LTM Q1: consolidated PAT +17% YoY to ₹1,469 Cr, revenue +18%, EBIT margin expands 120 bps

LTM Limited (formerly LTIMindtree) opened FY27 with a broad-based operating beat in its first quarter as a renamed entity. Consolidated revenue rose 18.0% YoY (2.8% QoQ) to ₹11,608 Cr and net profit climbed 17.1% YoY (5.9% QoQ on the reported ₹1,387 Cr base) to ₹1,468.6 Cr, with basic EPS at ₹49.46. In USD terms growth was far more muted — revenue of $1,223.5 Mn was up just 6.1% YoY and a near-flat 0.1% QoQ (0.3% CC) — so the headline INR strength is heavily flattered by a weaker rupee (average USD/INR 94.87 vs 85.33 a year ago); constant-currency YoY revenue growth was 6.4%.

The cleaner read on profitability is operating, not reported. EBIT rose 27.9% YoY to ₹1,799 Cr and EBIT margin expanded to 15.5% (+120 bps YoY, +40 bps QoQ), driven by higher offshore mix (85.8%), improved utilisation (86.4%, +70 bps QoQ) and flat headcount (87,886, essentially unchanged QoQ). Below EBIT the print is noisier: a one-off ₹197.8 Cr fair-value gain on Voicing.AI convertible instruments (parked in other income) was more than offset by a ₹266 Cr forex loss (versus a ₹129 Cr gain a year ago), which is why reported PAT grew 17.1% — slower than EBIT — and PAT margin was flat YoY at 12.7%. Adjusting other income for the Voicing.AI gain alone would drag YoY PAT growth to roughly +5%, but that understates the quarter because the offsetting forex swing is equally one-off; the 27.9% EBIT growth is the truest signal of underlying momentum. Standalone tells a materially softer story (revenue +16.7%, PAT –4.3% YoY to ₹1,241 Cr, dented by a collapse in standalone other income to ₹51 Cr), so consolidated is the number to anchor on.

The stock went into the print at ₹4,037.2, up 2.4% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 2 consecutive quarters; revenue is at a 6-quarter high.

The result confirms rather than contradicts management's last-call framing. On the Q4 concall the CEO flagged a top BFSI client that had 'bottomed out'; the newly-renamed Financial Services segment (34% of revenue) is still down 2.5% YoY in CC but turned up +3.2% QoQ CC, consistent with a sequential recovery. Management gave no quantitative guidance but had targeted 'industry-leading growth' — 6.4% CC YoY revenue growth and 18% INR growth deliver on that qualitatively. Order inflow was $1.68 Bn (–0.3% QoQ, +3.1% YoY), TTM inflow $6.65 Bn, and the deal sheet is AI-led (AWS APT, Microsoft Agent 365 launch partner, multiple BlueVerse Voicing wins). Concurrently the Board approved reclassifying Nabha Power out of the promoter group and noted a pending EUR 160 Mn put-option deal for Randstad's Netherlands/Australia/France units — not yet concluded and not in these numbers.