LTIMindtree on Wednesday reported a consolidated net profit of ₹1,134 crore for the quarter ended June 30, 2024 — down by 1.5 per cent from ₹1,152 crore reported by the company in the year-ago period.
The revenue from operations for the reported quarter stood at ₹9,143 crore, higher by 5 per cent y-o-y compared to ₹8,702 crore reported in the corresponding quarter of the last financial year.
The management attributed the increase in revenue to the ramp-up in deals seen in previous quarters. Anticipating better demand, LTI Mindtree hired 14,000 freshers in Q1FY25. The utilisation of trainees increased to 88.3 per cent from 86.9 per cent in the previous quarter.
The net profit for the period attributable to shareholders stood at ₹1,134 crore. On a sequential basis, the profit after tax for the reported quarter jumped nearly 3 per cent as against ₹1,100 crore in the previous quarter.
On Wednesday, the company’s board of directors granted approval to set up a wholly-owned subsidiary in Brazil, with an initial investment of $1 million.
Revenue for its BFSI segment witnessed 35.2 per cent y-o-y growth.
The Technology, Media & Communications segment growth was reported at 25.6 per cent. The Manufacturing & Resources segment growth was reported at 18.5 per cent. The Consumer Business segment growth was reported at 14.5 per cent.
The company managed to crack four new deals in the quarter gone by, including one from a major US airline. A leading Japanese automotive company also awarded LTIMindtree a multi-year service desk support contract, the company filing said.