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

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

 LTI Mindtree    

Rs in Crore

Mar-23

Mar-22

YOY

Dec-22

QOQ

Total Income (Rs cr)

₹ 8,691.00

₹ 7,128.00

21.93%

₹ 8,520.00

2.01%

Net Profit (Rs cr)

₹ 1,113.70

₹ 1,108.60

0.46%

₹ 1,000.50

11.31%

 

 

 

 

 

 

Diluted EPS (Rs)

₹ 37.57

₹ 37.43

 

₹ 33.78

 

Net Margins

12.81%

15.55%

 

11.74%

 

 

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.

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