Earnings Review
LTM reports 15-quarter high PAT growth in Q4
This story was originally published at 19:40 IST on 23 April 2026
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--LTM Jan-Mar consol net profit INR 13.92 bln
--Analysts saw LTM Jan-Mar consol net profit at INR 14.14 bln
--LTM Jan-Mar consol revenue INR 112.92 bln
--Analysts saw LTM Jan-Mar consol revenue at INR 112.31 bln
--LTM Jan-Mar consol PAT INR 13.92 bln vs INR 9.71 bln qtr ago
--LTM Jan-Mar consol revenue INR 112.92 bln vs INR 107.81 bln qtr ago
--LTM to pay INR 53 per share final dividend
--LTM FY26 consol PAT INR 50.18 bln vs INR 45.99 bln year ago
--LTM FY26 consol revenue INR 423.08 bln vs INR 380.08 bln year ago
--LTM Jan-Mar consol revenue up 1.2% on qtr in constant currency
--LTM Jan-Mar consol revenue up 7.0% on yr in constant currency
--LTM Jan-Mar consol EBIT margin 15.1%, down 97 bps on qtr
--LTM Jan-Mar order inflow $1.69 bln, down 0.2% on qtr
--LTM Jan-Mar total headcount 87,950 vs 87,958 qtr ago
--LTM trailing 12-month attrition 13.3% vs 13.8% qtr ago
--LTM active clients 751 on Mar 31 vs 746 qtr ago
--LTM Q4 BFSI sales down 4.9% QoQ in dollar terms, down 3.9% YoY
--LTM Q4 tech, media, communication sales up 8.3% QoQ in dollar terms
--LTM Q4 tech, media, communication sales up 9.3% YoY in dollar terms
--LTM Jan-Mar mfg, resources sales up 0.5% QoQ in dollar terms
--LTM Jan-Mar mfg, resources sales up 12.2% YoY in dollar terms
--LTM Jan-Mar consumer business sales up 2.5% QoQ in dollar terms
--LTM Jan-Mar consumer business sales up 20.3% YoY in dollar terms
--LTM Q4 N America sales up 0.5% QoQ in dollar terms, up 4.9% YoY
--LTM Q4 Europe sales up 4.9% QoQ in dollar terms, up 21.9% YoY
--LTM Jan-Mar rest of the world sales up 1% QoQ in dollar terms
--LTM Jan-Mar utilisation excluding trainees 85.7% vs 86.9% qtr ago
By Avishek Rakshit
KOLKATA – Increasing revenues from all of its major business verticals, except from the banking and financial services solutions, led LTM Ltd. report a 15-quarter high sequential growth in the consolidated net profit even after incurring an exceptional expense on account of the new labour codes. The sequential growth in consolidated revenue was higher than the December quarter but lower than 5.63% on-quarter growth in the September quarter.
However, LTM Ltd., which recently changed its name from L&T Mindtree Ltd., failed to meet the Street's expectations on its net profit despite reporting over 43% on-quarter growth in the consolidated net profit to INR 13.92 billion. The Street was expecting a net profit of INR 14.14 billion.
Discounting the exceptional expense of INR 622 million but taking into account the actual tax outgo in the March quarter, LTM's net profit was over INR 14 billion--in line with the Street's view. It is not known if sector analysts had taken into account the outgo on exceptional items after the new labour law came into effect, when giving their projections on the company.
LTM's revenue marginally beat the Street's estimate of INR 112.31 billion. The company reported a consolidated top line growth of 4.74% on quarter at INR 112.92 billion in the March quarter. In constant currency terms, which discounts to effects of currency volatility, LTM's consolidated revenue was up 1.2% on quarter and 7.0% on year.
LTM had reported a net profit of INR 11.29 billion in the March quarter of 2024-25 (Apr-Mar) and INR 9.71 billion in the December quarter. Its revenue was INR 112.92 billion in the year-ago quarter and INR 107.81 billion in the December quarter.
For the year ended March, LTM's consolidated net profit rose 9.12% to INR 50.18 billion and revenue increased 11.31% to INR 423.08 billion.
In the March quarter, LTM's earnings before interest and tax margin fell 97 basis points on quarter to 15.1% and order inflow declined marginally by 0.2% to $1.69 billion. The active number of clients, however, increased to 751 in the March quarter from 746 clients in the December quarter.
Attrition in the company declined marginally on quarter in Jan-Mar at 13.3% as against 13.8% in the preceding quarter. As of Mar. 31, the company had a headcount of 87,950 people as against 87,958 in the December quarter.
The company's employee utilisation, excluding trainees, in the quarter under review was 85.7% as against 86.9% in the December quarter.
In an investors' presentation to the bourses, LTM said that its sales to the banking, financial services and insurance sector, which accounted for 33% of the revenue in the March quarter, was down 4.9% on quarter and 3.9% on year in dollar terms.
However, sales to four other verticals increased in the March quarter. Sales to technology, media, and communications clients, which comprised 23.7% of its March quarter revenue, increased 8.3% on quarter and 9.3% on year in dollar terms. Sales to manufacturing and resources clients, comprising 20.7% of its total March quartr sales, increased 0.5% on quarter and 12.2% on year in dollar terms.
Sales to clients in the consumer business increased 2.5% on quarter and 20.3% on year in dollar terms, and sales to healthcare, life sciences and public services clients rose 8.9% on quarter and 38.2% on year in dollar terms.
In dollar terms, sales to North America, which accounted for 72.3% of its March quarter revenue, rose 0.5% on quarter and 4.9% on year in dollar terms. Business in Europe increased 4.9% on quarter and 21.9% on year in dollar terms and sales in rest of the world was up 1% on quarter in the March quarter.
LTM has declared INR 53 per share as final dividend. Thursday, shares of LTM closed 1.6% lower at INR 4,531.50 on the National Stock Exchange. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Akul Nishant Akhoury
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