) to Rs 1,086.7 crore in the October to December quarter of current fiscal year 2024-25. Profit in the December quarter a year ago stood at Rs 1,169.3 crore. It was lower by 13.2% from Rs 1,251.6 crore in the previous quarter ending September 2024. Revenue for Q3FY25 grew 7.1% YoY at Rs 9,660.9 crore from Rs 9,016.6 crore in Q3FY24, while sequentially increasing by 2.4% from Rs 9,432.9 crore in the Q2FY25. "Our differentiated AI strategy has helped us record our highest-ever order inflow of $1.68 billion, laying the foundation for future growth. Our ongoing investments in AI, including new partnerships and specializations, and accolades, support our efforts to continue growing as we enter CY25," said Debashis Chatterjee, CEO and managing director of LTIMindtree. The total order intake for the three-month period Q3 was at $1.68 billion, up 29% from $1.3 billion in the previous quarter, which saw flat YoY growth and 7% weaker QoQ. In the second quarter ending September of the ongoing fiscal year 2025, LTIMindtree closed several multi-year projects including a $200 million-plus deal from a US-based manufacturer. Segment wise, banking, financial services & insurance (BFSI) and manufacturing segment clocked a sequential growth of 3.4% and 8.1%, respectively, while the other businesses including tech, media and communications business dipped by 5.8%. North America reported flat QoQ growth at 0.7% and 8% YoY, while Europe declined by 2.7% sequentially with marginal 0.3% growth on-year basis. In dollar terms, the Mumbai-based IT services company's overall revenue was reported at $1.14 billion, from $1.13 billion in Q2FY25. The L&T subsidiary also added 2,362 employees in the three months ending December 2024 taking the total headcount to 86,800. In the previous quarter as well, the employee count was added by 2,504 people to 84,438. The attrition rate over the past 12 months edged down to 14.3% from 14.5% in the previous quarter. Operating margins slumped to 13.8% from 15.5% in the preceding quarter and 15.4% in October to December 2023 quarter. LTIMindtree has already stated deferment of its margin target of 17-18% till it achieves double-digit revenue growth, impacted by the US elections and the worsening political tensions in the Middle East. In December, through its US arm, LTIMindtree also committed a $6 million investment in US-headquartered 8-month old startup Voicing.AI for "Agentic AI" solutions. Before the results announcement, LTIMindtree shares ended 2.4% higher at Rs 5,978.85 apiece on the BSE, while the Sensex closed 0.4% higher.

LTIMindtree Delivers 1.8% QoQ and 5.6% YoY Revenue Growth in CC

Historic high order inflow at USD 1.68 bn, up 29% sequentially Third consecutive quarter of employee addition of over 2,300 LTIMindtree [NSE: LTIM, BSE: 540005], a global technology consulting and digital solutions company, announced its consolidated results today for the third quarter ended Dec 31, 2024, as approved by its Board of Directors. "We closed Q3FY25 with a revenue of USD 1.14 billion, registering a sequential growth of 1.8% in constant currency and 1.1% in USD terms. Our differentiated AI strategy has helped us record our highest-ever order inflow of USD 1.68 billion, laying the foundation for future growth. Our ongoing investments in AI, including new partnerships and specializations, and accolades, support our efforts to continue growing as we enter CY25." - Debashis Chatterjee, Chief Executive Officer and Managing Director Key financial highlights: Quarter ended Dec 31, 2024 In USD: - Revenue at $1,138.7 million (+1.1% Q-o-Q / +5.1% Y-o-Y) - Operating Margin (EBIT) at 13.8% - Net profit at $128.1 million (-14.3% Q-o-Q / -8.8% Y-o-Y) In INR: - Revenue at ₹96,609 million (+2.4% Q-o-Q / +7.1% Y-o-Y) - Net profit at ₹10,867 million (-13.2% Q-o-Q / -7.1% Y-o-Y) Other highlights: Clients: - 742 active clients as of Dec 31, 2024 - $5 million+ clients increased by 3 on a Y-o-Y basis, total 152 - $10 million+ clients increased by 1 on a Y-o-Y basis, total 90 - $50 million+ clients increased by 1 on a Y-o-Y basis, total 13 People: - 86,800 professionals as of Dec 31, 2024. Added 2,362 in Q3 - Trailing 12 months attrition was 14.3% Deal Wins AI in Everything Deal Wins A global manufacturer chose LTIMindtree to manage its end-to-end IT landscape using LTIMindtree's 'AI in Operations' platform. A leading global investment firm has selected LTIMindtree's proprietary 'AI in Infrastructure' platform to manage its end-to-end infrastructure services. A leading commercial property and casualty insurance management company selects LTIMindtree to provide end-to-end services for Duck Creek Suite. A Middle East Nuclear Energy company chose for its end-to-end IT landscape, leveraging our 'AI in Operations' platform. A leading Middle East Oil and Gas major has partnered with LTIMindtree to implement AI in Cloud operations. Headquartered in New York, a leading provider of credit ratings chose LTIMindtree to implement AI in Application Managed Services. Everything for AI Deal Wins A state-owned insurance company selected LTIMindtree to implement data fabric and development of AI use cases, including data governance. A leading US-headquartered software company that provides enterprise cloud computing solutions has entrusted LTIMindtree with managing their NextGen data fabric. A leading Middle East Oil and Gas major has partnered with LTIMindtree to implement an advanced data governance platform. Partnerships LTIMindtree attained AWS GenAI competency, consequently strengthening its expertise in GenAI on AWS, including Amazon Bedrock and Quicksight. This is one of the most sought-after competencies amongst all AWS partners and marks LTIMindtree's 11th AWS Specialization. This achievement further enhances LTIMindtree's overall credibility in AI Innovation with AWS. LTIMindtree and Microsoft Join Forces to Supercharge AI Innovation and Digital Transformation for Global Enterprises by utilizing Microsoft's advanced technologies like 365 Copilot and Canvas Sunshine. LTIMindtree launched a comprehensive 360-degree solution for Oracle Database Migration to Azure Cloud, ensuring a smooth transition, minimal downtime, and optimized performance. LTIMindtree achieved ITOM visibility ServiceNow's Product Line Achievements (PLAs). PLAs allow a partner to showcase their expertise and commitment to excellent customer service. These achievements serve as badges of honour in the ServiceNow community and will enhance LTIMindtree's proposition to impress upon clients. LTIMindtree was conferred Boomi's Asia Partner of the Year Award at the 2024 APJ Partner Summit. This award highlights our expertise in integrating Boomi's technology to drive digital transformation with innovative AI solutions Recognitions LTIMindtree recognized in Forrester's 'The Customer Analytics Service Provider Landscape, Q1 2025'. LTIMindtree recognized in Forrester's 'The Application Modernization and Multicloud Managed Services Landscape, Q4 2024'. LTIMindtree recognized in Forrester's 'The Automation Fabric Services Wave, Q4 2024'. LTIMindtree recognized in Forrester's 'The Business Intelligence Platforms Landscape, Q4 2024'. LTIMindtree Recognized as an 'Enterprise Innovator' in HFS Horizons: 'AADA Quadfecta Services for the Generative Enterprise, 2024'. LTIMindtree Recognized as an 'Enterprise Innovator' in HFS Horizons: 'IoT Service Providers, 2024'. LTIMindtree Recognized as a 'Major Contender' in Everest Group: 'Microsoft Azure Services PEAK Matrix® Assessment 2024'. LTIMindtree Recognized as a 'Major Contender' in Everest Group: 'Data and Analytics (D&A) Services PEAK Matrix® Assessment 2024'. LTIMindtree Recognized as a 'Major Contender' in Everest Group: 'Quality Engineering (QE) Services for AI Applications and Systems PEAK Matrix® Assessment 2024'. LTIMindtree Recognized as a 'Major Contender' in Everest Group: 'AWS Services PEAK Matrix® Assessment 2024'. LTIMindtree Recognized as a 'Major Contender' in Everest Group: 'Google Cloud Services PEAK Matrix® Assessment 2024'. LTIMindtree Recognized as a 'Major Contender' in Everest Group: 'Digital Transformation Consulting Services PEAK Matrix® Assessment 2024 - Europe'. LTIMindtree Recognized as a 'Major Contender' in Everest Group: 'Digital Transformation Consulting Change Management PEAK Matrix® Assessment 2024'. LTIMindtree Recognized as a 'Major Contender' in Everest Group: 'Artificial Intelligence and Generative AI Services PEAK Matrix® Assessment 2024'. LTIMindtree Recognized as a 'Major Contender' in Everest Group: 'CyberSecurity Services Europe PEAK Matrix® Assessment 2024'. LTIMindtree Recognized as a 'Major Contender' in Everest Group: 'Healthcare Provider Digital Services PEAK Matrix® Assessment 2024'. LTIMindtree Positioned as a 'Visionary' in 2024 Gartner® Magic Quadrant™ for Cloud ERP Services. *GARTNER is a registered trademark and service mark of Gartner and Magic Quadrant is a registered trademark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in our 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 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. 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 86,000+ talented and entrepreneurial professionals across more than 40 countries, LTIMindtree -- a Larsen & Toubro Group company -- solves the most complex business challenges and delivers transformation at scale.