LTM (ex-LTIMindtree) Q1 strong: consol PAT +17% YoY to ₹1,469 Cr, revenue +18%, margins expand

LTM Limited (formerly LTIMindtree) opened FY27 with a strong, operationally clean Q1. Consolidated revenue rose to ₹11,608 Cr, +18.0% YoY and +2.8% QoQ (USD revenue $1,223.5 Mn, +6.1% YoY / +6.4% constant-currency), and consolidated PAT rose 17.1% YoY to ₹1,468.6 Cr (EPS ₹49.46). PAT margin held at ~12.7%, up from 12.26% a year ago and 12.10% in Q4 FY26. Crucially, operating profit outpaced the topline: EBIT grew 27.9% YoY to ₹1,799 Cr and EBIT margin expanded to 15.5%, +120 bps YoY and +40 bps QoQ — the margin-expansion story management had guided to is showing up in the numbers. The quality of the PAT print is good despite noisy below-EBIT lines. Consolidated other income of ₹255.4 Cr includes a one-off ₹197.8 Cr fair-value gain on convertible instruments in Voicing.AI (since converted to equity); this was more than offset by a ₹266 Cr forex loss versus a ₹129 Cr forex gain in the year-ago quarter, so the +17.1% reported PAT growth is not flattered by one-offs — it is if anything suppressed relative to EBIT +27.9%. No exceptional item was booked this quarter; both YoY comparison periods are clean (the labour-code exceptional was a prior-year/Q4 item), so raw and adjusted YoY growth are effectively the same. Note the standalone/consolidated divergence: standalone PAT fell ~4.3% YoY to ₹1,241.1 Cr, purely because standalone other income collapsed to ₹50.9 Cr from ₹478.7 Cr a year ago — the consolidated figure, which captures the delivery subsidiaries, is the correct operational read; readers seeing the -4% standalone number should not treat it as the true story. Growth was broad but uneven under the hood. On the newly reorganised segments, Consumer led (+18.2% YoY CC) and Technology & Services was solid (+10.0% CC), while Financial Services — the largest segment — was still down 2.5% YoY CC but turned up +3.2% QoQ CC, consistent with management's prior-call flag that a top BFSI client had 'bottomed out.' Order inflow was $1.68 Bn (+3.1% YoY, -0.3% QoQ), EBIT in USD grew 15.1% YoY, utilisation improved 70 bps QoQ to 86.4% and TTM attrition was steady at 13.3%. Against management's qualitative FY27 guidance of 'industry-leading, profitable growth,' this quarter confirms rather than contradicts the last concall's confident tone — double-digit INR/CC revenue growth with margin expansion. The Board also approved pursuing the Randstad Europe/APAC acquisition (up to EUR 160 Mn EV, pending definitive agreements) and the final FY26 dividend of ₹53/share was paid in the quarter.