Dear Shareholders,

Welcome to LTIMindtree's Integrated Annual Report, a testament to our unwavering commitment to innovation, collaboration, and excellence. As we navigate the ever-evolving landscape of technology and business, our vision for a "Limitless Future. Faster. Together." demonstrates our collective spirit of curiosity and discovery, propelling us towards uncharted territories.

At LTIMindtree, we believe that the future is not merely a destination to reach; it is an invitation to dream bigger, think bolder, and accelerate our journey toward a world of boundless possibilities. With optimism as our compass and innovation as our engine, we embark on this transformative journey together, shaping a future where the impossible becomes possible.

DRIVING SUCCESS THROUGH INNOVATION AND NURTURING TALENT
At LTIMindtree, our persistent focus is on customer satisfaction, capability building, global delivery footprint, and talent nurturing. Our collaborative efforts with clients are not merely transactional; they are deeply rooted in understanding and addressing their unique challenges. Our customers have given us a commendable CSAT score of 5.85 (FY23 – 5.74), indicating their confidence in our ability to assist them in staying ahead in the rapidly changing technological landscape.

Our relentless pursuit of capability-building advances us toward the forefront of innovation. Introducing the 'Enterprise AI' Service Line and the launch of 'Canvas.ai' and 'Canvas CloudXperienz' platforms underscore our resolve to provide cutting-edge transformative solutions for our clients. The integration of subsidiaries like Syncordis and Nielsen+Partner further enriches our offerings, enabling end-to-end solutions for Banking and Capital Market firms.

Our global delivery capabilities, spanning 38 countries with a workforce of over 81,000 associates, accentuate our commitment to delivering value on a global scale. Recent expansions into the LATAM region and China exemplify our resolve to reach new horizons and serve our international clientele with unparalleled excellence.

In today’s dynamic technological realm, the ability to adapt is paramount to achieving success. By empowering our workforce through initiatives such as the My Career My Growth (MCMG) framework and AI-driven learning pathways, we ensure their adeptness in navigating the constantly changing environment. We have trained over 10,000 employees on Gen AI. Our ongoing investments in innovation hubs and the Shoshin School mirror our resolve to remain at the vanguard of emergent technologies.

Our people-centric approach, reflected in initiatives like Gigspace and the iWin Rewards and Recognition Framework, acknowledges the transformative potential of every individual. Our Yin Yang Model for hybrid working and introducing enhanced policies for the new ways of work demonstrates our commitment to prioritizing employee well-being and work-life balance.

The easing out of external talent-supply environment which coupled with our intelligent workflows, competitive compensation, flexible work arrangements enabling work-life balance, wellness programs and initiatives promoting physical, mental, financial and emotional wellness have transformed to superior employee experience curtailing the attrition to 14.4% against 20.2% for FY23.

UNLEASHING POTENTIAL, SECURING GROWTH
As we progress through the second year of being LTIMindtree, we are filled with immense pride to reflect on the significant strides we have made in this relatively short period. The integration of our systems, processes, and people has been seamless, leading to increased scale, talent, and capabilities. Our relentless pursuit of excellence has been acknowledged through numerous accolades, including being ranked second in Overall Customer Satisfaction in Whitelane Research’s 2023 IT Sourcing Study for Germany.

In the face of an uncertain environment, our resilience shines through, as evidenced by a robust 15.7% year-on-year growth in order inflow, reflecting the increasing relevance and strength of our edge-to-experience capabilities across all markets. We are participating in more advisor deals, which demonstrates the success of our merger strategy. Our order book increase reiterates the impact of our merger thesis.

Our strategic initiatives, including the 'Minecraft 2.0,' 'Everest,' and ‘Neo’ programs, have propelled us to new heights, fostering growth in our Focus 100 accounts, facilitating the closure of large deals, and enabling us to penetrate new markets with unparalleled precision.

Central to our success is our firm commitment to forging enduring partnerships aimed at driving exponential business growth for our clients. Our distinguished status as a Solutions Partner for leading technology giants such as Microsoft, AWS, Google Cloud, IBM, SAP, and Snowflake highlights our expertise in harnessing the power of collaboration to deliver value beyond expectations.

As we navigate through a technology-driven future, speed becomes paramount. At LTIMindtree, we are not merely adapting to change but pioneering it at a rapid pace and scale. Our holistic approach, anchored in empowering clients to embrace data-driven transformations, highlights our dedication to driving them toward a future defined by limitless possibilities.

CREATING UNMATCHED VALUE
The inclusion of LTIMindtree in NIFTY50, India’s esteemed stock market index, marked a pivotal milestone in our history. This recognition stands as a testament to the financial stability of our organization and emphasizes the value we continually strive to deliver to our shareholders, investors, and stakeholders.

In parallel, our dedication to operational excellence has been acknowledged through the reaffirmation of our ratings by CRISIL and India Ratings & Research. CRISIL reaffirmed its 'CRISIL AAA/ Stable/CRISIL A1+' ratings on the bank facilities of LTIMindtree, while India Ratings & Research has assigned LTIMindtree a long-term issuer rating of IND AAA/Stable/IND A1+. These ratings validate the robust operational framework of LTIMindtree as a result of the strategic merger of erstwhile Mindtree Limited and Larsen & Toubro Infotech Limited. The consolidation has not only augmented our scale and capabilities but also paved the way to sustainably create value over the long term. Furthermore, transitioning to S4HANA on RISE aligns with our long-term vision to become a USD 10 Billion Company. It constitutes an integral component of our ‘simpler, smarter, secure, and scale strategy’ to lay the technology foundation for consuming the latest innovations from SAP at scale. Notably, we've experienced a significant performance boost exceeding 40%, showcasing the immediate advantages of this transition.

FINANCIAL HIGHLIGHTS
We have booked our highest-ever order inflow at USD 5.64 Billion, representing a 15.7% increase over FY23. We reported strong FY24 results, with revenue reaching USD 4.3 Billion, up 4.2% in constant currency and 4.4% in USD terms. INR revenue stood at INR 355,170 Million, up 7.0%. Our EBITDA margin stood at 18.0% for FY24 compared to 18.4% for FY23. Our EBIT margin stood at 15.7% for FY24 compared to 16.2% for FY23. The net profit grew at 4.0% from INR 44,103 Million for FY23 to INR 45,846 Million for FY24. The PAT margin was 12.9% for FY24 against 13.3% for FY23.

We remain committed to enhancing shareholders' value and maximizing returns to our investors. The Return on Equity (ROE) stood at 25.0% against 28.6% for FY23. The Return on Capital Employed (ROCE) stood at 30.7% against 34.9% for FY23. Our Diluted Earnings Per Share increased by 3.8% from INR 148.83 in FY23 to INR 154.48 in FY24. Overall dividend paid to equity shareholders increased from INR 15,627 Million for FY23 to INR 17,753 Million for FY24. Our operating cash flow conversion was healthy and stood at 123.7%. Our current ratio improved from 3.1 as of March 31, 2023 to 3.3 as of March 31, 2024.

We remain focused on maintaining a stable and secure financial foundation, and our strong liquidity position reflects our prudent financial management. Our Days Sales Outstanding (DSO) on trade receivables and unbilled revenue has improved to 80 days as of March 31, 2024, from 91 days as of March 31, 2023, amidst an increase in business owing to better cashflow management of receivables. Our free cash flow for FY24 was INR 48,366 Million against INR 21,599 Million for FY23. Our strong cash flow metrics helped us cross INR 10,000 Crore in cash and investment balance. Our cash and investment balances stood at INR 115,596 Million as of March 31, 2024, against INR 83,903 Million as of March 31, 2023.

Good Governance
At the heart of our success lies a culture deeply rooted in good governance and ethical conduct. We are resolute in our commitment to uphold the highest standards of Environmental, Social, and Governance (ESG) responsibilities. Our prestigious recognitions earned for FY24 include:

• Silver award in Sustainability Reporting under the Sustainability Reporting Leadership (Service Sector) category and special recognition for Gender Equality at the 3rd ICAI Sustainability Reporting Awards 2022-23 hosted by The Institute of Chartered Accountants of India.
• Recognized as Global Supplier Engagement Leader for the fourth consecutive year by CDP.
• Early adopter of Taskforce on Nature-related Financial Disclosures (TNFD) and only corporate from India to make it to the 2024 list of TNFD early adopters.
• Placed in the Global Leadership League in the Carbon Disclosure Project (CDP) 2023 Climate Change ranking.
• HYSEA award in the ‘Health & Wellbeing’ category received from ‘Hyderabad Software Exporters Association (HYSEA)’ towards unwavering commitment to eradicating clubfoot disability among children from economically disadvantaged backgrounds.
• Certified as ‘Water Positive’ by Green Carbon Energy & Environment Services (GCEES).
• Achieved Zero Waste to Landfill certification for four of our key Bengaluru offices.
• Received the 'Global Partner of the Year' award for Sustainability at AWS re:Invent.
• Scored 10 out of 10 in Travel Smart 2024 annual ranking of 328 businesses worldwide, placing us among the Top 25 global companies leading the charge towards sustainable business travel and a significant reduction in related emissions.
• Awarded the Best Supply Chain Solution in APAC at Triple A Asset Awards under the Supply chain Solutions E-Commerce - Media - Technology category for 2024.

ACCELERATING TOGETHER
As we navigate the complexities of the digital age, we continue to stand firm in our dedication to thrust ourselves into a future without limitations. With innovation as our North Star and collaboration as our cornerstone, we are confident in our capacity to shape a world of infinite potential. As we embark on this exciting journey, we are grateful for the constant support of our partners and stakeholders. We are confident that by staying true to our values and principles, we can overcome any obstacle and achieve our shared vision.

Together, let's accelerate towards a limitless future.

Warm regards,