On consolidated basis
Quarter ended March 2023 compared
with Quarter ended December 2022.
Net sales (including other operating income) of LTI Mindtree has increased
0.82% to Rs 8691 crore.
Operating profit margin has jumped
from 15.95% to 18.45%, leading to 16.65% rise in operating profit to Rs
1,603.70 crore. Employee cost increased from 63.48% to 64.21%.
Other expenses fell from 20.57% to 17.34%. Expenses
from contract fell from 8.75% to 7.71%.
Other income fell 56.26% to Rs 66.4
crore. PBIDT rose 9.40% to Rs 1670.1 crore. Provision for
interest rose 15.04% to Rs 43.6 crore. Loan funds remained
nil.
PBDT rose 9.26% to Rs 1626.5
crore. Provision for depreciation rose 2.36% to Rs 182.3
crore.
Profit before tax grew 10.19% to Rs
1,444.20 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 330.1 crore, compared
to Rs 309.9 crore. Effective tax rate was 22.86% compared to 23.65%.
Minority interest increased 100% to
Rs 0.40 crore. Net profit attributable to owners of the company
increased 11.31% to Rs 1,113.70 crore.
Promoters’ stake was 68.68% as of 31
March 2023 ,compared to 68.69% as of 31 December 2022 .
Quarter ended March 2023 compared
with Quarter ended March 2022.
Net sales (including other operating income) of LTI Mindtree has increased
21.92% to Rs 8691 crore. Sales of Banking Financial Services segment
has gone up 30.88% to Rs 3,299.20 crore (accounting for 37.96% of total
sales). Sales of Manufacturing segment has gone up 22.51% to Rs
1,523.10 crore (accounting for 17.53% of total sales). Sales of High
Tech Media & Entertainment segment has gone up 11.97% to Rs 1,998.80 crore
(accounting for 23.00% of total sales). Sales of CPG Retail Pharma
segment has gone up 19.17% to Rs 1,334.60 crore (accounting for 15.36% of total
sales). Sales of Health & Public Services segment has gone up
16.50% to Rs 535.30 crore (accounting for 6.16% of total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 10.52% to Rs 1,603.70 crore. PBIT
of Banking Financial Services segment rose 24.21% to Rs 588.00 crore
(accounting for 36.67% of total PBIT). PBIT of Manufacturing segment
rose 6.08% to Rs 268.50 crore (accounting for 16.74% of total
PBIT). PBIT of High Tech Media & Entertainment segment fell
5.83% to Rs 410.30 crore (accounting for 25.58% of total PBIT). PBIT
of CPG Retail Pharma segment rose 22.04% to Rs 260.80 crore (accounting for
16.26% of total PBIT). PBIT of Health & Public Services segment
rose 1.33% to Rs 76.10 crore (accounting for 4.75% of total PBIT).
PBIT margin of Banking Financial
Services segment fell from 18.78% to 17.82%. PBIT margin of
Manufacturing segment fell from 20.36% to 17.63%. PBIT margin of
High Tech Media & Entertainment segment fell from 24.41% to
20.53%. PBIT margin of CPG Retail Pharma segment rose from 19.08% to
19.54%. PBIT margin of Health & Public Services segment fell
from 16.34% to 14.22%. Overall PBIT margin fell from 20.35% to
18.45%.
Operating profit margin has declined
from 20.35% to 18.45%, leading to 10.52% rise in operating profit to Rs
1,603.70 crore. Employee cost increased from 60.97% to 64.21%.
Other expenses fell from 18.67% to 17.34%. Expenses
from contract fell from 8.83% to 7.71%.
Other income fell 70.18% to Rs 66.4
crore. PBIDT fell 0.22% to Rs 1670.1 crore. Provision for
interest rose 38.85% to Rs 43.6 crore. Loan funds rose to Rs
1,541.20 crore as of 31 March 2023 from Rs 1,391.10 crore as of 31 March
2022. Inventories declined from Rs 4.10 crore as of 31 March 2022 to
Rs 3.30 crore as of 31 March 2023. Sundry debtors were higher at Rs
5,623.40 crore as of 31 March 2023 compared to Rs 4,557.40 crore as of 31 March
2022. Cash and bank balance rose to Rs 2,932.00 crore as of 31 March
2023 from Rs 1,837.30 crore as of 31 March 2022. Investments
declined from Rs 6,048.40 crore as of 31 March 2022 to Rs 5,458.30 crore as of
31 March 2023.
PBDT fell 0.96% to Rs 1626.5
crore. Provision for depreciation rose 12.81% to Rs 182.3
crore. Fixed assets increased to Rs 3,392.20 crore as of 31 March
2023 from Rs 2,812.50 crore as of 31 March 2022. Intangible assets
increased from Rs 1,163.20 crore to Rs 1,189.20 crore.
Profit before tax down 2.47% to Rs
1,444.20 crore. Share of profit/loss were nil in both the periods. Provision
for tax was expense of Rs 330.1 crore, compared to Rs 371.6
crore. Effective tax rate was 22.86% compared to 25.10%.
Minority interest decreased 20% to
Rs 0.40 crore. Net profit attributable to owners of the company
increased 0.46% to Rs 1,113.70 crore.
Equity capital stood at Rs 29.60
crore as of 31 March 2023 to Rs 29.60 crore as of 31 March 2022. Per
share face Value remained same at Rs 1.00.
Promoters’ stake was 68.68% as of 31
March 2023 ,compared to 74.05% as of 31 March 2022 .
Full year results analysis.
Net sales (including other operating income) of LTI Mindtree has increased
27.10% to Rs 33183 crore. Sales of Banking Financial Services
segment has gone up 33.33% to Rs 12,249.40 crore (accounting for 36.91% of
total sales). Sales of Manufacturing segment has gone up 21.70% to
Rs 5,611.00 crore (accounting for 16.91% of total sales). Sales of
High Tech Media & Entertainment segment has gone up 24.20% to Rs 8,066.10
crore (accounting for 24.31% of total sales). Sales of CPG Retail
Pharma segment has gone up 24.43% to Rs 5,112.30 crore (accounting for 15.41%
of total sales). Sales of segment has gone up 25.53% to Rs 2,144.20
crore (accounting for 6.46% of total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 16.37% to Rs 6,107.70
crore. PBIT of Banking Financial Services segment rose 19.81% to Rs
2,175.40 crore (accounting for 35.62% of total PBIT). PBIT of
Manufacturing segment fell 3.58% to Rs 890.20 crore (accounting for 14.58% of total
PBIT). PBIT of High Tech Media & Entertainment segment rose
17.31% to Rs 1,722.80 crore (accounting for 28.21% of total
PBIT). PBIT of CPG Retail Pharma segment rose 31.76% to Rs 1,003.50
crore (accounting for 16.43% of total PBIT). PBIT of segment rose
13.03% to Rs 315.80 crore (accounting for 5.17% of total PBIT).
PBIT margin of Banking Financial
Services segment fell from 19.76% to 17.76%. PBIT margin of
Manufacturing segment fell from 20.03% to 15.87%. PBIT margin of
High Tech Media & Entertainment segment fell from 22.61% to
21.36%. PBIT margin of CPG Retail Pharma segment rose from 18.54% to
19.63%. PBIT margin of segment fell from 16.36% to
14.73%. Overall PBIT margin fell from 20.10% to 18.41%.
Operating profit margin has declined
from 20.10% to 18.41%, leading to 16.37% rise in operating profit to Rs
6,107.70 crore. Employee cost increased from 61.24% to 62.92%.
Other expenses rose from 18.66% to 18.67%. Expenses
from contract fell from 9.04% to 8.52%.
Other income fell 27.28% to Rs 556.9
crore. PBIDT rose 10.81% to Rs 6664.6 crore. Provision
for interest rose 21.88% to Rs 150.4 crore. Loan funds rose to Rs
1,541.20 crore as of 31 March 2023 from Rs 1,391.10 crore as of 31 March
2022. Inventories declined from Rs 4.10 crore as of 31 March 2022 to
Rs 3.30 crore as of 31 March 2023. Sundry debtors were higher at Rs
5,623.40 crore as of 31 March 2023 compared to Rs 4,557.40 crore as of 31 March
2022. Cash and bank balance rose to Rs 2,932.00 crore as of 31 March
2023 from Rs 1,837.30 crore as of 31 March 2022. Investments
declined from Rs 6,048.40 crore as of 31 March 2022 to Rs 5,458.30 crore as of
31 March 2023.
PBDT rose 10.58% to Rs 6514.2
crore. Provision for depreciation rose 21.04% to Rs 722.7
crore. Fixed assets increased to Rs 3,392.20 crore as of 31 March
2023 from Rs 2,812.50 crore as of 31 March 2022. Intangible assets
increased from Rs 1,163.20 crore to Rs 1,189.20 crore.
Profit before tax grew 9.40% to Rs
5,791.50 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 1381.2 crore, compared
to Rs 1343.9 crore. Effective tax rate was 23.85% compared to
25.39%.
Minority interest increased 17.65%
to Rs 2.00 crore. Net profit attributable to owners of the company
increased 11.65% to Rs 4,408.30 crore.
Equity capital stood at Rs 29.60
crore as of 31 March 2023 to Rs 29.60 crore as of 31 March 2022. Per
share face Value remained same at Rs 1.00.
Promoters’ stake was 68.68% as of 31
March 2023 ,compared to 74.05% as of 31 March 2022 .
Cash flow from operating activities
decreased to Rs 3,094.60 crore for year ended March 2023 from Rs 3,250.70 crore
for year ended March 2022. Cash flow used in acquiring fixed assets
during the year ended March 2023 stood at Rs 939.30 crore, compared to Rs
1,057.30 crore during the year ended March 2022.
Dividend: The Board
of directors have recommended an final dividend of Rs 40 per equity share of Rs
1 each.
Management Comment:
Commenting on the performance Mr
Debashis Chatterjee CEO and MD said: “We are pleased to report a strong FY23,
with a broad-based full year revenue growth of 19.9% in constant currency,” “This
industry-leading performance positions us well to deliver continued profitable
growth in FY24. As we move to unified systems & processes, we are ready to
exploit the synergies. Our Q4 revenue came in at a healthy USD 1.06 billion -
up 13.5% year-over-year in constant currency and 11.9% in reported USD terms.
Our order inflow for the quarter came in at USD 1.35 billion, helping us close
the full-year order inflow at USD 4.87 billion. We added 31 new clients for Q4
and increased our count of USD 50 million plus customers by 2 to 13. Our full-year
operating margin was at 16.2% and the basic EPS was at INR 149.1. Client
requirements have changed over the last quarter, and we are now meeting the new
requirements to deliver cost savings which are being directed to fund in flight
transformation programs.”
| LTI Mindtree : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202303 | 202203 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 8,691.00 | 7,128.60 | 21.92 | 33,183.00 | 26,108.70 | 27.10 | | OPM (%) | 18.45 | 20.35 | -190 bps | 18.41 | 20.10 | -170 bps | | OP | 1,603.70 | 1,451.00 | 10.52 | 6,107.70 | 5,248.60 | 16.37 | | Other Inc. | 66.40 | 222.70 | -70.18 | 556.90 | 765.80 | -27.28 | | PBIDT | 1,670.10 | 1,673.70 | -0.22 | 6,664.60 | 6,014.40 | 10.81 | | Interest | 43.60 | 31.40 | 38.85 | 150.40 | 123.40 | 21.88 | | PBDT | 1,626.50 | 1,642.30 | -0.96 | 6,514.20 | 5,891.00 | 10.58 | | Depreciation | 182.3 | 161.6 | 12.81 | 722.7 | 597.1 | 21.04 | | PBT | 1,444.20 | 1,480.70 | -2.47 | 5791.5 | 5293.9 | 9.40 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 1444.2 | 1480.7 | -2.47 | 5791.5 | 5293.9 | 9.40 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 1444.2 | 1480.7 | -2.47 | 5791.5 | 5293.9 | 9.40 | | Taxation | 330.1 | 371.6 | -11.17 | 1381.2 | 1343.9 | 2.78 | | PAT | 1114.1 | 1109.1 | 0.45 | 4410.3 | 3950 | 11.65 | | Minority Interest (MI) | 0.4 | 0.5 | -20.00 | 2 | 1.7 | 17.65 | | Net profit | 1113.7 | 1108.6 | 0.46 | 4408.3 | 3948.3 | 11.65 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 1113.7 | 1108.6 | 0.46 | 4408.3 | 3948.3 | 11.65 | | EPS (Rs)* | 37.65 | 37.47 | 0.46 | 149.02 | 133.47 | 11.65 | | | * EPS is on current equity of Rs 29.58 crore, Face value of Rs 1, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
| LTI Mindtree : Consolidated Segment Results | | | Quarter ended | Year ended |
|---|
| % of (Total) | 202303 | 202203 | Var.(%) | % of (Total) | 202303 | 202203 | Var.(%) |
|---|
| Sales | | Banking Financial Services | 37.96 | 3,299.20 | 2,520.80 | 30.88 | 36.91 | 12,249.40 | 9,187.30 | 33.33 | | Manufacturing | 17.53 | 1,523.10 | 1,243.20 | 22.51 | 16.91 | 5,611.00 | 4,610.60 | 21.70 | | Energy & Utilities | 0.00 | 0.00 | 0.00 | - | | High Tech Media & Entertainment | 23.00 | 1,998.80 | 1,785.20 | 11.97 | 24.31 | 8,066.10 | 6,494.20 | 24.20 | | CPG Retail Pharma | 15.36 | 1,334.60 | 1,119.90 | 19.17 | 15.41 | 5,112.30 | 4,108.50 | 24.43 | | Health & Public Services | 6.16 | 535.30 | 459.50 | 16.50 | 6.46 | 2,144.20 | 1,708.10 | 25.53 | | Total Reported Sales | 100.00 | 8,691.00 | 7,128.60 | 21.92 | 100.00 | 33,183.00 | 26,108.70 | 27.10 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 8,691.00 | 7,128.60 | 21.92 | 100.00 | 33,183.00 | 26,108.70 | 27.10 | | PBIT | | Banking Financial Services | 36.67 | 588.00 | 473.40 | 24.21 | 35.62 | 2,175.40 | 1,815.70 | 19.81 | | Manufacturing | 16.74 | 268.50 | 253.10 | 6.08 | 14.58 | 890.20 | 923.30 | -3.58 | | Energy & Utilities | 0.00 | 0.00 | 0.00 | - | | High Tech Media & Entertainment | 25.58 | 410.30 | 435.70 | -5.83 | 28.21 | 1,722.80 | 1,468.60 | 17.31 | | CPG Retail Pharma | 16.26 | 260.80 | 213.70 | 22.04 | 16.43 | 1,003.50 | 761.60 | 31.76 | | Health & Public Services | 4.75 | 76.10 | 75.10 | 1.33 | 5.17 | 315.80 | 279.40 | 13.03 | | Total PBIT | 100.00 | 1,603.70 | 1,451.00 | 10.52 | 100.00 | 6,107.70 | 5,248.60 | 16.37 | | Less : Interest | | 43.60 | 31.40 | 38.85 | | 150.40 | 123.40 | 21.88 | | Add: Other un-allcoable | | -115.90 | 61.10 | PL | | -165.80 | 168.70 | PL | | PBIT Margin(%) | | Banking Financial Services | | 17.82 | 18.78 | -95.73 | | 17.76 | 19.76 | -200.39 | | Manufacturing | | 17.63 | 20.36 | -273.02 | | 15.87 | 20.03 | -416.03 | | Energy & Utilities | | 0.00 | 0.00 | 0.00 | | High Tech Media & Entertainment | | 20.53 | 24.41 | -387.89 | | 21.36 | 22.61 | -125.55 | | CPG Retail Pharma | | 19.54 | 19.08 | 45.94 | | 19.63 | 18.54 | 109.20 | | Health & Public Services | | 14.22 | 16.34 | -212.75 | | 14.73 | 16.36 | -162.93 | | PBT | 100.00 | 1,444.20 | 1,480.70 | -2.47 | 100.00 | 5,791.50 | 5,293.90 | 9.40 |
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