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LTM LIMITED Interim / Quarterly Report 2024

Oct 17, 2024

63251_rns_2024-10-17_6562a85e-7d09-49de-88f3-6a6466e90da7.pdf

Interim / Quarterly Report

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LTIM/SE/STAT/2024-25/77 October 17, 2024

National Stock Exchange of India Limited Exchange Plaza, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051

Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai - 400 001

NSE Symbol: LTIM

BSE Scrip Code: 540005

The BSE Limited,

Dear Sir(s)/Madam,

Subject: Outcome of Board Meeting

In continuation to our letter bearing reference no. LTIM/SE/STAT/2024-25/71 dated October 7, 2024, this is to inform you that the Board of Directors at its meeting held today has approved inter-alia the following matters:

1. Financial Results

Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('LODR'), the Board of Directors has approved the unaudited standalone and consolidated financial results of the Company for the quarter and half-year ended September 30, 2024 and has taken note of the Limited Review Reports issued by M/s. Deloitte Haskins & Sells, Chartered Accountants LLP (Statutory Auditors), on the aforementioned financial results of the Company.

A copy of the aforementioned financial results, the Limited Review Reports issued by the Statutory Auditors, the earnings release and fact sheet are enclosed.

2. Dividend

Declared an interim dividend of INR 20 per equity share of Re. 1 each.

The interim dividend shall be paid within 30 days of declaration to those shareholders whose name will appear in the Register of Members or in the list of Beneficial Owners provided by the Depositories as on Friday, October 25, 2024, being the 'Record Date' fixed for the purpose.

3. Closure of subsidiaries

As part of the entity rationalization programme, the Board of Directors have approved closure of LTIMindtree Spain S.L. and LTIMindtree LLC, wholly-owned subsidiaries of the Company.

The meeting commenced at 2:00 p.m. and concluded at 4:15 p.m.

Kindly take the above intimation on record.

Thanking you,

Yours faithfully, For LTIMindtree Limited

ANGNA ANISH ARORA Digitally signed by ANGNA ANISH ARORA Date: 2024.10.17 16:19:45 +05'30'

Angna Arora Company Secretary & Compliance Officer

Encl. As above

Deloitte Haskins & Sells Chartered Accountants LLP •

Chartered Accountants 19th floor, Shapath-V S.G. Highway Ahmedabad-380 015 Gujarat, India

Tel: +91 796 682 7300 Fax: +91 796 682 7400

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF

LTIMindtree limited {Formerly known as Larsen & Toubro Infotech limited)

    1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of LTIMindtree limited (Formerly known as Larsen & Toubro Infotech Limited) ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), for the quarter and six months ended September 30, 2024 ("the Statement") being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").
    1. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review.
    1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Re.view of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India (!CAI). A review of interim financial information consists of making inquiries, primarily of Parent's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

    1. The Statement includes the interim financial information of the entities listed in Attachment A.
    1. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For DELOITTE HASKINS & SELLS CHARTERED ACCOUNTANTS LLP Chartered Accountants (Firm's Registration No. 117364W7 9)

/1"1

Gurvinder Singh Partner Membership No. 110128 UDIN: 24H0l2~Blc;B6!2R"3~4-

Place: Bengaluru Date: October 17, 2024

Regd. Office: 19th floor, Shapath-V, S.G. Highway, Ahmedabad-380 015, Gujarat, India. Deloitte Haskins & Sel ls. (FRN .ll 7364W), a Partnership Firm, was converted into Deloitte Haskins & Sells Chartered Accountants LLP (LLP ldentlf,ca tion No. AAX-2454), a limited liability partnership, with effect from 2 June 2021

Deloitte Haskins & Sells Chartered Accountants LLP

Attachment A

Sr No Name of Entities
1 L TIM indtree GmbH
2 LTIMindtree Canada Limited
3 LTIMindtree LLC
4 LTIMindtree Financial Services Technoloqies Inc.
5 LTIMindtree South Africa (Pty) Limited
6 LTIMindtree Information Technoloqy Services (Shanqhai) Co.
Ltd.
7 LTIMindtree Soain S.L.
8 LTIMindtree Sociedad De Resoonsabilidad Limitada De Caoital Variable
9 LTIMindtree S.A.
10 LTIMindtree PSF S.A.
11 Svncordis Limited UK
12 Svncordis SARL France
13 LTIMindtree Nome AS
14 Nielsen + Partner Unternehmensberater GmbH
15 LTIMindtree Switzerland AG
16 Nielsen + Partner PTE. Ltd.
17 Nielsen & Partner PTY Ltd.
18 LTIMindtree (Thailand) Limited
19 LTIMindtree USA Inc.
20 LTIMindtree UK Limited
21 LTIMindtree Middle East FZ-LLC

fl

LTIMindtree Limited (Formerly Larsen & Toubro lnfotech Limited) Registered office: L&T House, Balla rd Estate, Mumbai • 400 001 CIN; L72900MH1996PLC104693

Statement of Consolidated Financial Results for the quarter and six months ended September 30, 2024

~ tn m11l1on except per share data
Quarter ended Six months ended Year ended
SI.
No		 Particulars September 30,
2024		 June 30,
2024		 September 30,
2023		 September 30,
2024		 September 30,
2023		 March 31,
2024
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
1 Income
Revenue from operations 94,329 91,426 89,054 185,755 176,075 355,170
Other income 2,989 2.271 1,432 5,260 2,748 7,019
Total income 97,318 93,697 90,486 191,015 178,823 362,189
2 Expenses
al Employee benefits expense 60,140 58,871 56,808 119,011 112,79S 227,323
b) Sub-contracting expenses 6,775 6,561 6,719 13,336 13,129 25,599
c) Finance costs 703 724 470 1.427 930 2,217
d] Deprec1at1on and amort1zat1on expense 2,411 2,352 2,082 4,763 3,929 8,189
el Other expenses 10,421 9,933 9.214 20,354 17,483 38,374
Total expenses 80.450 78,441 75,293 158,891 148,266 301,702
3 Profit before tax fl-2) 16,868 15,256 15,193 32,124 30,557 60,487
4 Tax expense
a) Current tax 4,403 3,959 3,757 8,362 7,629 14,600
bl Deferred tax (511 (54) (187) (105) (218) 41
Total tax expense 4,352 3,90S 3,570 8,257 7.411 14,641
5 Net profit after tax (3-4) 12,516 11,351 11,623 23,867 23,146 45,846
6 Other comprehensive income/(loss)
a) Items that will not be reclassified to profit or loss {net of tax) (29) 63 114 34 170 223
bl Items that w1tl be redass1f1ed to profit or loss (net of tax) (1,543) 1.157 (1,529) (386) 2,387 4,696
Total other comprehensive lncome/(loss) (1,572) 1,220 (1,415) (352) 2,557 4,919
7 Total comorehenslve income (S+Gl 10,944 12,571 10,208 23,515 25,703 50,765
Profit for the period attrlbutable to:
Shareholders of the Company 12,510 11,338 11,618 23,848 23,133 45,821
Non-controlhng interests 6 13 5 19 13 25
Total comprehensive income attributable to:
Shareholders of the Company 10,929 12,554 10,202 23,483 25,693 50,744
Non-conlroll1ng interests 15 17 6 32 10 21
8 Paid -up equ1ly share capital
{Face value: , 1 per share) 296 296 296 296 296 296
9 Other equity (including Non-contro/1/ng interests) 210,576 199,697 180.431 210,576 180,431 199,968
10 Earnings per share (Refer note S):
a) Basic (1 n ~) 42 25 38 30 39 27 80.55 78,19 154.85
b) Diluted (1n ,1 42.17 38.23 39.17 80.40 78,02 154.48

Quarter ended Six months ended Year ended
Particulars September 30,
2024		 June 30,
2024		 September 30,
2023		 September 30,
2024		 September 30,
2023		 March 31,
2024
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
Segment revenue
Banking, F1nanc1al Services & Insurance 33,573 32,195 32,517 65,768 65,121 128,406
Technology, Media & Communicat1ons 23,955 23,410 21,143 47,365 41,754 83,987
Manufacturing & Resources 17,083 16,889 15,948 33,972 31,005 65,875
Consumer Business 13,700 13,281 13,669 26,981 26,850 53,560
Healthca re, Ufe Sc1ences & Pu bile Services 6,018 5,651 5,777 11.669 11,345 23,342
Revenue from operations 94,329 91,426 89,054 185,755 176,075 355,170
Segment results
Banking, Flnanc1al Services & Insurance 5,503 5,085 5,592 10,588 11,279 21,621
Technology, Media & Communications 5,275 5,028 5,031 10,303 9,839 18,703
Manufacturing & Resources 2,557 2,643 2,431 5,200 5,086 10,154
Consumer Business 2,581 2,350 2,674 4,931 5,147 10,031
Healthcare, Life Sciences & Public Services 1,077 955 585 2,032 1,317 3,365
Segment results 16,993 16,061 16,313 33,054 32,668 63,874
Add:
Other income 2,989 2,271 1.432 5,260 2,748 7,019
Less:
Finance costs 703 724 470 1,427 930 2,21 7
Depreciation and amortization expense 2,411 2,352 2,082 4,763 3,929 8,189
Profit before tax 16,868 15,256 15,193 32,124 30,557 60,487

Consolidated Segment Information for the quarter and six months ended September 30, 2024

Segments have been identified In accordance with the Indian Accounting Standard ('Ind AS') 108 on Operating Segments, considering th e nsk or return profiles of the business As required under Ind AS 108, the Chief Operating Decision Maker evaluates the performance of and allocates resources to segments based on analysis of various performance indicators, Accordingly, information has been presented for the Group's operating segments.

II. Other income and finance costs relate to the Group as a whole and are not identifiable with/allocable to segments,

Ill. Assets and liabllit1es used m the Group's business are not 1dent1fied to any of the reportable segment as these are used interchangeably.

Particulars As at
September 30, 2024		 As at
March 31, 2024
(Unaudited) (Audited)
ASSETS
Non-current assets
(a) Property, plant and equipment 18,019 16,555
(b) Right-of-use assets 21,604 19,013
(c) Capital work-in-progress 4,978 4,669
(d) Goodwill 12,128 11,927
(e) Other intangible assets 1,846 2,313
(f) Intangible asse ts under development 903 838
(g) Financial assets
(1) Investments 21,515 19,902
(ii) Trade receivables 82 66
(111) Other financial assets 3,765 4,715
(h) Deferred tax assets (net) 2,616 2,250
(ii Income tax assets (net) 3,080 2,970
1,948
(1) Other non-current assets 2,795 87,166
Total non-current assets 93,331
Current assets 32 30
(a) Inventories
(b) Financial assets
(ii Investments 75,128 67,534
(1i) Trade receivables 60,911 57,060
(11 i) Unbilled revenue 12,297 13,261
(1v) Cash and cash equivalen ts 16,393 18,200
(v) Other bank balances 7,051 9,960
(vi) Other financial assets 3,030 2,635
(c) Income tax assets (net) 290 251
(di Other current assets 19,148 19,533
Total current assets 194,280 188,464
TOTAL ASSETS 287,611 275,630
EQUITY AND LIABILITIES
Equity
(a) Equity share capital 296 296
(b) Other equity
(1 ) Other reserves 17,009 16,956
(ii) Reta ined earnings 193,443 182,919
(iii) Share application money pending allotment 0 1
Non-controlling interests 123 92
Total equity 210,871 200,264
Liabilities
Non-current liabilities
(a) Financial liabilities 17,272
Ii) Lease Liab1lit1es 19,780 318
(ii) Other financial liabilities 520
239		 187
(bl Deferred tax liabilities (net) 172 157
(c) Provisions
Total non-current liabilities		 20,711 17,934
Current liabilities
la) Financial liabilities
(1) Borrowings 160 407
(1 i) Trade payables
Due to micro and small enterprises 176 118
Due to creditors other than micro and small enterprises 14,544 14,821
(11i) Lease liabilities 3,316 3,027
(1v) Other f1nanoal llab,llties 10,994 14,887
(b) Other current liabilities 14,854 14, 126
(c) Provisions 9,706 8,486
(d) Income tax liabilities (net) 2,279 1,560
Total current liabilities 56,029 57,432
287,611 275,630
TOTAL EQUITY AND LIABILITIES

Consolidated Statement of Assets and Liabilities as at September 30, 2024

Six months ended
Particulars September 30,
2024		 September 30,
2023
(Unaudited) (Unaudited)
A. Cash flow from operating activities
Net profit after tax 23,867 23,146
Adjustments to reconcile net profit to net cash provided by operating activities:
Depreciation and amortization expense 4,763 3,929
Income tax expense 8,257 7,411
Expense recogn ised in respect of equity settled stock option 401 860
Income from investment (2,496) (1,393)
Interest income (1,713) (1,399)
Finance costs 1,427 930
Allowance for expected credit loss 255 394
Unrealised foreign excha nge (gain)/loss (net) (12) 393
Gain from modification in leases (55) (41)
Net gain on sale of property, plant and equipment (6) (20)
Operating profit before working capital changes 34,688 34,210
Changes in working capital
Increase in inventories (2) (2)
Increase in trade receivab les and un bil led revenue (3, 121) (6,531)
Increase in other assets (390) (756)
(Decrease)/lncrease in trade and other liabilities (1,613) 1,758
Increase in working capital (5,126) (5,531)
Cash generated from operations 29,562 28,679
Income taxes paid (net) (7,803) (7,630)
Net cash generated from operating activities 21,759 21,049
B. Cash flow from investing activities
Purchase of property, plant and equipment (4,912) (3,993)
Sale of property, plant and equipment 25 34
Pu rchase of investments (134,378) (142,627)
Sale of investments 130,823 129,591
Payment towards contingent consideration pertaining to acquisition of business (75) (59)
Interest received 1,465 1,115
Net cash used in investing activities (7,052) (15,939)
C. Cash flow from financing activities
Proceeds from issue of share capital 16 6
Net (repayment of)/proceeds from short term borrowings (264) 203
Deposit under credit support agreement (paid)/received (263) 42
Payment towards lease liabilities (net) (1,431) (1,252)
Interest paid on lease liabilities (867) (583)
Interest paid (531) (344)
D1v1dend paid (13,323) (11,834)
Net cash used in financing activities (16,663) (13,762)
D. Net decrease in cash and cash equivalents (A+B+C) (1,956) (8,652)
E. Cash and cash equivalents at the beginning of the period 18,200 23,377
F. Effect of exchange differences on translation of foreign currency cash and cash equivalents 149 (86)
G. Cash and cash equivalents at the end of the period (D+E+F) 16,393 14,639
H. Book overdrafts used for cash management purpose - 7
I. Cash and cash equivalents as per Statement of assets and liabilities (G+H ) 16,393 14,646

Consolidated Statement of Cash flows for the six months ended September 30, 2024

Select explanatory notes to the Statement of Unaudited Consolidated Financial Results for the quarter and six months ended September 30, 2024

  • The consol idated financial results of LTIM1ndtree Limited ('the Company') for the quarter and six months ended September 30, 2024 have been subjected to limited review by the statutory auditors. The resu lts have been reviewed by the Aud it Committee of the Board and approved by the Board of Directors at its meet mg held on October 17, 2024.
    1. Results for the quarter and s,x months ended September 30, 2024 are ,n compliance with the Indian Accounting Standards (Ind AS) not,f,ed by the Ministry of Corporate Affairs as prescribed under section 133 of the Companies Act, 2013.
  • 3. The standalone financials results are available on Company's website viz www.lt1mindtree.com, on the websites of BSE (www.bse1nd1a .com) and NSE (www.nse1ndia.com). The spec,f,ed ,terns of the standalone financials results of the Company for the quarter and six months ended September 30, 2024 are given below·
~ inmtlhon
Quarter ended Six months ended Year ended
Particulars September 30,
2024		 June 30,
2024		 September 30,
2023		 September 30,
2024		 September 30,
2023		 March 31,
2024
(Unaudited) (Unaudited) (Unaudited) (U naudited) (Unaudited) (Audited)
Total income 94,072 90,957 87,161 185,029 172,301 349,633
Profit before tax 16,361 14,821 14,778 31, 182 29,699 58,794
Profit after tax 12,202 11,062 11,336 23,264 22,570 44,859

4 The Board of Directors at its meeting held on October 17, 2024 have declared an interim dividend of~ 20/- per equity share of par value~ 1/- each.

  • 5. Earnings per share far the 1ntenm periods are not annualised.
  • 6. Figures for the earlier penod(s) have been regrouped, wherever necessary,

Bengaluru, India October 17, 2024

For LTIMindtree Limited

Chief Executive Officer & Managing Director

Deloitte Haskins & Sells Chartered Accountants LLP

Chartered Accountants 19th floor, Shapath-V S.G. Highway Ahmedabad-380 015 Gujarat, India

Tel: +91 796 682 7300 Fax: +91 796 682 7400

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF

LTIMindtree Limited (Formerly known as Larsen & Toubro Infotech Limited)

    1. We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of L TIMindtree Limited (Formerly known as Larsen & Toubro Infotech Limited) ("the Company") for the quarter and six months ended September 30, 2024 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").
    1. This Statement, which is the responsibi lity of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review.
    1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substa ntia lly less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143( 10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
    1. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it conta ins any material misstatement.

For DELOITTE HASKINS & SELLS CHARTERED ACCOUNTANTS LLP Chartered Accountants (Firm's Registration No. 117364W/7

//

Gurvinder Singh Partner MF.mhF.rshin No. 11017R UDIN: 2.411012SBKB6'Z Q6'o?9

Place: Bengaluru Date: October 17, 2024

Regd. Office: 19th floor, Shapath-V, S.G. Highway, Ahmedabad-380 015, GuJarat, India. Deloitte Haskins & Sell s. (FRN .117364W), a Partnership Firm, was converted into Deloitte Haskins & Sells Chartered Accountants LLP (LLP Identification No. AAX-2454), a li mited liabi lity partnership, with effect from 2 June 2021

LTIMindtree Limited (Formerly Larsen & Toubro lnfotech Limited) Registered office: L& T House, Ballard Est ate, Mumbai - 400 00 1 CIN: L72900M H1996PLC104693

Statement of Standalone Financial Results for the quarter and six months ended September 30, 2024

fin million except per share data
Quarter ended Six months ended
SI. Particulars September 30, June 30, September 30, September 30, September 30, March 31,
No 2024 2024 2023 2024 2023 2024
/Unauditedl /Unaudited) (Unauditedl (Unaudited) (Unaudited) (Audited)
1 Income
Revenue from operations 91,046 88,684 85,697 179,730 169,485 342,534
Other income 3,026 2,273 1,464 5,299 2, 816 7,099
Total Income 94,072 90,957 87,161 185,029 172,301 349,633
2 Expenses
a) Employee bene/1ts expense 54,669 54,641 52,499 109,310 104,392 210,490
b) Sub-contracting expenses 9,514 8,641 8,343 18,155 16,303 32,349
c) Fina nce costs 676 702 438 1,378 872 2,071
d) Depreciation and amortization expense 2, 193 2,139 1,940 4,332 3,646 7,604
e) Other expenses 10,659 10,013 9,163 20,672 17,389 38,325
Total expenses 77,711 76,136 72,383 153,847 142,602 290,839
3 Profit before tax (1-2) 16,361 14,821 14,778 31,182 29,699 58,794
4 Tax expense
a) Current tax 4,269 3,751 3,626 8,020 7,324 13,917
b) Deferred tax (llO) 8 (184) (102) (195) 18
Total tax expense 4,159 3,759 3,442 7,918 7,129 13,935
5 Net profit after tax (3-4) 12,202 11,062 ll,336 23,264 22,570 44,859
6 Other comprehensive income/(loss)
a) Items that will not be reclassified to pro/it or loss (net o/ tax) (29) 63 114 34 170 223
b) Items tha t will be reclassified to profit or loss (net of tax) (1,850) 1,224 (1,490) (626) 2,343 4, 626
Total other comprehensive income/(loss) (1,879) 1,287 (1,376) (592) 2,513 4,849
7 Total comprehensive income (5+6) 10,323 12,349 9,960 22,672 25,083 49,708
8 Paid up equity share ca pital
(Face value: ~ 1 per share) 296 296 296 296 296 296
9 Other equity 202,452 191,898 173,589 202,452 173,589 192,689
10 Earnings per share (Refer note 4):
a) Basic (int) 41,21 37.37 38.32 78.58 76,29 151.60
b) Diluted (in t) 41.13 37,30 38.23 78.43 76.13 1S1.24

fin million
As at As at
Particulars September 30, 2024 March 31, 2024
(Unaudited) (Audited)
ASSETS
Non-current assets
(a) Property, plant and equipment 17,526 16,248
(bl Right-of-use assets 20,827 18,199
(c) Capital work-i n-progress 4,863 4,642
(d) Goodwill 6,286 6,286
(e) Other intangible assets 1,264 1,463
(f) Intangible assets under development 33 127
(g) F1nanc1al assets
(i) Investments 26,111 24,499
{1i) Trade receivables 82 66
(111 ) Other financial assets 3,570 4,528
2,014
(h) Deferred tax assets (net) 2,326
2,946		 2,881
(i) Income tax assets (net) 2,705 1,808
(Jl Other non-current assets 88,539 82,761
Total non-current assets
Current assets
(a) Inventories		 32 30
(b) Financial assets
(i) Investments 75,128 67,534
(i1) Trade receivables 57,602 53,721
(iii) Unbilled revenue 11,541 12,902
(iv) Cash and cash equivalents 13,374 15,947
(v) Other bank balances 7,051 9,960
(v1) Loans 456 456
(vu) Other financ,al assets 2,966 2,628
(c) Income tax assets (net) 287 249
(d) Other current assets 17,628 18,389
Total current assets 186,065 181,816
TOTAL ASSETS 274,604 264,577
EQUITY AND LIABILITIES
Equity
(a) Equity share capital 296 296
(bl Other equity
(i) Other reserves 14,091 14,266
(ii) Retained earnings 188,361 178,422
(iii) Share application money pending allotment 0
Total equity
,		 202,748 192,985
Liabilities
Non-current liabilities
(a) Financial liab1llt1es
(i) Lease liabilities 18,923 16.425
(ti) Other financial l1abiilt1es 519 318
(b) Provisions 172 157
Total non-current liabilities 19,614 16,900
Current liabilities
(a) Financial liabilities
(i) Trade payables
Due to micro & small enterprises 176 118
Due to creditors other than micro & sma ll enterprises 14,617 14,927
(ii) Lease liabil1t,es 3,182 2,894
(1i1) Other financial liabilities 9,992 14,371
(b) Other current ilab1l it1es 13,275 13,105
(c) Prov,s1ons 8,951 7,954
(d) Income tax liabilities (net) 2,049 1,323
Total current liabilities 52,242 54,692
TOTAL EQUITY AND LIABILITIES 274,604 264,577

Statement of Standalone Assets and Liabilities as at September 30, 2024

Standalone Statement of Cash flows for the six months ended September 30, 2024
, in million
Six months ended
Particulars September 30,
2024		 September 30,
2023
(Unaudited) (Unaudited)
A. Cash flow from operating activities
Net profit after tax 23,264 22,570
Adjustments to reconcile net profit to net cash provided by operating activities:
Depreciation and amortization expense 4,332 3,646
Income tax expense 7,918 7,129
Expense recognised in respect of equity settled stock option 401 860
Income from investment (2,496) (1,393)
Interest income (1,691) (1,381)
Finance costs 1,378 872
Allowance for expected cred it loss 183 327
Unrealised foreign exchange (gain)/loss (net) (99) 280
Gain from modifications in leases (55) (41)
Net gain on sale of property, plant and equipment (6) (20)
Operating profit before working capital changes 33,129 32,849
Changes in working capital
Increase in inventories (2) (2)
Increase in trade receivables and unbilled revenue (2,407) (5,590)
Increase in other assets (269) (713)
(Decrease)/lncrease in trade and other liabilities (2,899) 1,547
Increase in working capital (5,577) (4,758)
Cash generated from operations 27,552 28,091
Income taxes paid (net) (7,409) (7,428)
Net cash generated from operating activities 20,143 20,663
B. Cash flow from investing activities
Purchase of property, plant and equipment (4,439) (3,808)
Sale of property, plant and equipment 23 33
Purchase of investments (134,378) (142,627)
Sale of investments 130,823 129,591
Payment towards contingent consideration pertaining to acquisition of business (75) (59)
Interest received 1,444 1,097
Net cash used in investing activities (6,602) (15,773)
C. Cash flow from financing activities
Proceeds from issue of Share Capital 16 6
Payment towards lea se liabilities (net) (1,379) (1,218)
Interest paid on lease liabilities (834) (566)
Interest paid (515) (303)
Deposit under credit support agreement (paid)/received (263) 42
Dividends paid (13,323) (11,834)
Net cash used in financing activities (16,298} (13,873)
D. Net decrease in cash and cash equivalents (A+B+C) (2,757) (8,983)
E. Cash and cash equivalents at the beginning of the period 15,947 20,618
F. Effect of exchange differences on translation of foreign currency cash and cash equivalents 184 (67)
G. Cash and cash equivalents at the end of the period (D+E+F)
H. Book overdrafts used for cash management purpose		 13,374
-		 11,568
7
I. Cash and cash equivalents as per Statement of assets and liabilities (G+H) 13,374 11,575

Select explanatory notes to the Statement of Unaudited Standalone Financial Results for the quarter and six months ended September 30, 2024

    1. The standalone financial results of LTIMindtree Limited ('the Company') for the quarter and six months ended September 30,2024 have been subjected to limited review by the statutory auditors. The results have been reviewed by the A_ud,t Committee of the Board and approved by the Board of Directors at ,ts meeting he ld on October 17, 2024
    1. Results for the quarter and six months ended September 30, 2024 are in compliance with the Indian Accounting Standards (Ind AS) notified by the Ministry of Corporate Affairs as prescribed under section 133 of the Companies Act, 2013.
    1. The Board of Directors at its meeting held on October 17, 2024 have declared an Interim dividend of ~20/- per equity share of par value U/- each .
    1. Earnings per share for the interim periods are not annua lised.
    1. In accordance with Ind AS 108 'Operating Segment', the Company has disclosed Segment information on consolidated basis for the quarter and six months ended September 30, 2024 which is available as part of the unaudited consolidated financia l resu lts of the Company on its website (www ltimindtree.com), on the webs ites of BSE (www.bseindia.com) and NSE (www.nseindia.com).
    1. Figures for the ea rlier period (s) have been regrouped, wherever necessary.

Bengaluru, India October 17, 2024 For LTIMindtree Limited

~ Chatterjee

Debashis Chief Executive Office/ & Managing Director

Earnings Release & Fact Sheet Second Quarter, Fiscal 2025

Oct 17, 2024

Contents

Press Release 3
Key Metrics
 9
Financial Statements 12
Contact Information 16

Safe Harbour

Certain statements in this release concerning the future prospects are forward-looking statements. These statements, by their nature, involve risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. The Company assumes no obligation to revise or update any forward-looking statements that may be made from time to time by or on behalf of the Company.

The deal wins and recognitions section in this release includes relevant disclosures between our last earnings release and this release.

Growth across all Verticals, EBIT Margin improves to 15.5% Adds 2,500+ employees in Q2

Bengaluru, Oct 17, 2024: LTIMindtree [NSE: LTIM, BSE: 540005], a global technology consulting and digital solutions company, announced its consolidated results today for the second quarter ended Sep 30, 2024, as approved by its Board of Directors.

"Q2 was a good quarter marked by broad-based sequential growth experienced across all our verticals and geos, helping us register a dollar growth of 2.8%. We had several multi-year deal closures, including a USD 200 million+ deal. Continued deal momentum in key verticals and significant Q2 hiring, including freshers, positions us well as we enter into the latter half of the fiscal year.

As GenAI becomes pivotal in customer interactions, there is a noticeable trend of modernization efforts focusing on transforming the data estate. Our robust Data practice, combined with our innovative LTIMindtree AI platform, establishes us as a significant disruptor.

- Debashis Chatterjee, Chief Executive Officer and Managing Director

Key financial highlights:

Quarter ended Sep 30, 2024

In USD:

  • Revenue at \$1,126.6 million (+2.8% Q-o-Q / +4.7% Y-o-Y)
  • Operating Margin (EBIT) at 15.5%
  • Net profit at \$149.5 million (+9.8% Q-o-Q / +6.5% Y-o-Y)

In INR:

  • Revenue at ₹94,329 million (+3.2% Q-o-Q / +5.9% Y-o-Y)
  • Net profit at ₹12,516 million (+10.3% Q-o-Q / +7.7% Y-o-Y)

Other highlights:

Clients:

  • 742 active clients as of Sep 30, 2024
  • \$5 million+ clients increased by 8 on a Y-o-Y basis, total 154
  • \$20 million+ clients increased by 1 on a Y-o-Y basis, total 42

People:

  • 84,438 professionals as of Sep 30, 2024. Added 2,504 in Q2
  • Trailing 12 months attrition was 14.5%

Deal Wins

  • A US-based global manufacturing leader expanded its engagement with LTIMindtree by selecting it as a preferred partner for its Global Application Management & Transformation services. LTIMindtree leveraged AI, resulting in significant OPEX savings in areas of NextGen Operations and Software Development Life Cycle (SLDC). Under this multi-year, multi-million-dollar agreement, LTIMindtree will provide end-to-end enterprise application management services across domains like Sales, Manufacturing, Services, Finance, etc.
  • Chosen by a large Global Financial Institution as a partner to modernize its wealth data platform. LTIMindtree's deeper domain understanding enabled enhancing of customer experience and expanding customers global market presence, by creation of a new data taxonomy, cloud adoption for swifter service delivery to customers and partners, mainframe modernization, and cost reduction through advanced automation with GenAI.
  • A leading Pan African financial services provider has awarded LTIMindtree with a multiyear deal encompassing digital transformation, core banking modernization, cybersecurity, and round-the-clock IT support. LTIMindtree leveraged GenAI to reduce FTEs and helped the customer achieve operational efficiency and enhance its customer experience in various lines of business, such as retail banking, corporate banking, and wealth management.
  • A global US-based Engineering Procurement and Construction (EPC) leader, partnered with LTIMindtree for its IT Infrastructure Operations Support, Security service, and Hybrid Cloud Infrastructure support, including Multi-cloud, Server, and Data Centre support.
  • A global financial institution has chosen LTIMindtree to transform its regulatory-related compliances by accelerating legacy application migration, utilizing cloud platforms, and incorporating Gen AI-based capabilities.
  • Selected by a leading US-based energy utility company as its long-term strategic partner for Infrastructure & Cloud Managed Services across multiple towers - Enterprise systems, End User Computing, Offshore Network Operations Center (NOC), and Offhours Service Desk.
  • A leading European automobile major has selected LTIMindtree for supporting its endto-end Enterprise Application Operations through delivery teams across Poland and Germany.

Partnerships

  • LTIMindtree and Microsoft have entered into a Strategic Partnership Agreement (SPA) to enhance digital transformation for joint customers utilizing Microsoft Azure. This partnership prioritizes the delivery of innovative AI solutions and aims to drive cloud transformation through a collaborative GTM strategy and shared investments
  • Google and LTIMindtree have signed a Strategic Partnership Agreement (SPA) to accelerate global business growth and drive cloud transformation for customers. The agreement focuses on collaboration for solution development, investments, market expansion, GTM strategies, and training LTIM resources on Google technologies.
  • LTIMindtree has been recognized as the 2024 Salesforce Partner Innovation Award winner for the Retail Industry Segment, highlighting our success in implementing Salesforce technologies with specialized domain knowledge and automation.
  • LTIMindtree has received the 2024 Oracle Cloud/Technology Partner Award Business Impact North America.

Recognitions

  • LTIMindtree recognized as a Notable Provider in Forrester: 'The Modern Application Development Services Landscape, Q3 2024'
  • LTIMindtree recognized as a Notable Provider in Forrester: 'The Oracle Services Landscape, Q3 2024'.
  • LTIMindtree recognized as a Notable Provider in Forrester: 'The SAP Services Landscape, Q3 2024'.
  • LTIMindtree recognized as a Major Contender in Everest Group: Open Banking IT Services PEAK Matrix® Assessment 2024.
  • LTIMindtree recognized as a Major Contender in Everest Group: Life & Annuity Insurance IT Services PEAK Matrix® Assessment 2024.
  • LTIMindtree recognized as a Major Contender in Everest Group: Retail and CPG Data, Analytics and AI Services PEAK Matrix® Assessment 2024.
  • LTIMindtree recognized as a Major Contender in Everest Group: Digital Workplace Services PEAK Matrix® Assessment 2024 - North America.
  • LTIMindtree recognized as a Major Contender in Everest Group: Digital Transformation Consulting Services PEAK Matrix® Assessment 2024 - North America.

  • LTIMindtree recognized as a Major Contender in Everest Group: Cybersecurity Services PEAK Matrix® Assessment 2024 - North America.

  • LTIMindtree recognized as a Major Contender in Everest Group: Digital Workplace Services PEAK Matrix® Assessment 2024 – Europe.

  • LTIMindtree recognized as a Major Contender in Everest Group: Digital Commerce Services PEAK Matrix® Assessment 2024.
  • LTIMindtree recognized as a Major Contender and Star performer in Everest Group: Salesforce Services PEAK Matrix® Assessment 2024.
  • LTIMindtree recognized as an Enterprise Innovator in HFS Horizons: The Best Service Providers for Core Banking Modernization, 2024.

Announcements

The Board of Directors have approved an interim dividend of ₹20 per equity share of par value ₹1 each.

About LTIMindtree

LTIMindtree is a global technology consulting and digital solutions company that enables enterprises across industries to reimagine business models, accelerate innovation, and maximize growth by harnessing digital technologies. As a digital transformation partner to more than 700 clients, LTIMindtree brings extensive domain and technology expertise to help drive superior competitive differentiation, customer experiences, and business outcomes in a converging world. Powered by 84,000+ talented and entrepreneurial professionals across more than 30 countries, LTIMindtree — a Larsen & Toubro Group company — solves the most complex business challenges and delivers transformation at scale. For more information, please visit https://www.ltimindtree.com/.

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: 18667462133
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Available after 1 hour from the call end time until Oct 18th, 2024
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Contact

Media Relations: [email protected]

Key Financial Metrics

Growth (%)
Revenue USD Mn Q2
FY24		 Q1 FY25 Q2
FY25		 Q-o-Q Y-o-Y
Revenue USD Mn 1,075.5 1,096.2 1,126.6 2.8% 4.7%
Revenue –
constant currency (CC)		 2.3% 4.4%
Financials ₹ Mn Q2
FY24		 Q1
FY25		 Q2
FY25		 Growth (%)
Q-o-Q Y-o-Y
Revenue ₹ Millions 89,054 91,426 94,329 3.2% 5.9%
Gross Margin % 31.4% 30.3% 30.8%
EBITDA Margin % 18.3% 17.6% 18.0%
EBIT Margin % 16.0% 15.0% 15.5%
Forex Gains/(loss)
₹ Millions		 (21) 134 751
Effective Tax Rate* % 23.5% 25.6% 25.8%
PAT ₹ Millions 11,623 11,351 12,516
PAT -
Net Profit Margin %		 13.1% 12.4% 13.3%
EPS -
Earnings Per Share
Basic ₹ 39.3 38.3 42.3
Diluted ₹ 39.2 38.2 42.2
DSO** (Billed) 68 55 60
DSO** (Billed & Unbilled) 94 78 81
ROE % 26.9% 23.9% 23.8%

* Effective Tax Rate = Tax / PBT

** DSO is based on TTM

Cash Flow ₹ Mn Q2
FY24		 Q1 FY25 Q2
FY25
Free Cash Flow 8,728 10,053 6,819
Cash and Investments 89,476 113,336 119,736
Hedges outstanding Value Avg. Rate / INR
USD \$ Mn 4,233 88.07
Exchange Rate (USD: INR) Q2 FY24 Q1 FY25 Q2
FY25
Period closing rate 83.05 83.39 83.80
Period average rate 82.80 83.40 83.73

Key Revenue Metrics

USD Growth (%)
Revenue by Industry Q2
FY24		 Q1 FY25 Q2
FY25		 Q-o-Q Y-o-Y
Banking, Financial Services &
Insurance		 36.5% 35.2% 35.6% 4.0% 2.3%
Technology, Media &
Communications		 23.8% 25.6% 25.4% 1.9% 12.0%
Manufacturing & Resources 17.9% 18.5% 18.1% 0.7% 5.8%
Consumer Business 15.3% 14.5% 14.5% 2.6% (1.0%)
Healthcare, Life Sciences &
Public Services		 6.5% 6.2% 6.4% 5.9% 3.0%
USD Growth (%)
Revenue by Geography Q2
FY24		 Q1 FY25
Q2
FY25		 Y-o-Y
North America 73.4% 75.1% 75.0% 2.6% 7.0%
Europe 15.3% 14.4% 14.4% 2.2% (1.9%)
Rest of the World 11.3% 10.5% 10.6% 4.4% (1.1%)
Revenue by Currency Q2
FY24		 Q1 FY25 Q2
FY25
USD 77.9% 78.5% 78.9%
EUR 7.7% 7.3% 7.2%
INR 4.6% 4.1% 4.2%
GBP 2.8% 2.7% 2.7%
Others 7.0% 7.4% 7.0%

Key Client Metrics

Revenue Contribution Q2
FY24		 Q1 FY25 Q2
FY25
Active Clients 737 748 742
New Clients added 30 27 22
Revenue Contribution
1 Million Dollar + 391 390 392
5 Million Dollar + 146 148 154
10 Million
Dollar +		 90 87 88
20 Million Dollar + 41 43 42
50 Million Dollar + 14 12 12
100 Million Dollar + 2 2 2

Active Clients and Revenue Contribution is based on TTM.

Revenue Contribution Q2
FY24		 Q1 FY25 Q2
FY25
Top 5 Clients 26.8% 28.8% 28.4%
Top 10 Clients 34.3% 35.7% 35.0%
Top 20 Clients 45.2% 46.2% 45.8%
Top 40 Clients 57.6% 58.9% 58.2%

Effort and Utilization

Effort & Utilization Q2
FY24		 Q1 FY25 Q2
FY25
Effort Mix
Onsite 14.8% 15.4% 15.5%
Offshore 85.2% 84.6% 84.5%
Utilization (excl. trainees) 86.6% 88.3% 87.7%

Key Employee Metrics

Employees Q2
FY24		 Q1 FY25 Q2 FY25
Total Employees 83,532 81,934 84,438
Software Professionals 78,276 76,837 79,374
Sales & Support 5,256 5,097 5,064
Women Employees % 30.8% 30.6% 30.6%
TTM Attrition % 15.2% 14.4% 14.5%

Financial Statements

Income Statement

Amount in INR Millions
Growth (%)
Particulars Q2
FY24		 Q1 FY25 Q2
FY25		 Q-o-Q Y-o-Y
Revenue 89,054 91,426 94,329 3.2% 5.9%
Direct Cost 61,048 63,715 65,277 2.5% 6.9%
Gross Profit 28,006 27,711 29,052 4.8% 3.7%
SG&A Expenses 11,693 11,650 12,059 3.5% 3.1%
EBITDA 16,313 16,061 16,993 5.8% 4.2%
Depreciation and Amortization 2,082 2,352 2,411
EBIT 14,231 13,709 14,582 6.4% 2.5%
Forex Gains/(loss) (21) 134 751
Other Income 1,453 2,137 2,238
Finance Cost 470 724 703
Provision for Tax 3,570 3,905 4,352
PAT 11,623 11,351 12,516 10.3% 7.7%
Margin %
EBITDA 18.3% 17.6% 18.0%
EBIT 16.0% 15.0% 15.5%
PAT 13.1% 12.4% 13.3%

Balance Sheet

Amount in INR Millions

Cash Flow Statement

Amount in INR Millions

Bank Balances and Investments as at 30th Sep, 2024

Amount in INR Millions

Balances with Banks Amount
In Current Accounts* 15,324
In Deposit Accounts 1,069
Total 16,393
Investments Amount
Mutual Funds ** 59,447
Bonds and Debentures 17,766
Certificate of Deposits and Fixed Deposits 10,493
Inter-Corporate Deposits 6,408
Government Securities 7,021
Commercial Papers 1,224
InvIT 984
Total 1,03,343
Total Bank Balance and Investments 1,19,736

All direct debt investments currently are in AAA rated instruments

* Including unclaimed dividend and Remittance in transit

** Mutual Fund investments are reported at fair market value.

Total of Bank balances and Investments: Rs.119,736 Million

Contact Information

Investor Relations – Vikas Jadhav, Head - Investor Relations [email protected]

Registered Office: L&T House, Ballard Estate, Mumbai – 400001 India

CIN – L72900MH1996PLC104693

https://www.ltimindtree.com/

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