The IT services company LTIMindtree revealed its net profit for the March quarter of the 2024 fiscal year on 24 April, which came to Rs 1,100 crore. This marked a 1.2% year-on-year decline and a 5.9% quarter-on-quarter decline on a sequential basis.

The company’s total income for the quarter stood at Rs 8,892 crore, marking a 2.3% YoY increase and a 1.4% QoQ decline. The revenue from operations for the fiscal year 2024 stood at Rs 35,517 crore, which is 7.03% higher than the previous fiscal year.

Earnings before Interest, tax, depreciation, and amortisation (EBITDA) for the quarter declined by 5.6% YoY to Rs 1,308.7 crore. The EBITDA margins contracted 14.7% from 15.4% during the previous fiscal year. 

The company’s board of directors has also declared an interim dividend of Rs 45 per share for the fiscal year 2024, which is subject to the approval of shareholders at the upcoming Annual General Meeting (‘AGM’).

Debashis Chatterjee, Chief Executive Officer and Managing Director, said, “We closed FY24 amidst a tough macro environment and delivered a resilient performance with full-year revenue growth of 4.4% in USD terms and an EBIT margin of 15.7%. Our order inflow for the full year at $5.6 billion registered a 15.7% growth over FY23.”

For the second straight quarter in Q4, LTIMindtree’s total headcount decreased by 821 personnel. As of right now, there are 81,650 people in total. Headcount fell by 2,896 in FY24 on a year-over-year basis.