Business Wire

LTIMINDTREE

20.1.2023 14:41:49 CET | Business Wire | Press release

Share
LTIMindtree Reports Strong Performance in Q3 FY23

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
+91 22 7115 8008

 

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

Business Wire
Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco

http://businesswire.com
DK

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

DEWA International Launched as a Wholly Owned Independent Subsidiary of DEWA to Develop Global Energy and Water Projects9.7.2026 18:07:00 CEST | Press release

HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of Energy, announced the establishment of ‘DEWA International’, a wholly owned independent subsidiary of Dubai Electricity and Water Authority (DEWA). The company aims to develop conventional and clean energy projects worldwide and export Dubai’s successful energy and water infrastructure model to global markets. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260709099653/en/ DEWA International launched as a wholly owned independent subsidiary of DEWA to develop global energy and water projects (Photo: AETOSWire) HH Sheikh Ahmed bin Saeed Al Maktoum said: “Thanks to the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Dubai has become a global model for achievement and accelerated development. Through its world-class infrastructure, particularly in the energy

Echodyne Opens New Manufacturing Facility to Meet Surging Global Demand for Advanced MESA® Radar9.7.2026 15:00:00 CEST | Press release

New Washington State facility provides capacity to manufacture more than 30,000 radars annually, strengthening the U.S. defense industrial base As governments around the world accelerate investment in counter-unmanned aircraft systems (C-UAS) and short-range air defense, Echodyne today announced the opening of a new advanced radar manufacturing facility in Washington State, significantly expanding its manufacturing capacity to meet rapidly growing demand from U.S. and allied customers. With millions of drones manufactured and used by both sides in the Russian War in Ukraine, the need for enhanced safety for defense, national security, and critical infrastructure assets grows with every successful strike and interception. The low cost and high utility of drones dramatically alters the need for safety and security sensors. And as the low altitude economy takes off, hundreds of thousands of drones will perform a range of life-saving and commercial missions, requiring a sensor infrastructu

Orca Security Report: 99.9% of Fixable AI Vulnerabilities Remain Unpatched as AI Moves Into Production9.7.2026 15:00:00 CEST | Press release

Analysis of more than 1,200 production cloud environments provides a first-hand view into how organizations are embedding AI into business-critical workflows, exposing new security risks that traditional controls weren't built to address. Orca Security, a leader in cloud and AI security, today released its 2026 State of AI Security Report, offering a first-hand view into how AI is being deployed across more than 1,200 production cloud environments. The findings show AI is no longer limited to isolated pilots or developer experiments. Organizations are embedding AI into production applications, cloud services, and autonomous workflows faster than security programs can adapt. More than half (56%) of organizations have already deployed AI agents into production, while 51% use AI to build custom applications. At the same time, Orca found that 81% of organizations run vulnerable AI packages, and 99.9% of fixable AI vulnerabilities remain unpatched, highlighting how quickly AI has become ope

Viz.ai Expands into Neurodegenerative Disease with Cortechs.ai Collaboration9.7.2026 15:00:00 CEST | Press release

Cortechs.ai and Viz.ai partner to tackle multiple sclerosis and other neurodegenerative diseases across Viz.ai's health system network Viz.ai, the leader in AI-powered disease detection and intelligent care coordination, today announced a collaboration with Cortechs.ai, a global leader in neuroimaging and quantitative analysis solutions, to integrate Cortechs.ai's NeuroQuant and NeuroQuant MS suite into the Viz.ai platform, expanding access to quantitative neuroimaging for hospitals and health systems across the U.S. This partnership marks Viz.ai's expansion into neurodegenerative disease, growing Viz Neuro Suite beyond its already market-leading neuro offerings. The collaboration will begin with a focus on multiple sclerosis (MS), integrating quantitative MRI analysis from NeuroQuant MS directly into Viz.ai's care coordination workflow, giving clinicians both the quantitative precision and the coordination infrastructure needed to identify and manage MS patients at scale. “Viz.ai's co

SCP Standard Capital Partners AG: Fabian Becker Appointed Chairman of the Management Board and CEO9.7.2026 14:51:00 CEST | Press release

The Supervisory Board of SCP Standard Capital Partners AG (WKN: A12UPJ | ISIN: DE000A12UPJ7 | XETRA ticker: CAP) resolved today to appoint Mr. Fabian Becker as Chairman of the Management Board and Chief Executive Officer (CEO), effective as of 9 July 2026. Ms. Stephanie Schettler-Köhler will remain a member of the Management Board and will assume the role of Chief Operating Officer (COO). View source version on businesswire.com: https://www.businesswire.com/news/home/20260709982268/en/

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
World GlobeA line styled icon from Orion Icon Library.HiddenA line styled icon from Orion Icon Library.Eye