Dear Members,
Your Directors have pleasure in presenting the Integrated Annual Report along with the
Audited Financial Statements of LTIMindtree Limited (LTIMindtree' or the
Company') for the year ended March 31, 2025 (FY25')
FINANCIAL RESULTS
(in Million)
Particulars |
Standalone |
Consolidated |
|
2024-25 |
2023-24 |
2024-25 |
2023-24 |
Revenue from operations |
366,825 |
342,534 |
380,081 |
355,170 |
Other income |
9,738 |
7,099 |
9,897 |
7,019 |
Total revenues |
376,563 |
349,633 |
389,978 |
362,189 |
Employee benefit expense |
225,961 |
210,490 |
246,226 |
227,323 |
Sub-contracting expenses |
36,271 |
32,349 |
26,312 |
25,599 |
Finance costs |
2,707 |
2,071 |
2,789 |
2,217 |
Depreciation and amortization expenses |
9,043 |
7,604 |
9,915 |
8,189 |
Other expenses |
42,894 |
38,325 |
42,594 |
38,374 |
Total expenses |
316,876 |
290,839 |
327,836 |
301,702 |
Profit before tax |
59,687 |
58,794 |
62,142 |
60,487 |
Tax expense |
15,222 |
13,935 |
16,122 |
14,641 |
Profit for the year |
44,465 |
44,859 |
46,020 |
45,846 |
PERFORMANCE OF THE COMPANY
On a consolidated basis, revenue for the year was INR 380,081 Million with an
increase of 7.0% in rupee terms. The increase in revenue is attributable to growth
across all verticals, predominantly Technology, Media &Communications; Manufacturing
& Resources and Banking, Financial Services &Insurance. Profit after tax on a
consolidated basis for the year was INR 46,020 Million, with an increase of 0.4%.
For more details, refer to the Financial Performance' section in the Management
Discussion and Analysis, which forms part of this Integrated Annual Report.
MARKETING
Over the past year, our marketing efforts have been pivotal in articulating a new
AI-centric vision for LTIMindtree, while also solidifying our status as a global brand and
strategic partner to our customers. We focused on showcasing how LTIMindtree is already
solving today's complex challenges while laying the foundations for tomorrow
through AI-driven transformation, as we remain committed to architecting a future of
infinite possibilities.
Even as much of the world grappled with geopolitical uncertainty, businesses across
India and the Asia Pacific experienced growth and optimism, especially with AI at the
forefront. As we continue to build a future shaped by this generational shift in
technology, we are proud to be listed among the World's Best Companies Asia Pacific by
TIME Magazine. This recognition was based on revenue growth, employee satisfaction
surveys, and rigorous environmental, social, and corporate governance (ESG) criteria.
LTIMindtree's ability to grow and thrive in this disruptive landscape is rooted in our
strong focus on customer centricity, deep capabilities, and delivering elevated outcomes.
A key highlight was our successful partnership with Scania to transform their battery
assembly process, which helped us secure the prestigious ISG Paragon EMEA Transformation
Case of the Year Award. This achievement was further reinforced by leadership and
visionary placements in several key analyst reports, as well as notable partner awards,
including:
Google Partner of the Year for Industry Solution Services for Manufacturing
IBM Partner Plus Award APAC Winner in the Digital Labor Category
Snowflake Manufacturing and Industrial Data Cloud Services Partner of the Year
SAP BTP COE Certification Gold Tier
Our people and culture are the sources of unbounded energy that propel us forward,
enabling us to embrace AI and redefine how we work, collaborate, and create value. We were
recognized as a Great Place to Work, among the Top 50 Best Companies for Women in
India, and a Top 50 Company with Great Managers 2024 reflecting our
commitment to empowering individuals and fostering an environment where innovation meets
opportunity. As we strengthen our brand visibility in the coming year, our employees will
continue to serve as passionate ambassadors of the organization's spirit and potential.
We also remain committed to leading as a responsible corporate citizen, helping build a
more equitable future for all. This year, we were named among India's Top 50 Most
Sustainable Companies by BW Businessworld, reaffirming our commitment to ensuring that
technological advancement serves as a force for good.
As we look ahead with confidence, we are inspired by the challenges we solve for our
customers. Every day, we help them reimagine their technology landscapes, build
intelligent ecosystems, and navigate an ever-evolving digital world. With infinite
possibilities on the horizon, we will continue to seize opportunities, capture
imaginations, and showcase the very best of LTIMindtree.
HUMAN RESOURCE
Engagement: LTIMindtree's Rhythm' framework is a holistic approach
to enhance employee engagement and foster a positive work culture. Built on four key
pillars: Connect, Collaborate, Learn, and Grow, our Rhythm' framework aims to create
a supportive and engaging work environment by addressing different aspects of employee
experience and fostering a sense of community within the organization. The initiative,
based on the mantra Power of Possible,' includes various employee engagement
activities such as Leader Connects', tech or functional conclaves like
ignAIte' (AI Conclave), quarterly center-wise events, LTIM Symphony', Awards
and Milestone Recognitions, Celebrations, Wellbeing Initiatives, and Family Day. By
focusing on these areas, LTIMindtree aims to create a dynamic and inclusive work
environment that not only supports employee growth and development but also strengthens
the overall organizational culture.
Employee Value Proposition: At LTIMindtree, we offer a comprehensive
Employee Value Proposition (EVP) that caters to the diverse needs of our associates. Our
EVP encompasses all focus areas, promoting consistent and compelling messaging and
branding for us. LTIMindtree's EVP is structured around four key pillars
Talent-growth Opportunities, People-centric Culture, Rich Employee Experience, and
Compelling Brand, that help us attract, retain, and engage top talent in the industry.
- Talent-growth Opportunities: With a global presence in 20+ sectors, 100+
technologies, and 40 nations, we provide our associates with ample opportunities for
career growth and development. Our career framework My Career My Growth' ensures
career progression and top talent development for all our associates.
- People-centric Culture: Our people-centric culture is driven by
employee-friendly policies, differentiated connect programs, flexibility, and a
performance-driven culture. We believe in empowering our associates to perform at their
best and create a positive impact on society.
- Rich Employee Experience: We provide our associates with a rich and rewarding
experience by offering recognition programs, leadership development programs,
wellness-focused initiatives, diversity and inclusion practices, and digitized HR
processes.
- Compelling Brand: LTIMindtree is the preferred technology and innovation
partner for over 100+ Fortune 500 companies. We are driven by an AI-first mindset and
design and develop differentiated technology solutions that help our clients thrive, today
and tomorrow. Our solutions cater to the greater good of society, making our brand
compelling and inspiring for our associates.
By prioritizing these pillars, we aim to provide a holistic and fulfilling experience
for our associates, resulting in a highly engaged and productive workforce that drives the
growth and success of our organization.
Career and Learning: At LTIMindtree, our commitment to fostering a
learning culture is embedded in every aspect of our operations. Our plan extends to
empowering leadership with EmpowHer' - a global, nomination-based leadership
development program for the aspiring women leaders, along with promoting continuous talent
development with Learn Grow Lead' and Manager Development initiatives and
encouraging learning through the Shoshin School platform. The strategy also includes
preparing a pipeline of future leaders with succession planning and building a
future-ready workforce with our enhanced Talent Framework 3.0 that focuses on proactive
reskilling, precision skill mapping, and demand-supply optimization.
Together, these initiatives help in strengthening competencies and skills, thus
boosting career trajectories of our talents.
Talent Acquisition: LTIMindtree's talent acquisition strategy aims to
build a diverse and skilled workforce to drive growth and innovation. The hiring plan
includes attracting freshers from campuses and exceptional talent in top growth areas like
AI and Digital, Enterprise Apps etc. Upskilling our associates using the new Talent
Transformation framework helps us to meet the growing demand for these skills. Our
expansion into new geographies is a key strategy to attract and hire the right talent for
our business.LTIMindtree's hiring strategy is data-driven and leverages AI to streamline
recruitment processes and enhance employee experience. Collaboration between various
departments ensures that the best talent is attracted and retained to support strategic
goals. Additionally, early career hiring and leadership hiring strategies are emphasized
to align with the company's ambitious vision.
Diversity, Equity, and Inclusion (DEI): LTIMindtree is committed to
fostering an inclusive environment and is embracing diversity to accelerate our journey
towards a more equitable future. The gender ratio is Men: 69.58% \ Women: 30.37% \ Others:
0.05% (as per the updated DEI dashboard). The diversity metrics indicate 0.07%
self-identified PWD, 0.25% self-identified LGBTQ+, and 0.17% self-identified veterans
(this data is voluntarily self-disclosed by associates and is used strictly for
aggregate-level analysis. The team does not report actual headcounts). The DEI efforts are
focused on five key areas: Ethnicity/Nationality, Disability Inclusion, Gender Equity,
LGBTQ+ Inclusion, and Veterans Support. Some key initiatives include leader advocacy,
building awareness and DEI engagements, new joiner assimilation, best-in-class policies
and equitable benefits, inclusive facilities/ workplace, learning and sensitization
initiatives, and robust systems and analytics. LTIMindtree has received several awards for
its commitment to DEI, including recognition from Avtar & Seramount, India Workplace
Equality Index (IWEI), UN Women India WEPs (Women's Empowerment Principles), Businessworld
People HR Excellence Awards, and ASSOCHAM.
Wellness: LTIMindtree's holistic wellness framework is very comprehensive
it covers emotional, physical, financial, and social aspects and ensures that
employees have access to a wide range of resources and services. The 24/7 medical
assistance and Employee Assistance Program' (EAP) are particularly valuable for
immediate support, while webinars on mental well-being, health topics, financial planning,
and elder care provide ongoing education and guidance. One of our signature programs,
Transcend' has proved to be very effective for personal transformation as it offers
a personalized approach to building sustainable healthy lifestyles.
HR Digitization: Our HR Digitization focuses on leveraging AI technology
to streamline and enhance human resources processes, overall employee experience, and
boost HR agents' productivity. The team collaborates across departments, aligning HR goals
with organizational objectives and ensuring a smooth transition into a tech-enabled HR
ecosystem. Some key areas impacted by AI are Recruiting and Workforce Management (WFM),
Employee Engagement, Learning and Development, Compliance, HR Shared Services, and
Information and Analytics. The plan also includes further innovation with AI-powered tools
for interviews, employee wellness, performance management, and mentorship.
External Awards and Recognition: LTIMindtree has been recognized as a
Great Place to Work in France for the second consecutive year, as a Top 50 Company
with Great Managers as part of The Great Manager Awards by People Business, awarded
Gold for Collaborative Learning and Silver for Talent Management Strategy at Brandon Hall
Group HCM Excellence Awards 2024, Silver for Learning Data Analytics at ETHRWorld
Future Skills Awards 2024, and Bronze for Excellence in Cultivating a Culture of Trust and
High Performance at the Economic Times Human Capital Awards 2025. The organization has
also been honoured with the Best Employee Engagement award at the Workplace for Winners
(WoW) Conference 2025 by Team Jombay and recognized at the Bombay Chamber DEI Awards 2024
for winning in the Disability Confidence and Inclusion category.
INFRASTRUCTURE
We have transformed our buildings into green buildings to reduce environmental impact,
enhance employee health, and promote biodiversity. Our eco-design approach includes using
vernacular architectural elements, promoting occupant health with good indoor air quality
and ergonomic furniture, maximizing space efficiency, and using sustainable, non-toxic,
and locally sourced materials. We leverage passive interior architecture for natural
ventilation and daylight and incorporate high water-efficient fixtures. Energy efficiency
is achieved through VRV systems, reduced lighting power density, and energy-efficient
appliances. For detailed information, please refer to the Environmental section in the
Integrated Annual Report, p.82, Section: Green Buildings.
QUALITY INITIATIVES
Quality Management at LTIMindtree aims to bring excellence through continuous
refinement and improvements, guaranteeing superior product delivery.
LTIMindtree's Quality Management System (QMS) is a robust, client-centric framework
emphasizing continual improvement. It integrates processes that meet all quality standards
and invites suggestions for constant enhancement. The QMS portal serves as a centralized
hub for standardization and best practices, covering diverse lifecycles, technologies, and
services. Key features include advanced technologies, cognitive computing, AI, continuous
testing, and hyper-automation, ensuring high-quality solutions.
The QMS supports solution delivery, transformation, operational excellence, and
innovation, with processes designed by experts and aligned with industry standards. Client
Centricity is the fundamental aspect of LTIMindtree's Quality Policy. LTIMindtree strives
to be the most client centric partner by delivering business-enabling solutions with high
quality and meaningful experiences not only to its clients but also to its client's
customers. It endeavours to continuously improve its services and solutions, with focus on
agility and creativity by nurturing an environment that promotes learning and sustainable
growth. This year, we recorded a Healthy Response Rate of 60%. 1 in 4
Decision makers/Senior management levels reported familiarity with the LTIMindtree AI
approach and 28% Clients say the conversations around AI/GenAI, with
LTIMindtree teams are impressive The Client Satisfaction rate improved to 5.98 in
FY25 from a previous 5.85 in FY24, pointing to our sustained commitment to building
long-term strong and strategic partnerships with our clients. Client Experience Index
(EX) has improved further by 2-points placing LTIMindtree 5-points above the industry
median. 70% of the respondents are extremely delighted with their experience.
Delivery Excellence Accelerators
Our delivery excellence accelerators are a suite of solutions designed to achieve
desired outcomes at every stage of the project lifecycle. Examples include i. AiSyhts:
A Gen AI-based solution providing proactive risk management and recommendations,
summarizing qualitative and quantitative data across various delivery execution parameters
and client feedback. Benefits include automated analysis, early alerts, and expedited
go-green plans.
ii. Client Feedback Analysis:
Proactively identifies negative sentiment, client issues, and cross-selling
opportunities, with correlation analysis between internal and external feedback.
Smart automation for causal analysis reviews quality of causal analysis for low
Client Satisfaction Index (CSI) or deviations in metrics submission. It allocates RAG
based on causal quality and provides AI-generated corrective actions, reducing 7PD effort
per month.
iii. Analytics on Risks:
Smart Risk Assistant: A Gen AI tool offering corrective actions for risks
based on organizational historical data and industry-recommended actions.
Enterprise Risk Analysis: Highlights areas of the most occurring risks at
the organizational level and formulates recommendations based on historical data.
iv. Analytics on Audits:
Ticket Data Audit: Conducts automated ticket audits based on predefined
rules.
Correlation analysis between Progressive Work Product Audit (PWPA) findings,
client feedback and organizational-level risks is conducted to obtain detailed insights.
PDLC Defect Data Analysis: Identifies top contributing factors based on
defect/audit data.
Analysis of repeated findings is done using AI, which has helped to reduce
effort by 2PD
v. The Digital Estimator standardizes and automates the entire estimation process
from bid to project execution, reducing variance between Sales and Delivery team
estimates, proactively identifying risks to aid in informed resource allocation decisions,
enhancing cost management through controlled estimation deviation and effective change
request (CR) management, and minimizing or eliminating client escalations.
vi. MAP automation in Compass covers the Agile, Maintenance, and Testing lifecycle,
enabling direct planning of activities and work, facilitating performance tracking and
metrics report generation with minimal manual intervention. It offers 50% monthly effort
savings for Project Managers, automated generation and tracking of causals to closure
within the system, and system-driven review and approval processes. Deployment includes
approximately 250 Agile projects, 33 Testing projects, and 46 Maintenance projects.
Please refer to Data-and-Analytics-Brochure for accelerators, case studies,
partner details.
https://www.ltimindtree.com/wp-content/uploads/2024/10/Delivery-Excellence-Accelerators-Brochure.pdf
Escalation Risk Review (ERR)
LTIMindtree has established a structured ERR framework to ensure timely
attention at the right level and to ensure quick mitigation and corrective action.
Critical & high risk rated projects are given immediate attention, ensuring
initiative-taking intervention by senior management.
This process operates at three levels:
- Organizational Level: Review is conducted on a fortnightly, led by the Chief
Delivery Officer (CDO). Weekly status updates are sent to CDO, CGO (Chief Growth Officer)
and Executive Committee members.
- Unit Level: Delivery Heads and Service Line Heads oversee weekly or
fortnightly reviews to monitor and mitigate key risks.
- Account Level: Client Partners and Delivery Partners manage risk assessments,
with review frequency determined based on specific project requirements.
Additionally, a weekly review call, led by Delivery Excellence Head with DE
Leadership, addresses critical high-risk matters. During CDO ERRs, Client Partner, and
Delivery Partners present "Go Green" plans to mitigate risks and ensure
effective resolution.
For aging projects, which have been in Org/CDO level ERR for more than 8 weeks, there
is a separate cadence with CDO.
Compass 2.0
The Project Management Platform is migrated to a unified integrated solution
(ServiceNow SPM/GRC) for improved user experience, enhanced productivity, better
compliance, easy reporting and scalability. 85+ existing limitations were resolved through
this exercise.
Key features & benefits achieved:
Simplified PMP with pre-populated master process & project specific
processes (PM effort saving of 6 hrs per project ~ 9600 hrs of PM efforts for 1600 managed
projects)
Near live data availability for Senior Management Reviews (SMR) reducing the
manual efforts from 8hrs to 1hr for 2500 Project Managers
Enhanced project structure to address Billing projects merger within and across
contracts. Helps reducing manual efforts especially during mergers and new Org structure
formations. Effort saving for PMs in re-creating projects and artifacts (15 mins per
project for 1000+ billing projects), during Reorgs & contract novation
Detailed Task Planning for all Managed projects integrating with timesheet
system (covering 1350 projects & 31K associates) enables effective planning
& automated metrics
Introduced Program category to address governance across multiple practices
50+ live programs being managed
Automated processes related to Audit plans 350+ audits conducted every
month
Automation of Metrics Action plan for all Lifecycles 300+ projects
submitting metrics report every month
Obligation Management
At LTIMindtree, Obligation Management ensures 100% compliance with contractual
obligations. We have defined organizational-level Standard Obligations, known as the Gold
Copy, which are customized at the account level based on the client's MSA. Project
Managers and Delivery Managers identify and track SOW obligations, while Delivery Partners
and Functional Owners review and monitor MSA-level obligations.
Our obligation management tool, Insight360, helps upload and monitor MSA and SOW
obligations for respective accounts and projects through periodic assessments. Each
obligation is referenced to a specific page and section in the contract document.
Compliance is measured using the Fidelity Index, which tracks the number of
obligations met against the monitoring frequency at both the account and project levels.
Contractual obligations managed: 25189 obligations across 1916 projects
(354 unique obligations across 50+ large programs)
Proactive Risk Management: Pre-Win
Pursuit Assurance processes have the objective to identify risks prior to win and
enable a Zero-Surprise delivery execution with ensuring a seamless transition from Pursuit
to Delivery. The pursuit assurance process identified a total of >1640 risks (including
>454 risks on deals won), thereby significantly reducing downstream execution risks in
FY25.
Deal Risk Exposure (DRE) Review: Predominantly involves the solution risk
review to identify any critical risks associated with the proposed solution thereby
ensuring that the solution is viable and deliverable. The review considers 8 Dimensions
and 43 focus areas. Higher the risk score, higher the risk exposure and accordingly
RAG assigned and approvals sought prior to solution submission to client.
194 deals (40 large deals) underwent DRE process. 24 deals won in FY25 with >454
risks identified
Contract Risk Exposure (CRE) Review: Conducted to assess the risks
associated with the contracts being created. This review helps in identifying any
potential issues that could arise from the contractual agreements and allows for necessary
adjustments before submission. The review considers 6 Dimensions and 29 focus areas.
Higher the risk score, higher the risk exposure and accordingly RAG assigned and approvals
sought prior to Contract (SOW) submission to client or conducted post-win to baseline the
contract (SOW) risks.
A total of 40 deals (5 large deals) underwent CRE process. 30 CRE reviews were
conducted pre-submission while 10 CRE reviews were conducted post-facto
Risk Management: Post-Win
Green Start Review (GSR) Review: The exit of Pursuit Assurance post win
of deal is via the Green Start Review (GSR) process. A bootcamp to understand the solution
& associated risks is conducted and handover done to the Project execution team. The
review takes place considering 11 dimensions & 59 focus areas along with a list
of expected deliverables from Pursuit team. Through this approach, based on the magnitude
& impact of gaps & risks, the opportunity is flagged with a RAG status.
89 deals (6 large deals) underwent the GSR process
Post-win of deal, if GSR is RED or the scores of DRE or CRE are >= 2, then this
project is flagged off to be part of Unit level ERR for focused weekly review &
attention with leadership.
Continuous Risk Management & Audits during project execution
Transition Assurance:
Transition Assurance: Transition assurance activities are conducted for support
deals that have a transition phase included to ensure a smooth transfer of knowledge, assets and associated elements prior to start of the steady state
operations. This includes weekly reviews, and phase exits with Go/No-Go decisions taken.
39 projects (7 large programs) have undergone Transition Assurance significantly
reducing surprises during Steady state/BAU operations
Start Audits, Process Audits:
- 846 projects have undergone Start Audits covering 20304 controls (incl. 2 large
programs)
- 2623 Project Process audits conducted covering 118035 controls (incl. 70 audits
across 50 Large programs)
Other assessments
- 12312 projects have undergone Progressive work product audit (PWPA) and/or Project
Development Lifecycle checks (PDLC) covering >65660 controls
- 186 projects have undergone DelSec (Deliver Securely) assessments identifying 134
risks covering >9332 controls
- 3850 IT Service Management assessments have been performed across 92 projects thereby
significantly improving the maturity of these projects.
CAST Implementation
LTIMindtree's CAST, a software intelligence platform has been successfully rolled
out across 50+ accounts, to improve the structural quality of their software systems. The
platform has been used for faster application discovery, modernization, and migration to
the cloud, as well as for architecture blueprint creation, accelerating transition and
knowledge transfer, reducing technical debt, and monitoring application health indicators.
Additionally, CAST has been used for software composition analysis, which identifies
security vulnerabilities and license risks.
CAST Imaging implementation across org -> Total active Accounts - 50,
Applications 892, FTEs 2377
CAST Highlight implementation across org -> Total Applications - 589
CAST Value delivered:
CAST assessment done for banking customer to modernize 3 applications within 4
months of timeline helping the team with 25% effort savings during development in using
all tools including CAST Imaging.
CAST Imaging played a key role in winning a new manufacturing client with a deal
size of $6.4mn TCV for 3 years with possible extension to 5 years.
CAST Imaging is showcased as a key tool to the new manufacturing client to use
for discovery & modernization in a pre-proposal phase. The TCV for pre-proposal phase
is $68k for 5 weeks.
Lean Implementation
LTIMindtree's Lean Center of Excellence (COE) is dedicated to fostering a culture of
continuous improvement by promoting Lean principles and methodologies across the
organization.
Some of the lean assessments:
1. Travel Management Client:
64% improvement in billing cycle by streamlining invoice creation, reducing
turnaround and validation time, and eliminating unnecessary steps.
88% improvement in non-regression testing turnaround time, accelerating
time-to-market and optimizing the testing process.
2. Retail Client: 25% capacity savings and 7% effort reduction by
streamlining non-core tasks, enhancing efficiency and resource utilization.
3. Fulfillment Team: Identified bottlenecks and automation opportunities,
leading to improved time-to-hire, enhanced candidate experience, reduced interview
rejections, and standardized processes.
4. Shared Services Platform: 60% improvement in user onboarding cycle time
by reducing approval steps and implementing automation.
AMS Centre of Excellence (AMS COE)
AMS Centre of Excellence is leveraging its frameworks to perform ITSM assessments,
Delivery Model Assessment and has developed new framework DelSec -Deliver Securely'.
AMS COE has conceptualized, developed and implemented DelSec framework in collaboration
with internal teams to secure the IT estate of projects by strengthening control measures
and proactively identifying risks across various domains. This initiative aims to enhance
communication and awareness about potential vulnerabilities and threats, leading to better
risk management. Salient features of the framework include (i) Proactive Risk
Identification and Mitigation (ii) Comprehensive coverage including Access and password
management; Network and platform security; Database management and Program Risks
(iii)Workflow managed through Insight 360 tool. Outcome is to achieve increased client
satisfaction and minimized downtime. 186 projects have undergone DelSec assessments with
over 9332 controls validated and proactively identified 134 risks.
Delivery Model Assessment have been performed for 7 large programs and 72 Service
Improvements implemented.
In IT Service Management overall, 3850 assessments have been performed by AMS CoE
across 92 projects thereby improving practice maturity. Service Improvements achieved
include ticket backlog reduction from 15% to 4%for an RCG client, 160 hours of manual
effort savings in ticket audit and 40% reduction of incidents for clients in Manufacturing
domain.
Knowledge Management (KM) COE at LTIMindtree, made significant strides in FY25:
Knowledge Sharing Sessions had 281K participants (680% of FY24) and 514
sessions (540% of FY24), with Q4 having
1 Lakh+ participants with 218 sessions
Knowledge Hub artefacts increased to 3.5K (50% of FY24) with 97K views
& downloads. Knowledge Hub 2.0 is released and improved, with major features
like KHub Copilot' agent along with Gen AI search, Knowledge Sharing Sessions
workflow automation, KM benefits leader boards etc.
FY25 KM Charter with KMM Level 3 (Knowledge Management Maturity
model) implementation and Improved Kscore is successfully achieved. Kscore 100%
compliance was achieved across all 56 groups, across all months.
FY26 KM Charter is to become a Global Best KM organization at KMM
Level 4, measured, tracked & achieved through the defined 4 Guardrails and 16
Parameters.
Spotlight on LTIMindtree Events:
FY25 ignAIte Event: Delivery Excellence was awarded Best Enabling Unit,
showcasing AI/GenAI solutions (SDA, Aisyhts) to over 400 LTIM associates.
Patent Filing: BGenie patent filed; contender for Q3 FY25 Innovation
Award.
Delex Accelerators Brochure: Published on LTIM website for use in client
presentations and QBRs.
Delex AI Solutions: Hosted on Garuda microsite to demonstrate LTIM's AI
capabilities.
Knowledge Management Events, conducted Quarterly, featured themes like
Best of FY24, Internal Accelerators and Gen AI. Our largest KM event was "Annual KM
event" in Q4 FY25, covering all themes including external partner sessions, had
nearly 60 sessions and 27K participants.
World Quality Week 2024, hosted by Delivery Excellence in the month of
November 2024, aimed to enhance QMS awareness and share best practices. Highlight of the
event was a Quizathon, an engaging online quiz that saw enthusiastic participation from
all business units and service lines, promoting learning and collaboration across the
organization.
Compass 2.0 and Gen AI implemented on Service Now platform won the "Global
CIO Project of the Year 2024" award under "Best Business
Applications" category.
Certifications
At LTIMindtree, Delivery Excellence oversees internal and external audits,
certifications, and assessments. In our ongoing commitment to excellence and continuous
improvement, we have made significant strides in audits and certifications. These
developments reinforce our dedication to maintaining the highest standards and position us
as quality and risk management leaders. Launched a comprehensive Audit Certification
Program with four levels i.e., L1 Assessor, L2 Domain Assessor, L3
Lead Assessor, and L4 Senior Assessor. Ten workshops have been conducted, resulting
in 146 associates being trained as peer auditors. We strive to conform to international
standards and are proud to be certified with ISO 9001, ISO 27001, ISO 27701, ISO 14001,
ISO 45001, ISO 20000-1, ISO 22301, and ISO 31000 for all our corporate offices across the
globe, including India, the UK, Europe, South Africa, Canada, and the USA. LTIMindtree
achieved ISO 42001:2023 certification for Artificial Intelligence Management System (AIMS)
in March 2025, making us amongst the first few IT companies to earn this prestigious
recognition.
LTIMindtree has been appraised on CMMI 2.0 DEV & SVC for Level 5.
LTIMindtree is assessed for SOC 1 & SOC 2 at Enterprise Level (84 controls
for SOC1 and 118 controls for SOC 2).
LTIMindtree is assessed by TISAX, an industry-standard information security
assessment (ISA) in the European automotive industry, to ensure information security and
data protection controls.
LTIMindtree is assessed for PCI-DSS compliance, which provides assurance on
security controls for handling cardholder information.
LTIMindtree undergoes Cyber Essential and Cyber Essential Plus assessments for
its UK and Ireland operations. These certifications help LTIMindtree protect against
common cyber threats and demonstrate the Company's commitment to cybersecurity.
DIVIDEND
A. Dividend FY25
During FY25, your Company paid an interim dividend of Rs. 20/- per equity share of face
value of Rs. 1/- each. Further, the Board of
Directors has recommended a final dividend of Rs. 45/- per equity share of face value
of Rs. 1/- each. Accordingly, the total dividend for FY25, including the recommended final
dividend, if approved by the members at the ensuing 29th Annual General Meeting (AGM),
would be Rs. 65/- per equity share of face value of Rs. 1/- each. The final dividend, if
approved by the members, would be paid within 10 days of AGM to those members whose name
appears in the Register of Members as on the Record Date.
The dividend payment is based on the parameters outlined in the Dividend Distribution
Policy of the Company which is in accordance with Regulation 43A of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing
Regulations'). The said Policy is hosted on the website of the Company
https://www.ltimindtree.com/wp-content/
uploads/2017/05/Dividend-Distribution-Policy.pdf?pdf=download
B. Unclaimed Dividend
In accordance with the provisions of Section 125 of the Companies Act, 2013 (the
Act') read the with the Investor Education and Protection Fund Authority (Accounting,
Audit, Transfer and Refund) Rules, 2016 (IEPF Rules'), following dividends declared
by the Company & erstwhile Mindtree Limited (Mindtree) and remaining unclaimed for
seven years will be transferred to the Investor Education and Protection Fund (IEPF)
during FY26:
Particulars |
Date of declaration |
Last date for claiming unpaid dividend |
Declared by |
III Interim Dividend FY 2017-18 |
18-April-2018 |
24-May-2025 |
Mindtree |
Final Dividend FY 2017-18 |
17-Jul-2018 |
22-Aug-2025 |
Mindtree |
Final Dividend FY 2017-18 |
22-Aug-2018 |
25-Sep-2025 |
LTIMindtree |
I Interim Dividend FY 2018-19 |
17-Oct-2018 |
22-Nov-2025 |
Mindtree |
Interim Dividend FY 2018-19 |
24-Oct-2018 |
29-Nov-2025 |
LTIMindtree |
II Interim Dividend FY 2018-19 |
16-Jan-2019 |
21 Feb-2026 |
Mindtree |
Further, shares in the folios/demat accounts in which dividend(s) have remained
unclaimed for seven consecutive years will also be transferred to IEPF.
Members are requested to claim dividend(s) which have remained unclaimed, by sending a
request to the Company at e-mail ID investor@ltimindtree.com or to the Company's Registrar
and Share Transfer Agent (RTA) at e-mail rnt.helpdesk@in.mpms.mufg.com or to their postal
address C-101, 247 Park, L.B.S. Marg, Vikhroli West, Mumbai-400 083, Maharashtra, India.
During the year under review, the Company transferred dividend of Rs. 42,32,459.00/-
which remained unclaimed for a period of seven consecutive years to IEPF in accordance
with the provisions of the Act. Details of the unclaimed dividend are uploaded on the
Company's website https://www.ltimindtree.com/investors/dividend/ Pursuant to the
applicable provisions of the Act, read with the IEPF Rules, the Company has transferred
89,366 equity shares to IEPF out of which 462 shares have been retrieved till March 31,
2025. The shareholders may claim their respective shares transferred to IEPF by making an
application as per the procedure outlined under Investor Education and Protection Fund
Authority (Accounting, Audit, Transfer and Refund) Rules, 2016.
DETAILS OF UNCLAIMED SHARES
In terms of the requirements under Regulation 39 of the SEBI Listing Regulations,
details of unclaimed shares held in demat accounts titled as Demat Suspense Account'
and Escrow Demat Account' form part of Annexure A to this report.
CHANGES IN SHARE CAPITAL
During the year under review, 1,22,173 equity shares of face value of Rs. 1/- of the
Company were allotted to LTIMindtree Employee Welfare Trust under LTIMindtree
Limited Employee Stock Option Plan 2021' and LTIMindtree Limited Employee Stock
Option Scheme 2015'. Accordingly, the paid-up equity share capital of the Company
increased from Rs. 296.16 Million as at March 31, 2024, to Rs. 296.28 Million as at March
31, 2025.
CAPITAL EXPENDITURE
As on March 31, 2025, on consolidated basis, the gross fixed and intangible assets
stood at INR 58,608 Million (previous year INR 54,783 Million), out of which assets
amounting to INR 7,959 Million (previous year INR 11,791 Million) were added during
the year. The net fixed and intangible assets stood at INR 20,768 Million (previous
year INR 18,868 Million).
As on March 31, 2025, on standalone basis, the gross fixed and intangible assets stood
at INR 49,428 Million (previous year INR 45,621 Million), out of which
assets amounting to INR 7,616 Million (previous year INR 11,619 Million) were added
during the year. The net fixed and intangible assets stood at INR 19,950 Million
(previous year INR 17,711 Million).
LIQUIDITY
Your Company maintains sufficient cash to meet its operations and strategic objectives.
On standalone basis, cash and investments (net of short-term borrowings) have increased
from INR 93,441 Million as at March 31, 2024 to INR 103,308 Million as at
March 31, 2025.
CREDIT RATING
Details of Credit rating received during the year form part of 'Annexure E -
Corporate Governance Report', forming part of this Report.
DEPOSITS
The Company has not accepted any deposits from public and as such, no amount on account
of principal or interest on deposits from public was outstanding as on the date of the
balance sheet.
SUBSIDIARY/ASSOCIATE/JOINT VENTURE COMPANIES
As on March 31, 2025, the Company had 19 subsidiaries as against 21 in the previous
year.
Due to an internal reorganization exercise, following were the changes in subsidiaries
during the year:
A. Amalgamation
Nielsen + Partner Unternehmensberater GmbH, a step-down subsidiary of Company was
merged with LTIMindtree GmbH, a direct subsidiary in Germany w.e.f. October 2, 2024.
B. Liquidation/Deregistration
Following subsidiaries were liquidated/deregistered during the year: i. Nielsen &
Partner Pty Ltd. (Australia) w.e.f. October 23, 2024 ii. Syncordis SARL (France) w.e.f.
November 29, 2024 iii. LTIMindtree LLC (USA) w.e.f. January 21, 2025
During the year under review, Syncordis Limited (UK) was liquidated on April 1, 2025,
while deregistration as per local laws is under process.
C. Incorporation
During the year under review, following subsidiaries were incorporated: i. LTIMindtree
Consulting Brazil Ltda. (Brazil) as 100% subsidiary of the Company w.e.f. September 26,
2024. ii. LTIM Aramco Digital Solutions for Information Technology Company, a Joint
Venture Company in the Kingdom of Saudi Arabia with 51% shareholding with the Company and
49% shareholding with Global Digital Integrated Solutions Company (Global Digital), a
wholly-owned subsidiary of Saudi Arabian Oil Company (Saudi Aramco) w.e.f. November 22,
2024. In order to augment Company's efforts to position itself as a truly AI-first
organization, encapsulated by the vision of "AI in Everything, Everything for AI,
AI for Everyone" and in order to enhance its AI capabilities, LTIMindtree USA
Inc., a wholly-owned subsidiary of LTIM has made a strategic investment in Voicing.AI,
Inc., an autonomous operations solutions company in the USA. Voicing. AI's proprietary
technology brings human-like voice capability across more than 20 languages with
conversational, contextual, and emotional intelligence, in what is typically referred to
as agentic AI'.
In accordance with Section 129(3) of the Companies Act, 2013, a statement containing
salient features of the financial statements of the subsidiary companies in Form AOC-1 are
provided in Annexure B of this Integrated Annual Report. The statement provides
details of performance and financial position of each of the subsidiary.
In line with the requirements of Regulation 16(1)(c) of the SEBI Listing Regulations,
the Company has a policy on identification of material subsidiaries, which is available on
the Company's website, https://www.ltimindtree.com/wp-content/uploads/2018/11/
Material-Subsidiary-Policy.pdf. During the financial year and as on the date of this
Report, there are no material subsidiaries of the Company and associate companies.
Pursuant to the requirements of Section 136 of the Act, the Standalone and Consolidated
financial statements along with relevant documents and audited financial statements of the
subsidiaries are hosted on the Company's website https://www.
ltimindtree.com/investors/annual-reports/
PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE, GUARANTEES GIVEN OR SECURITY PROVIDED
Details of investments made and/or loans or guarantees given and/or security provided,
if any, are given in the notes to the Standalone and Consolidated financial statements
which form part of the Integrated Annual Report.
RELATED PARTY TRANSACTIONS
During the year under review, all related party transactions were in the ordinary
course of business and on arm's length terms. During FY25, on a quarterly basis, the Audit
Committee has reviewed the related party transactions vis-a-vis the omnibus approval(s)
accorded by it.
The Company had also obtained Members approval at its 28th AGM held on June 26, 2024
for entering into Material Related Party Transactions up to an amount of Rs. 2000 Crore
with Larsen & Toubro Limited (L&T), Holding Company, which is valid till the date
of 29th AGM. Since the aggregate amount of contract(s)/transaction(s) to be entered into
with L&T during FY26 may exceed Rs. 1000 Crore, it is proposed to seek approval of
Members up to an amount of Rs. 1500 Crore and a proposal in this connection forms part of
the Notice convening this AGM.
There was no material related party transaction, involving payment made to related
party with respect to brand usage/royalty, requiring approval of the shareholders during
FY25. Furthermore, there was no contract/arrangement with related parties referred to in
sub- section (1) of Section 188 of the Act, which required Board's approval.
Related Party Transactions entered during FY25 were in compliance with the Act, SEBI
Listing Regulations, details whereof are disclosed in the section Notes to the
financial statements' forming an integral part of this Integrated Annual Report.
TRANSFER TO GENERAL RESERVES
During the year, the Company has not transferred any amount to General Reserves on
declaration of dividend.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
Information as per Section 134(3)(m) of the Act read with Rule 8(3) of the Companies
(Accounts) Rules, 2014 relating to conservation of energy, technology absorption, foreign
exchange earnings and outgo is given in Annexure C to this Report.
RISK MANAGEMENT
The Company has formulated a risk management policy and put in place a mechanism to
apprise the Board/Audit Committee on a quarterly basis, risk assessment, minimization
procedures and governance at various levels to ensure that executive management controls
risk by means of a properly designed framework. A detailed note is given in the Risk
Management section forming part of the Integrated Annual Report.
CYBER SECURITY
At LTIMindtree, information security is of paramount importance. In the endeavor to
maintain a robust cyber security posture, your Company has remained abreast of emerging
cyber security events globally, so as to achieve higher compliance and continuity.
State-of-the-art and Artificial Intelligence enabled cyber security solutions have been
deployed to detect and prevent malicious attempts, and partnerships with leading cyber
security providers are in place for adequate service and support. While employees
functioned effectively as a remote and hybrid workforce, the Company continued to remain
vigilant in the face of changing cyber security threats. Your Company continues to be
certified against the Information Security Management System (ISMS) Standard ISO
27001:2013 and Privacy Information Management Systems (PIMS) Standard ISO27701. In
addition, the Company has been attested in SSAE18 SOC1 and SOC2 by an independent audit
firm.
CORPORATE SUSTAINABILITY
At LTIMindtree, sustainability is woven into DNA of the Company and ingrained in core
values that guides decision-making, ethical governance standards, and actions.
LTIMindtree embeds Environmental, Social, and Governance (ESG) principles into every
facet of operations and value chain to foster a sustainable and equitable future. ESG
Vision is more than just a statement; it is driven with a deep commitment by interlacing
meaningful practices and initiatives to make positive impact on the planet with
environmental stewardship, nurture diversity, equity, and well-being of employees, promote
social inclusivity with communities, and long-term value addition to external
stakeholders. This creates a framework that not only supports present generations but also
secures a sustainable future for those to come. Through CSR initiatives, LTIMindtree
weaves better future for marginalized communities by collaborating with local communities
and NGOs in focal areas of Education, Empowerment, Environment, and Health, creating a
ripple effect of positive changes. Partnering with NITI Aayog, LTIMindtree is implementing
the Integrated Village Development Program (IVDP) in 16 aspirational blocks across India.
LTIMindtree strives to exceed regulatory requirements and financial objectives,
continuously innovating to set new standards in sustainability performance and disclosures
rooted in integrity, transparency, and compliance. Company's sustainability disclosures
underscore dedication and alignment to global and national frameworks and standards such
as Sustainable Development Goals (SDGs), United Nations Global Compact (UNGC) Principles,
Global Reporting Initiative (GRI), Taskforce on Climate-related Financial Disclosures
(TCFD), Taskforce on Nature-related Financial Disclosures (TNFD), National Guidelines on
Responsible Business Conduct (NGRBC) etc. LTIMindtree has made significant strides in
multiple facets of corporate sustainability. Mature performance in the ESG arena has
solidified its reputation, earning numerous accolades detailed in our sustainability
reports available on our website.
(https://www.ltimindtree.com/social-responsibility/)
CORPORATE SOCIAL RESPONSIBILITY (CSR)
The disclosures required to be given under Section 135 of the Act read with Rule 8(1)
of the Companies (Corporate Social Responsibility Policy) Rules, 2014 are provided in the
Annual Report on CSR Activities for FY25, forming part of the Report as Annexure D.
The CSR Policy and CSR Annual Action Plan for FY25 are available on the Company's website,
www.ltimindtree.com/social-responsibility/ Chief Financial Officer has certified that the
funds disbursed for CSR related activities have been utilized for the purpose and in the
manner recommended by CSR Committee and approved by the Board of Directors for FY25.
DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP)
Appointments a) Mr. Vipul Chandra was appointed as Chief Financial Officer w.e.f.
April 25, 2024. b) Mr. S.N. Subrahmanyan was appointed as Non-Executive Chairman w.e.f.
June 27, 2024. c) Mr. Venugopal Lambu was appointed as CEO-Designate and Whole-time
Director w.e.f. January 24, 2025.
Cessations a) Mr. Vinit Teredesai resigned as Chief Financial Officer w.e.f. April
24, 2024. b) Mr. A.M. Naik, Founder Chairman relinquished his office w.e.f. June 26, 2024.
c) Mr. Sudhir Chaturvedi resigned as President-Markets &Whole-time Director w.e.f.
January 27, 2025.
The Board recognized the efforts put in and contributions made by Mr. Vinit Teredesai
during his tenure as Chief Financial Officer. The Board of Directors and the LTIMindtree
family placed on record, a deep sense of appreciation for Mr. Naik's remarkable efforts in
founding this Company and his unwavering dedication towards building this Information
Technology giant within the L&T group and the outstanding leadership and contribution
towards the growth and success of the Company.
The Board also placed on record its deep appreciation towards the significant
contributions made by Mr. Sudhir Chaturvedi, during his stint as the President
Markets and Board member of Company. The Board also recognized the pivotal role that Mr.
Chaturvedi played in driving success across Sales, Marketing, Alliances, and other key
strategic functions.
Re-appointment of Directors
Mr. Nachiket Deshpande (DIN: 08385028) and Mr. S.N. Subrahmanyan (DIN: 02255382),
Directors, retire by rotation, and being eligible, have offered themselves for
re-appointment at the 29th AGM.
Notice convening the 29th AGM includes the above-mentioned proposal for re-appointments
and the requisite disclosures under Section 102 of the Act, Regulation 36(3) of the SEBI
Listing Regulations and Secretarial Standard-2 on General Meetings issued by the Institute
of Company Secretaries of India.