LTIMindtree Q2 Results: Revenue Up Nearly 2.5%, Profitability Takes A Hit
Net profit fell 0.86% sequentially to Rs 1,162.3 crore in Q2, on the back of revenue that increased 2.33% to Rs 8,905.4 crore.
LTIMindtree Ltd. struggled to maintain the momentum in its operational profitability in the July-September quarter, even as the top line showed a marginal uptick.
Revenue of the L&T Group firm rose 2.33% over the previous three months to Rs 8,905.4 crore in the quarter ended Sept. 30, according to an exchange filing on Wednesday. That compares with the Rs 8,894.22-crore consensus estimate of analysts tracked by Bloomberg.
LTIMindtree Q2 Results: Key Highlights (QoQ)
Revenue up 2.33% at Rs 8,905.4 crore (Estimate: Rs 8,894.22 crore).
EBIT down 1.91% at Rs 1,423.1 crore (Estimate: Rs 1,391.54 crore).
EBIT margin at 15.98% vs 16.67% (Estimate: 15.68%).
Net profit up 0.86% at Rs 1,162.3 crore (Estimate: Rs 1,116.42 crore).
The Bengaluru-based company clocked a dollar revenue growth of 1.6% sequentially to $1.705 billion in the September quarter. The net profit was up 0.2% quarter-on-quarter to $140.4 million.
The order inflow stood at $1.3 billion—a 20% increase year-on-year.
“Our results in the second quarter were highlighted by strong revenue growth… along with a healthy operating margin of 16% despite wage hikes across the organisation,” Debashis Chatterjee, chief executive officer at LTIMindtree, said in a statement. “This all-round performance, in a challenging business environment, demonstrates the strength of our capabilities and disciplined execution.”
On Wednesday, LTIMindtree shares fell 1.11% to Rs 5,156.90 apiece on the BSE, even as the benchmark Sensex ended the day 0.83% lower at 65,877.02 points. The quarterly results were declared after market hours.
