BENGALURU: LTIMindtree on Wednesday reported a 2.24% decline in its consolidated net profit for the second quarter ending September at Rs 1,161.8 crore. The company had reported Rs 1,188.5 crore in the same quarter a year ago.
The company’s revenue from operations for the second quarter stood at Rs 8,905.4, crore, an increase of 8.2%. Its revenue in the year-ago period stood at Rs 8,227.8 crore. The company has 737 active clients as of September 30, 2023.
“Our results in the second quarter were highlighted by strong revenue growth of 5.2% YoY, in USD terms, along with a healthy operating margin of 16% despite wage hikes across the organisation,” Debashis Chatterjee, CEO and MD said.
“Our robust order inflow at $1.3 billion, representing a 20% increase YoY, and growth across our client bands speaks to the strength of our client relationships, robust delivery and our ability to address the priorities of our clients across their efficiency and transformation mandates,” he added.
The company’s trailing 12 months attrition was 15.2%. The company anticipates above-average furloughs in the third quarter of this financial year and that deal cycles continue to remain elongated. LTIMindtree currently has more than 100 project conversions around Generative AI. The company also declared an interim dividend of Rs 20 per equity share. The IT services company’s stocks witnessed a 1.11% decrease at Rs 5,156.90 a piece on the BSE, as compared to a correction of 0.83% on the benchmark.