LTIMindtree Q3: Net Profit Declines By 4.7%, <span Class='webrupee'>₹</span>20 Dividend Declared

The consolidated revenue of the IT grew by 25.3 per cent to ₹8620 crore in the quarter under review against ₹6880.7 crore in corresponding quarter last fiscal. 

The company's board recommended a interim dividend of ₹20 per equity share. The record date has been fixed as January 31,2023.

“We are pleased to report a strong Q3 FY23, our first as 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," said CEO and MD Debashis Chatterjee, LTIMindtree.

The company's headcount stood at 86,462 as of December 31, 2022. The attrition was at 22.3%

L&T Infotech (LTI) had reported an 18 percent growth in its net profit to ₹612.5 crore for quarter ended December 2021 while its revenue from operations increased 31.2 percent to ₹4,137 crore.

Mindtree posted consolidated net profit of ₹437 crore for the quarter ended December 2021, while revenue from operations grow about 36 per cent to ₹2,750 crore

L&T Infotech and Mindtree had received approval for the merger from NCLT and will started operating as a merged entity from November 14, 2022. The combined entity called LTIMindtree, will thus become the fifth largest IT services company in India in terms of current market capitalization.

On Friday, the company's scrip ended 0.69 per cent up at ₹4,268 at BSE.