25th April 2024 – LTIMindtree missed market estimates on Wednesday when it revealed a 1.2% drop in net profit for the March quarter, coming in at Rs 1,100 crore as opposed to Rs 1,114 crore in the same time last year. Its operations generated Rs 8,893 crore in sales, increasing 2.3% year over year despite a challenging economic climate and customers cutting down on discretionary IT investment.
Debashis Chatterjee, the CEO and MD of the sixth-largest software firm, said at the results conference that sales growth would resume in Q1FY25 and that it will be widespread.
He also said that the general rebound in demand is still being hindered by macro concerns. Order inflow for the firm for the whole year was $5.6 billion, up 15.7% from FY23, and EBIT margin was 15.7%.
Conclusion
Speaking about margin, the CEO said that as they approached the middle of FY24, they were aware that certain assumptions had not turned out as planned due to a variety of macroeconomic factors. He said, “The company has strong margin plans going forward.”
Source:Link
