This collaboration amplifies our mission to foster a tech industry that prioritizes kindness and responsible innovation. Also, Life Calling, Sharing Our Vision and Passion for Positive Change will join us in our mission to support startups that boldly tackle the misuse of technology in our ever-evolving society. We have also announced our partnership with TENT, a global business network of over 300 major companies committed to supporting refugees’ economic integration. We are actively engaged in offering personalized one-on-one mentorships in the U.S., the UK, Spain, Denmark and Germany, aiding them in their job placement processes in their new cities of residents. Finally, and as part of our Be Kind to the Planet commitment, in September, we were listed by Newsweek in its first ever annual ranking of America’s Greenest Companies.
This recognition positions Globant among the Top 62 organizations that hold a 5-star rating out of over 300 companies recognized for their environmental efforts. I am very proud of how our Be Kind initiative is evolving in each of its pillars and impacting more people globally. With that, I’ll hand it over to Juan to discuss our financials.
Juan Urthiague: Hello, everyone. We’re so happy to be here with you this afternoon. We are excited to present our Q3 results showing strong performance across all of our key measures. I would like to thank every Glober and every client for their work and trust. In the third quarter, we achieved another record revenue figure with total revenue standing at $545.3 million, representing a solid 18.8% year-over-year growth, of which we estimate 11 points to be organic. We continue to grow markedly above our peers and the rest of the IT industry, resulting in clear market share gains. We believe many of the reasons that explain this difference in growth are inherent to Globant from our startup mentality and our unique culture, to our inverted org chart, our pod and studio model, our diversified delivery footprint and global reach to the innovative and cutting-edge projects we deliver for our clients, we see these factors are a clear differentiator for the company.
We look forward to seeing Globant reach new regions and expand its service offerings across various sectors, leveraging the forefront of technological innovation. A long runway of growth lies ahead of us, as previously communicated to the market. Our leading indicators remain positive, reinforcing our outlook for the remainder of 2023 and painting a promising picture for the start of 2024. We are confident in our ability to continue to deliver industry-leading growth. In an uncertain macroeconomic environment, Globant is performing strongly. Stripping out the revenue contribution from Pentalog’s acquisition, we delivered a solid 6% organic revenue growth quarter-over-quarter in Q3. We experienced a rebound in revenues in our top client and other key cohorts and we saw strong growth across different geographies.
We’re seeing a progressive uptick in end market demand. During Q3, we grew our business while preserving profitability and generating free cash flow while maintaining a healthy and prudent balance sheet position. We saw strong sequential growth across our geographies and verticals. North America, which is about 60% of our top-line, grew 6.5% quarter-on-quarter, EMEA at 28.9%, LATAM at 7.4%, and new markets almost flat. In a similar fashion, we delivered sequential growth across every one of our industry verticals. Importantly, we saw strong momentum in our largest vertical media and entertainment, which grew 6.2% quarter-on-quarter and north of 23% on an annual basis. Our travel and hospitality vertical, our technology vertical and our consumer retail practice, all posted double-digit sequential growth, expanding by 18.8%, 10.9% and 12.7%, respectively.
Our professional services and banks and financial institutions verticals also grew strongly by 7.5% and 8.2% quarter-over-quarter, respectively. Our top client’s revenue expanded close to 8% quarter-on-quarter. Our Top 5 cohort was up 4.4% sequentially, while our Top 10 and Top 20 cohorts grew by 6% and 4.9% quarter-over-quarter, respectively. We are on track with our 100-squared strategy, successfully attracting new clients while also expanding our business with current ones across all areas. We’re managing the business with determination and decisive action. Our outlook for the company’s future is bright, and we’re convinced that we’re just beginning our growth journey. We remain committed to profitability and financial discipline. In the third quarter of 2023, our adjusted gross profit margin reached 38.2%, flat quarter-on-quarter with adjusted gross profit increasing to $208.1 million, representing a 9.2% sequential expansion and a 15.8% year-on-year growth.
From a year-on-year perspective, we continue to see some cost headwinds from the appreciation in some of our key currency pairs such as Mexico and Colombia. However, we continue to execute across those factors within our control. Our adjusted operating margin for the quarter was 15.3%, within the guidance range we provided in August and up 30 basis points sequentially. Adjusted SG&A stood at 18.3% of sales, down 50 basis points compared to the same period last year. As for below-the-line items, our IFRS effective tax rate for the quarter was 20%, slightly below our guidance as taxes came in lower than our initial expectation in certain geographies. Our adjusted net income in Q3 reached $64.8 million, with an 11.9% adjusted net income margin, up 10 basis points quarter-over-quarter.
