LTIM

LTIMindtree (LTIM) reported 4QFY25 revenue of USD1.1b, down 0.6% QoQ CC and below our estimate of flat QoQ CC. FY25 revenue stood at USD4.5b, up 5.0% YoY CC. 4Q EBIT margin at 13.8% was in line with our estimate of 13.8%. 4Q PAT stood at INR11.2b, up 3.9% QoQ/2.5% YoY and slightly below our estimate of INR12b. FY25 revenue grew 7.0% YoY, EBIT declined 1.2%, and PAT remained largely flat in INR terms. In 1QFY26, we expect revenue/EBIT/PAT to grow 8.3%/15.2%/7.3% YoY.