LTIMindtree Q4 net dips 1.2% to ₹1,100.7 crore; company hopeful of returning to growth in Q1 FY25

LTIMindtree reports 1.2% decline in Q4 net profit, confident of growth in Q1 despite challenges.

Indian IT services company LTIMindtree on Wednesday reported a 1.2% decline year-on-year in consolidated net profit for the March quarter to ₹1,100.7 crore but exuded confidence it will get back to growth in the April-June period.

The Q4 report card was impacted by slower ramp-ups and weak showing in the banking and financial services space.

The profit (attributable to shareholders of the company) came in at ₹1099.9 crore for the March quarter, a year-on-year dip of 1.2%.

"This quarter was a one-off. We will return to growth in Q1(FY25). The positive outcomes of our positioning as an organisation with scaled expanded capabilities and stronger partnerships continue to reflect in our order inflow and pipeline," Debashis Chatterjee, Chief Executive Officer and Managing Director of LTIMindtree, said during the company's earning call for the fourth quarter.

He said the company saw higher than usual pass-throughs in the December quarter, and the absence of those pass-throughs reflected on the topline performance in Q4.

"We had furloughs in Q3, we had a gradual reversal of the furloughs which also impacted the overall revenue ramp up... in some of the large deals that we have closed, the ramp up was slower than what we had expected, so slower rampups also impacted the overall revenue," he said.

He further said the company has entered FY25 with a strong foundation to drive revenue synergies.