Mid-tier IT firm LTIMindtree recorded a 16.8 per cent year-on-year (y-o-y) rise in profit at ₹1,169 core. On a sequential basis, the performance remained almost flat.

Revenue from operations stood at ₹9,017 crore, a quarter-on-quarter (q-o-q) increase of 1.2 per cent, and 4.6 per cent rise on y-o-y basis. The recorded performance was in line with market expectations.

“Our strong operational performance in a seasonally weak quarter speaks about the organisation’s resilience amid the continuing macro challenges. We have booked our highest-ever order inflow at $1.5 billion, and our strong cash flow metrics helped us cross ₹10,000 crore in cash and investment balance. These strong indicators make us confident to deliver on our path to success as we enter the new year,” said Debashis Chatterjee, CEO and MD.

Margins for the quarter stood at 15.4 per cent, down 60 bps (q-o-q) after impact of higher furloughs, lower working days, and seasonal pass-through revenue. The company will be pushing the timeline to get to its aspiration margin level of 17-18 per cent by a few quarters, as it is also committed to invest to capture growth opportunities.

Deal wins stood at $1.5 billion, marginally higher from $1.3 billion, last quarter. The company said it experienced higher-than-anticipated seasonality in Q3, however, it believes its strong order inflow and healthy deal pipeline set the stage for medium-term growth. Total employee count fell from 83,532 in the last quarter to 82,471 in Q3. Attrition further moderated from 15.2 per cent in Q2 to 14.2 per cent in Q3.

“Against the backdrop of a continued challenging macroeconomic environment and delays in client decision-making, we expect Q4 performance to remain similar to that of the current quarter,” Chatterjee said.

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