LTIMindtree Reports Strong FY23
April 27 2023 - 10:14AM
Business Wire
Full year Constant Currency Revenue up
19.9%;
Order Inflow at USD 4.87 Billion
LTIMindtree [NSE: LTIM, BSE: 540005], a global technology
consulting and digital solutions company, announced its
consolidated results today for the fourth quarter and full year
ended March 31, 2023, as approved by its Board of Directors.
“We are pleased to report a strong FY23, with a broad-based full
year revenue growth of 19.9% in constant currency,” said Debashis
Chatterjee, Chief Executive Officer and Managing Director of
LTIMindtree. “This industry-leading performance positions us well
to deliver continued profitable growth in FY24. As we move to
unified systems & processes, we are ready to exploit the
synergies. Our Q4 revenue came in at a healthy USD 1.06 billion -
up 13.5% year-over-year in constant currency and 11.9% in reported
USD terms. Our order inflow for the quarter came in at USD 1.35
billion, helping us close the full-year order inflow at USD 4.87
billion. We added 31 new clients for Q4 and increased our count of
USD 50 million plus customers by 2 to 13. Our full-year operating
margin was at 16.2% and the basic EPS was at INR 149.1. Client
requirements have changed over the last quarter, and we are now
meeting the new requirements to deliver cost savings which are
being directed to fund in flight transformation programs.”
Key financial highlights:
Year ended March 31, 2023
In USD:
- Revenue at $4,105.7 million (growth of
17.2% Y-o-Y)
- Net profit at $545.7 million (growth of
3.0% Y-o-Y)
In INR:
- Revenue at Rs 331,830 million (growth of
27.1% Y-o-Y)
- Net profit at Rs 44,103 million (growth of
11.7% Y-o-Y)
Quarter ended March 31, 2023
In USD:
- Revenue at $1,057.5 million (growth of 1.0%
Q-o-Q / 11.9% Y-o-Y)
- Net profit at $135.6 million (growth of
11.6% Q-o-Q / decline of 7.8% Y-o-Y)
In INR:
- Revenue at Rs 86,910 million (growth of
0.8% Q-o-Q / 21.9% Y-o-Y)
- Net profit at Rs 11,141 million (growth of
11.3% Q-o-Q / 0.5% Y-o-Y)
Other FY23 highlights:
Clients:
- 728 active clients as of March 31, 2023
- $1 million+ clients increased by 56, total
383 (increased by 9 in Q4)
- $10 million+ clients increased by 5, total
81 (no change in Q4)
- $50 million+ clients increased by 3, total
13 (increased by 2 in Q4)
People:
- 84,546 professionals as of March 31,
2023
- Trailing 12 months attrition was 20.2%
Deal Wins
- Selected as the key digital transformation partner by Currys, a
UK based retailer of technology products and services. This
multi-million-dollar collaboration will enable Currys in
strengthening its market position. LTIMindtree aims to enhance
Currys' omnichannel revenue stream and drive cost
transformation.
- onsemi, a global leader in intelligent power and image sensing
technologies, has chosen LTIMindtree as a strategic service
provider for developing its next-generation enterprise IT support
platform. This multi-year deal will involve LTIMindtree
collaborating with onsemi's IT team to drive innovation and
increase efficiency. The IT transformation is part of onsemi's
broader strategy to streamline operations and invest in growth
areas, such as electric vehicles, ADAS, alternative energy, and
industrial automation.
- LTIMindtree has been selected by Hellenic Bank, a leading
financial institution in Europe, as their exclusive Strategic
Sourcing partner for their digital transformation program improving
the customer experience through digitalisation, streamlining
processes, and offering competitive products.
- A North American manufacturer of high-performance building
solutions chose LTIMindtree for its digital transformation journey.
LTIMindtree would be the sole partner helping the client with its
hybrid cloud infrastructure and 100+ enterprise applications
landscape.
- Awarded multi-year, multi-million-dollar deal by a financial
insurance company to provide them application and data
services.
- Independent testing deal signed with one of the largest
property and casualty insurance company in the United States.
- An American insurance company which is the largest provider of
supplemental insurance in the US has partnered with LTIMindtree for
a multi-year AMS deal.
- Chosen by a global leader of engineered products and services
for agricultural equipment to provide consulting and testing
services.
- One of the major airlines in the United States has selected
LTIMindtree as a partner of choice in an application maintenance
deal.
Recognitions
- Recognized in The Forrester Customer Analytics Services
Providers Landscape, Q1 2023.
- Named as a 'Leader' in ISG Provider Lens™ Google Cloud Partner
Ecosystem 2022.
- LTIMindtree named as a ‘Major Contender’ in Everest Group's
Digital Transformation Consulting PEAK Matrix® Assessment
2023.
- Recognized in 2022 Gartner® Magic Quadrant™ for Oracle Cloud
Application Services, worldwide.
- Recognized in 2022 Gartner® Magic Quadrant™ for SAP S/4HANA
Application Services, worldwide.
- LTIMindtree named as a ‘Leader’ and ‘Star Performer’ in Everest
Group's Application and Digital Services in P&C Insurance PEAK
Matrix Assessment 2023.
- Named winner in the 2023 Artificial Intelligence Excellence
Awards for LTIMindtree’s Canvas.
- Earned the 2022 Innovation Awards for OnDemand Enablement
Tooling from Duck Creek Technologies in the CBO (Custom Business
Object) Remediation and DB Reference Data Remediation
categories.
- Recognized as One of the Best Organizations for Women, 2023, by
The Economic Times.
- Recognized at the DivHERsity Awards 2023 among the Top 5 Most
Innovative Practices in the ‘Women L&D Programs’ and the Top 20
Most Innovative Practices in the ‘Women Returnee Programs’
categories.
*GARTNER is a registered trademark and service mark of Gartner,
Inc. and/or its affiliates in the U.S. and internationally and is
used herein with permission. All rights reserved. Gartner does not
endorse any vendor, product or service depicted in its 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’s
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.
Announcements
The Board of Directors have recommended a final dividend of Rs
40 per equity share of par value Rs 1 each for the financial year
ended March 31, 2023.
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 84,000+ talented and
entrepreneurial professionals across more than 30 countries,
LTIMindtree — a Larsen & Toubro Group company — combines the
industry-acclaimed strengths of erstwhile Larsen and Toubro
Infotech and Mindtree in solving the most complex business
challenges and delivering transformation at scale. For more
information, please visit https://www.ltimindtree.com/.
Earnings Conference Call
Thursday, April 27, 2023 (18:45
IST)
To join the Earnings conference call
Click here:
https://LTIMindtree.zoom.us/j/84021137095
Or Dial-in: (For higher quality, dial a
number based on your location):
US: +1 386 347 5053 or +1 408 638 0968
India: +91 80 71 279 440 or +91 116 480
2722
Webinar ID: 840 2113 7095
Zoom Dial-in numbers:
https://LTIMindtree.zoom.us/u/kf0wVD3qg
Transcript and recording will be available
on: https://www.ltimindtree.com/
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230427005570/en/
Media Relations: media@ltimindtree.com
Etfs Ltim (LSE:LTIM)
Historical Stock Chart
From Jun 2024 to Jul 2024
Etfs Ltim (LSE:LTIM)
Historical Stock Chart
From Jul 2023 to Jul 2024