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LTI net profit surges by 28 per cent to Rs 634.4 crore  for Q1 FY23

LTI quarterly report, LTI Mindtree, Net profit Mindtree, Revenue Mindtree
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L&T Infotech (LTI) announced the results for Q1 FY-23, reporting a 27.7 per cent YoY rise in net profit at Rs 634.40 crore. Revenue stands at Rs 4,522.8 crore in this quarter compared to Rs 3,462.5 crore in the June 2021 quarter, observing a 30.62 per cent increase.

“We added four Global Fortune 500 logos to our client list in Q1, taking our total Global Fortune 500 customers to 77. We are also happy to announce four large deal wins during the quarter with net new TCV of $79 million”, reveals President Sales & Executive and Board Member, LTI Sudhir Chaturvedi.

“Our healthy pipeline will ensure that we maintain our large deal momentum. Our sustained net headcount addition reflects our confidence and continued focus to deliver strong growth in the financial year 2023”, says Nachiket Deshpande, LTI chief operating officer and executive board member, LTI.

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In May 2022, the Boards of Directors of LTI and Mindtree approved a composite scheme of amalgamation of both these tech majors under the Larsen & Toubro Group. LTI and Mindtree combine strengths to create an efficient and scaled-up IT services provider exceeding $3.5 billion.

On July 13, Mindtree reported its results reflecting surged profits—Rs. 471.6 crore, a  37.3 per cent YoY increase in net profit. Its revenue stood at Rs. 3,121 crore, reporting a 36.2 per cent YoY growth. The company claims that its attrition rate for the past year is 24.5 per cent ​​with a headcount of 37,455 employees for the quarter which ended on June 30.


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Sreejani Bhattacharyya
I am a technology journalist at AIM. What gets me excited is deep-diving into new-age technologies and analysing how they impact us for the greater good. Reach me at sreejani.bhattacharyya@analyticsindiamag.com

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