EBITDA margin dropped from 19.2 per cent to 18.4 per cent during the quarter. The company witnessed sequential dip in revenue across geographies except North America. Revenue from top 10 clients dipped 3.5 per cent over the quarter while the top 5 clients witnessed a 4.7 per cent YoY dip in revenue generated.
Attrition rate increased to 18.3 per cent while headcount increased by 1178 to 29,347 during the quarter.
LTI’s parent company L&T recently led a takeover of another IT midcap Mindtree with 60 per cent stake which also posted disappointing numbers in Q1. The group management has repeatedly assured shareholders that LTI
and Mindtree would be kept as distinct business.
After L&T took over the controlling stake in Mindtree, the IT services firm on Wednesday said AM Naik- L&T's Group Chairman - had been appointed as the non-executive chairman of the company. Naik's appointment is significant in many ways as the L&T boss was seen as the key person driving the takeover attempt from the very beginning.