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LTI Mindtree Q4FY23 PAT flat at Rs1,114 crore on sharp surge in employee costs

Apr 28, 2023

By: BlinkX Research Team

LTI Mindtree Ltd reported 21.9% growth in net revenues for the March 2023 quarter at Rs8,691 crore. The revenues were up by just 2% on a sequential basis and the sequential pressure came from a slowdown in top line growth due to weak tech spending as well as pricing pressure in its core global markets; especially the BFSI business.

For the quarter, the company witness top line growth across all the five major verticals viz. BFSI, Hi-Tech, Manufacturing, Retail and Healthcare. However, in terms of yoy operating profit growth, BFSI continued to show strong operating profits growth but manufacturing was flat and hi-tech was lower yoy. Operating profits in the retail business were also higher.

Financial highlights for Mar-23 compared yoy and sequentially

Net profits for the March 2023 quarter were flat at Rs1,114 crore on a surge in the employee costs, especially after the merger of L&T Infotech and Mindtree Ltd. The board of directors of LTI Mindtree have declared a dividend of Rs40 per share and this is subject to final shareholder approval. For the full year FY23, the constant currency (CC) revenue growth stood at 19.9% while the order inflow during FY23 stood at $4.87 billion.