LTIMindtree CEO says growth will return in Q1 of FY25 as net profit falls 1.2% in Q4

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Talking about revenues, he said they had furloughs in Q3, and then a gradual reversal of furloughs, which also impacted the overall revenue ramp up and with some of the large deals they had closed, the ramp up was slower than expected, impacting the revenue.

LTIMindtree’s BFSI vertical, which is its largest revenue driver, declined 6.6% y-o-y in the March quarter and the CEO said they had unexpected cancellations of two projects in that client base, resulting in some impact on margin.

LTIMindtree’s total employee headcount stood at 81,650 employees as of March 31, 2024, declining by about 820 employees sequentially. Its attrition rate stood at 14.4%. The company has onboarded 500 freshers and it said hiring will be need based.

The Board of Directors has recommended a final dividend of Rs 45 per equity share, and the board has also approved re-appointment of Nachiket Deshpande as whole-time Director for a period of five consecutive years effective from May 2, 2024 till May 1, 2029.

The company has about 738 active clients as of March 31, 2024, and its $20 million+ clients increased by 2 on a y-o-y basis and stand at 40.

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