Are you a client?
Sign in to view the full news archive.
LTIMindtree Europe slipped back into yoy top line decline in Q4 after a brief dalliance with a return to growth in the prior quarter. Revenue in the territory for latest financial year as a whole shrank by 1.2% at constant currency to $633m. Worldwide, the twelve months ended 31st March saw turnover at the aspiring India Tier 1 vendor improve by 5% yoy to $4.48bn, supported by robust sales performance by the company’s North America region. EBITDA margin for the period dipped by against FY24 120 bps to 14.5%.
From an industry market perspective, LTIMindtree’s Banking, Financial Services and Insurance (BFSI) sector business continued to regain momentum during Q4 after a slow start to the year. The most recent quarter saw segment revenue increase by 12% yoy to $477m. There was also a notable uptick in demand during the final three months of the fiscal from the company’s manufacturing clients. Sales in this vertical for the period rose by 13.3% yoy to account for just shy of a fifth of global turnover.
As is LTIMindtree’s habit, no forward guidance was provided for either the current quarter or FY26. The firm did, however, experience sequential declines in both revenue and order inflow in Q425. With the macro challenges increasing, recently appointed new CEO, Venu Lambu (see here) faces a tough first year at the helm.
Posted by: Duncan Aitchison at 09:36
Tags:
results
offshore
IT+services