LTIMINDTREE
20.1.2023 14:41:49 CET | Business Wire | Press release
LTIMindtree [NSE: LTIM, BSE: 540005], a global technology consulting and digital solutions company, announced its consolidated results today for the third quarter ended December 31, 2022, as approved by its Board of directors.
“We are pleased to report a strong Q3 FY23, our first as LTIMindtree,” said Debashis Chatterjee, Chief Executive Officer and Managing Director of LTIMindtree. “The combined entity has started out with a USD 1 billion quarterly revenue run rate, a top-quartile constant currency year-over-year revenue growth of 16.3%, and a robust order inflow of USD 1.25 billion. Our performance speaks to our steadfast client focus through the merger and our resilient client and solutions portfolio. Clients across sectors are evincing keen interest in our unique value proposition spanning core to experience to edge. The client imperative to dial up technology-led innovation for future-readiness holds significant long-term upside for our full-stack offerings and cross-industry exposure, boosting our endeavour to deliver industry-leading revenue growth in the future as well.”
Key financial highlights:
Quarter ended December 31, 2022
In USD:
- Revenue at $1,046.7 million (growth of 2.4% q-o-q / 14.0% y-o-y)
- Net profit at $121.5 million (decline of 17.7% q-o-q / 13.3% y-o-y)
In INR:
- Revenue at ₹86,200 million (growth of 4.8% q-o-q / 25.3% y-o-y)
- Net profit at ₹10,007 million (decline of 15.8% q-o-q / 4.7% y-o-y)
Other highlights:
Clients:
- 723 active clients as of December 31, 2022
- $1 million+ clients increased by 13, total 374
- $5 million+ clients increased by 7, total 144
- $10 million+ clients increased by 4, total 81
People:
- 86,462 professionals as of December 31, 2022
- Trailing 12 months attrition was 22.3%
Deal Wins
- A leading digital marketplace offering end-to-end solutions for the automotive industry signed a multiyear deal with LTIMindtree as its anchor digital transformation partner to consolidate all digital initiatives for enhancing efficiencies and accelerating time-to-market.
- A leading public utility company based in North America chose LTIMindtree as a long-term strategic partner for an infrastructure and cloud managed services deal.
- An energy and utilities company selected LTIMindtree to enable its digital transformation journey towards green energy.
- A North American energy company signed a managed services deal with LTIMindtree for a data, cloud-enablement, and infrastructure program.
- A leading global provider of transportation solutions selected LTIMindtree to modernize its core operations leveraging a cloud-based business applications platform.
- A North American P&C insurer selected LTIMindtree as a strategic partner for driving the transition from Quality Assurance to Quality Engineering. As part of this deal, LTIMindtree will drive an automation-first mindset to deliver efficiency and productivity improvements.
- A leading hospitality company awarded LTIMindtree a multiyear contract to provide agile-based product development, testing, and support services.
- A Canada-based automobile manufacturer signed a multiyear Application Management Services deal with LTIMindtree.
- A leading semiconductor manufacturer and technology provider selected LTIMindtree for a multiyear contract to provide platform-led, end-user services globally.
Recognitions
- LTIMindtree Syncordis recognised as Temenos Global Delivery Partner.
- Honoured as Global Collaboration Partner of the Year by Amazon Web Services (AWS).
- Recognised as the 2023 ServiceNow Americas Emerging Service Provider Partner of the Year.
- Recognised in the 2022 Gartner®* Market Guide for Augmented Analytics for its Lumin by Fosfor product.
- Named a Leader and Star Performer in Everest Group’s Application and Digital Services in P&C Insurance PEAK Matrix® Assessment 2023.
- Named a Major Contender and Star Performer in Everest Group’s Risk & Compliance in BFS IT Services PEAK Matrix® Assessment 2023.
- Named a Major Contender and Star Performer in Everest Group’s Guidewire Services PEAK Matrix® Assessment 2023.
- Named a Major Contender in Everest Group’s Healthcare Provider Digital Services PEAK Matrix® Assessment 2023.
*GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
Announcements
The Board of Directors has recommended an interim dividend of ₹20 per equity share of par value ₹1 each.
About LTIMindtree
LTIMindtree is a global technology consulting and digital solutions company that enables enterprises across industries to reimagine business models, accelerate innovation, and maximize growth by harnessing digital technologies. As a digital transformation partner to more than 700 clients, LTIMindtree brings extensive domain and technology expertise to help drive superior competitive differentiation, customer experiences, and business outcomes in a converging world. Powered by nearly 90,000 talented and entrepreneurial professionals across more than 30 countries, LTIMindtree — a Larsen & Toubro Group company — combines the industry-acclaimed strengths of erstwhile Larsen and Toubro Infotech and Mindtree in solving the most complex business challenges and delivering transformation at scale. For more information, please visit www.ltimindtree.com.
Earnings Conference Call and Audio Webcast
Friday, January 20, 2023 - 6:00 PM IST
Please dial any of the below numbers at least 5-10 minutes prior to the conference to ensure that you are connected to your call in-time.
Universal Access Number |
+91 22 6280 1107
|
||
International Toll-Free Number |
USA: UK: Singapore: Hong Kong: |
18667462133 08081011573 8001012045 800964448 |
|
Replay of Conference Call |
Available after 1 hour from the call end time until January 27th, 2023 Playback Code: 23855
Dial-in Number: India +91 22 7194 5757
|
||
USA Toll Free UK Toll Free Singapore Toll Free Hong Kong Toll Free |
18332898317 8007563427 8001012510 800965553 |
||
Audio Webcast The audio from the conference call will be available online through a webcast and can be accessed at the following link: https://links.ccwebcast.com/?EventId=LTI200123 |
|||
Click here for your DiamondPass™ DiamondPass™ is a Premium Service that enables you to connect to your conference call without having to wait for an operator. If you have a DiamondPass™, click the above link to associate your pin and receive the access details for this conference. If you do not have a DiamondPass™, please register through the link and you will receive your DiamondPass™ for this conference. |
|||
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230120005205/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Sitetracker and 5x5 Break the Price Barrier for Portfolio-Scale Digital Twins and Asset Intelligence23.9.2026 12:11:00 CEST | Press release
Sitetracker and 5x5 partner to bring synthetic digital twins technology to the Wireless Infrastructure market. Sitetracker and 5x5 Technologies today introduced a data-to-twin workflow that gives wireless infrastructure owners a practical, affordable path to digitizing an entire tower portfolio. The Sitetracker platform now integrates 5x5 Synthetic Twin technology, providing scalable asset intelligence at a price up to 85% less than traditional site modeling methods. Synthetic Twins leverage Sitetracker’s leading tower portfolio and operational data to create interactive 3D models of towers, rooftops and ground compounds providing tower operators with a baseline of their portfolio that can be progressively enriched as the site conditions evolve. This data when combined with Scout, Sitetracker’s Agentic AI platform, opens the opportunity for digitized workflows and unparalleled understanding of the asset portfolio. Why it matters AI-driven data demand, more spectrum deployments, and den
LTM Launches BlueVerse™ SovereignSphere™ Models to Help Enterprises Own Their AI Advantage23.9.2026 12:05:00 CEST | Press release
LTM, the Business Creativity partner to the world's largest enterprises, today launched BlueVerse™ SovereignSphere™ Models, enabling organizations to transform proprietary knowledge into AI capabilities that understand their business context and operate within their governance boundaries. BlueVerse SovereignSphere Models enable enterprises to overcome critical AI adoption challenges by lowering infrastructure costs, simplifying governance, and reducing reliance on generic AI models. It helps organizations build AI that understands their business, language, workflows, policies, and domain expertise as a native capability. Enterprises retain ownership of their models and intellectual property while benefiting from more predictable AI economics and reduced dependence on token-heavy architectures. The key offerings in the portfolio include:Sales and Marketing Pro – Delivers CRM architect-level expertise across solution design, code generation, troubleshooting, and root-cause analysis, help
Cox Capital Announces Tender Offers for Class I Shares of Blackstone Private Credit Fund and HPS Corporate Lending Fund23.9.2026 12:00:00 CEST | Press release
Offers provide a secondary cash-liquidity option for BCRED and HLEND shareholders following oversubscribed issuer repurchase programs Cox Capital Partners (“Cox Capital”) announced today that Cox Capital Retail Secondaries Fund I, LP (the “Purchaser”), a private investment fund managed by an affiliate of Cox Capital, has commenced two separate cash tender offers to purchase Class I shares of Blackstone Private Credit Fund (“BCRED”) and HPS Corporate Lending Fund (“HLEND”). Both funds recently reported that their Q3 2026 repurchase programs were substantially oversubscribed. BCRED and HLEND received repurchase requests representing an estimated 10% and 11.5%, respectively, of shares outstanding. The funds’ established frameworks generally target quarterly repurchases of 5% of shares outstanding, although the amount may be increased at the discretion of the applicable fund. Cox Capital developed its secondary program to provide shareholders with an additional path to liquidity when a fun
Three Weeks into France E-Invoicing Mandate: Sovos Hits Unparalleled Production Scale23.9.2026 10:00:00 CEST | Press release
With 170,000 registrants - 78x the registered network reach of the nearest tax compliance competitor - Sovos demonstrates unmatched production scale across direct clients and every software platform embedding its Compliance Network Sovos, the agentic tax compliance company, today announced that it has surpassed 170,000 organizations registrants across the Sovos-powered network – including both Sovos-branded and partner-branded approved service providers - using Sovos technology in France. By comparison, the nearest competitors registered fewer than 2,200 organizations each. The milestone represents a significant lead in production-grade e-invoicing, with Sovos handling transaction volumes that are many multiples higher than any other tax compliance vendor operating in France. "France represents the most complex continuous transaction controls mandate the world has seen, and we entered production on day one with our Global 2000 clients fully live," said Kevin Akeroyd, CEO, Sovos. "We ac
Thredd Partners with Velocity to Expand Global Payments Platform, Offer Stablecoin-Powered Money Movement23.9.2026 09:00:00 CEST | Press release
New capabilities will connect cards, fiat payment rails, and stablecoins through one integrated platform experience Thredd, the AI-first issuer processing platform, today announced the expansion of its payments platform to include stablecoin-powered money movement capabilities, through a partnership with Velocity, the stablecoin treasury and settlement platform bringing enterprises onchain. The initial rollout of these capabilities will focus on supporting B2B and B2B2B applications, including stablecoin-backed card programmes, cross-border payouts, global treasury flows and on-chain settlement. Thredd clients will now be able to convert between fiat currencies and supported stablecoins, send funds on-chain or through connected fiat rails, and use stablecoins for funding, payouts and settlement. “Stablecoins are rapidly becoming an important part of global payments infrastructure, but clients should not have to rebuild their payments stack to take advantage of them,” said Jim McCarthy,
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom