As a global digital transformation behemoth arising out of the merger of erstwhile LTI and Mindtree, we harnessed the winds of change to reimagine businesses and unlock new possibilities by placing the most optimal intelligence, insights, innovation, and investments at the core of value."

Dear Shareholders,

Amidst the backdrop of a successful merger and firm resilience, LTIMindtree proudly stands at the forefront of innovation, navigating the complexities of a dynamic technological landscape with unwavering determination. As we reflect on the trials and triumphs of FY24, we remain committed to leveraging technology to push the boundaries of what's possible.

In our first full year as LTIMindtree, we’ve defined a bold vision for a limitless future. It is rooted in the belief that challenges are the impetus for breakthroughs, and we embrace the ever-evolving landscape as an open canvas for endless creativity. We don’t just build technology; we are crafting a narrative of infinite potential, where each innovation propels us to a future without limits.

Our journey toward this boundless future is underpinned by a multitude of strategic measures and innovative initiatives. At the forefront of our efforts lies our firm commitment to investing significantly in exploring the frontiers of technology, whether it be in the realms of artificial intelligence, machine learning, quantum computing, or beyond. We also understand that the most innovative ideas often arise from environments that encourage experimentation and the exchange of perspectives. As such, we have instituted various programs and platforms that foster cross-functional collaboration, such as innovation labs, internal incubators, and mentorship programs. By empowering our employees to explore unconventional approaches and embrace calculated risks, we cultivate a dynamic ecosystem where innovation thrives, and breakthroughs become the norm.

EMBRACING CHANGE AND ADVANCING IN A CHALLENGING ENVIRONMENT
The year FY24 was a difficult one for the industry, yet within the pages of adversity, we found opportunities to not only endure but to excel. As a global digital transformation behemoth arising out of the merger of erstwhile LTI and Mindtree, we harnessed the winds of change to reimagine businesses and unlock new possibilities by placing the most optimal intelligence, insights, innovation, and investments at the core of value. Our strategic prowess, as evidenced by the consistent delivery of solid business results even in the most turbulent times, emphasizes our unwavering commitment to creating unparalleled value for our stakeholders. With each passing quarter, we reinforce our position as pioneers in driving transformative change for our clients and customers, catalyzing a faster transition into the next era of possibilities.

THE PILLARS OF LTIMONE: A BLUEPRINT FOR SUCCESS
Central to our strategy is the LTIMOne framework, a robust foundation built upon four pillars: Culture, Go-To-Market (GTM) strategy, Capabilities, and Profitable growth. These pillars not only guide our strategic choices but also serve as the bedrock of our commitment to realizing the future, faster. Together. Through the implementation of LTIMOne, we have positioned ourselves to drive unmatched value and navigate the complexities of today's business landscape with agility and purpose.

UNLEASHING THE POWER OF GENERATIVE AI
In the realm of technological innovation, Generative AI emerges as a beacon illuminating the path toward autonomous enterprises. This seminal trend holds the promise of reshaping the very fabric of our existence, heralding a new era characterized by functional reimagination, innovative work methodologies, and intelligent automation. At LTIMindtree, we embrace this transformative wave by spearheading initiatives like Canvas.ai—an enterprise-ready generative AI platform designed to expedite the journey from concept to value, all while adhering to mindful AI principles. Our other cloud-based platforms, including Canvas CloudXperienz and Navisource.AI, are designed to help our clients integrate and utilize Generative AI in their day-to-day operations.

During FY24, LTIMindtree further solidified its Gen AI capabilities by entering into Strategic Collaboration Agreements (SCAs), such as joining Oracle’s Gen AI beta program, establishing a Gen AI partnership with AWS, and announcing an SCA with Microsoft to launch AI-powered applications, among others. These agreements strategically position the Company with major global partners to spearhead prioritized initiatives in various industry-specific Gen AI use cases.

DRIVING TRANSFORMATIONAL JOURNEYS THROUGH ALLIANCES AND PARTNERSHIPS
At LTIMindtree, we understand that true progress stems from collaborative efforts that transcend boundaries. Whether it's nurturing relationships with clients, partners, investors, advisors, or communities, we are committed to fostering win-win collaborations that propel everyone toward a brighter, bolder future.

In FY24, LTIMindtree successfully enhanced its relationships with partners by executing joint go-to-market (GTM) strategies, co-innovation, co-selling, and global demand generation activities. Through various co-branding and co-marketing initiatives, alongside exclusive partner programs, we have strengthened our GTM strategy and co-investments across key priority areas.

In exemplification of our collaborative efforts and strategic alliances, our joint venture with Aramco Digital stands as a testament to our commitment to transformative partnerships. By partnering to establish a next-generation digital and IT services Company in the Kingdom of Saudi Arabia, we're not just expanding our geographical footprint but also tapping into a wealth of opportunities in a prospering market.

These strategic alliances and partnerships are more than just business transactions; they serve as concrete evidence of our dedication to forging impactful partnerships that drive mutual success.

CELEBRATING PEOPLE, RECOGNITION, AND ACHIEVEMENTS
The accolades we've garnered testify to the tireless efforts of our 81,000+ talented professionals, whose dedication and expertise have propelled us to new heights. From being recognized as a Global Future 50 Company by Fortune magazine to securing prestigious titles like the 'Service Advocate of the Year' at the 2024 Microsoft Supplier Prestige Awards, our journey is marked by milestones that highlight our commitment to excellence.

Our achievements also include being recognized as a Visionary in the 2023 Gartner® Magic Quadrant™ for Data Center Outsourcing and Hybrid Infrastructure Managed Services, as well as for Public Cloud IT Transformation Services. This demonstrates our commitment to innovation and strategic vision in delivering exceptional services to our clients. Being acknowledged as the Fastest Growing Indian IT brand in 2023 by Brand Finance further solidifies our reputation as a force to be reckoned with in the global market, demonstrating our consistent growth trajectory and market relevance.

In addition to these accomplishments, LTIMindtree has been recognized as a Top Employer in the UK and a Great Place to Work™ in multiple countries, including the US., France, Poland, and Denmark. These recognitions speak volumes about our efforts to create an energetic and inclusive workplace for our people, where they feel valued and empowered to excel.

EMBRACING A SUSTAINABLE FUTURE
At LTIMindtree, we are deeply committed to embodying values of trust, integrity, and purpose in everything we do. Our Environmental, Social, and Governance (ESG) strategy serves as a testament to this commitment as we strive to make a positive impact on our people, customers, and communities.

In FY24, LTIMindtree successfully enhanced its relationships with partners by executing joint go-to-market (GTM) strategies, co-innovation, co-selling, and global demand generation activities. Through various co-branding and co-marketing initiatives, alongside exclusive partner programs, we have strengthened our GTM strategy and co-investments across key priority areas.”

Embedded within our business strategy are three core priorities that drive our ESG vision: forging clear strategies for a greener future, cultivating a strong and inclusive community, and upholding exemplary governance standards.

Our efforts have been recognized through prestigious awards, including the Golden Peacock Award for Sustainability, first runner-up award in the 'Best Employer for Persons with Disabilities' category from ASSOCHAM, first runner-up for DEI Champion at the Bombay Chambers DEI Awards, as well as accolades from the India Workplace Equality Index (IWEI) for our efforts towards LGBTQ+ (Lesbian, Gay, Bi, Trans, Queer/ Questioning) inclusion.

As we move forward, we remain grounded in our belief that progress is achieved through shared values, equity, and strong governance. Aligned with the United Nations Sustainable Development Goals, we are dedicated to advancing our sustainability practices and creating a responsible future for all.

THE ROAD AHEAD
In this environment of restrained client spending, we continue to expand our value proposition to become a partner of choice for our clients. Through our focus on cross-selling to existing accounts and prioritizing Focus 100 clients, we are already observing multiple deal conversations and wins.

The recent completion of our integration activities marks a significant milestone on our journey to success, thanks to our team’s hard work and dedication. With the completion of this activity, we are strategically placed to take advantage of the market recovery and further cement our place in the industry leaders’ quadrant. Our strong order inflow and healthy deal pipeline set the stage for our medium-term growth.

As we traverse the dynamic terrain of shifting market priorities, rapid technological advancements, and evolving customer expectations, we remain confident of our ability to align our clients' operational strategies with their technological ambitions and help them reach a future without limit. But this journey cannot be undertaken without the unwavering support of all our stakeholders, for which we remain deeply thankful.

Together, we will shape a world where innovation knows no bounds, resilience conquers adversity, and success encompasses holistic growth and well-being. With each step forward, we remain united in purpose, fueled by our shared achievements, and steadfast in our commitment to realizing the limitless potential that lies ahead.

I invite you to join us on this exhilarating journey of exploration and discovery.

Warm regards,

DEBASHIS CHATTERJEE
CEO and Managing Director