Updated April 24th, 2024 at 17:03 IST

LTIMindtree records Rs 8,893 crore in Q4 revenue, profit dips 1.2%

In the January-March quarter, LTIMindtree's consolidated revenue reached Rs 8,893 crores, below analysts' anticipated Rs 8,982 crore.

Reported by: Business Desk
LTIMindtree | Image:Republic
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LTIMindtree Q4 revenue: LTIMindtree, The sixth-largest software company in the country, faced challenges in its fourth-quarter revenue, falling short of analyst expectations amid client spending cuts and ongoing merger issues.

In the January-March quarter, LTIMindtree's consolidated revenue reached Rs 8,893 crore, below analysts' anticipated Rs 8,982 crore, according to LSEG data. The company attributed this shortfall to clients reducing discretionary tech spending due to high inflation and geopolitical risks. Nasscom, an industry body, reported that overall revenue growth in the sector had more than halved to 3.8 per cent in the last financial year due to these factors.

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Formed in 2022 through the merger of two L&T Group subsidiaries, former Mindtree and L&T Infotech, LTIMindtree faced integration challenges, resulting in the departure of senior leadership this year.

Despite these setbacks, the Mumbai-based company reported a net profit in the fourth quarter, but it fell short of analysts' expectations, reaching Rs 1,158 crore instead of the anticipated Rs 1,158 crore, as per LSEG data.

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Earlier this month, Tata Consultancy Services, the market leader, also reported lower-than-expected revenue. However, it expressed optimism about a strong deal pipeline driving growth in the fiscal year. Similarly, Infosys, India's second-largest IT firm, also reported revenue below expectations.

(With Reuters inputs) 

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Published April 24th, 2024 at 17:03 IST