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Prabhudas Lilladher Report
LTIMindtree Ltd. reported robust revenue growth of 2.6% QoQ constant currency (USD 2.5% QoQ), ahead of our estimates of 1.9% CC and consensus (1.6% QoQ).
The growth was broad-based across key verticals and geographies with TMC and North America grew 7.9% and 4.4% QoQ, respectively. Ebit margin reported at 15.0% in Q1, up 30 bps (in-line with our estimate).
The margin expansion was limited despite having recovered Q4 one-off impact (+100bps) due to additional headwinds of higher visa costs and marketing expenses, impacted margins by -50bps QoQ each.
Deal wins during the quarter was flattish at $1.4 billion versus $1.5 billion in Q4 FY24.
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