IT firm LTIMindtree recorded a 1.2 per cent year-on-year (YoY) decline in net profit at ₹1,100 crore in the fourth quarter. On a sequential basis, profits declined by 5.9 per cent, missing market expectations.

Revenue from operations stood at ₹8,892 crore, a 1.4 per cent decline on a quarter-on-quarter (QoQ) basis, and 2.3 per cent raise on YoY basis. Margins for the quarter came in at 14.7 per cent, lower than 15.4 per cent in Q3.

Debashis Chatterjee, Chief Executive Officer and Managing Director, said: “As far as revenues are concerned, in Q4 specifically, we had already called out that we have some higher than usual pass throughs in the Q3, the absence of pass throughs mean that we had a lower coming in Q4. We had furloughs in Q3, we had gradual reversal of furloughs, which also impacted revenue ramp up. The ramp up of some of the large deals that we had closed was slower than expected, impacting the revenue. However, we are sure to get back to growth in Q1.”

In terms of deal pipeline, TCV for the quarter stood at $1.4 billion, lower than $1.5 billion recorded last quarter. For the full year, TCV stood at $5.6 billion.

Employee headcount totalled to 81,650 professionals as of March 31, 2024, lower by 821 employees from Q3. Trailing 12 months attrition was 14.4 per cent, up from 14.2 per cent last quarter. The company also announced a final dividend of ₹45 per equity share of par value ₹1 each for the financial year ended March 31, 2024.

“In this environment of restrained client spending, we continue to expand our value proposition to become a partner of choice for our clients.Throughout the past year, we have realigned our portfolio to better serve the current market trends and are well-positioned to capture the discretionary spend wave when it returns,” the company said.