LTIMindtree posts 7.1 pc rise in Q3 revenue but profit falls amid higher costs

Mumbai, Jan 16 LTIMindtree posted a 7.1 per cent year-on-year increase in revenue to Rs 9,661 crore but the company's net profit fell during the October-December quarter of the current financial year amid rising expenses.

The IT major announced a net profit of Rs 1,087 crore which was 7.1 per cent lower than the corresponding figure for the same quarter of the previous year. It also represented a 13.2 per cent decline over the net profit in the preceding quarter.

LTIMindtree said it has 742 active clients as of December 31, 2024, and added 5 big clients in the $5 million to $50 million category on a year-on-year basis.

The IT major now has 86,800 professionals on its rolls as of December 31, 2024, of which 2,362 were added in Q3 (October-December). The trailing 12 months attrition of the company stands at 14.3 per cent.

The company's banking and financial services segment grew 7.5 per cent on-year, on the back of new deals with clients.

LTIMindtree also said that it had won major deals for its AI platform which included a global manufacturer which chose the company’s ‘AI in Operations’ platform to manage its end-to-end IT landscape. A leading global investment firm has also selected LTIMindtree’s proprietary ‘AI in Infrastructure’ platform to manage its end-to-end infrastructure services.

Apart from this, the company struck two big deals in the Middle East with an oil and gas major and a nuclear energy firm. A New York-headquartered leading provider of credit ratings to implement AI in Application Managed Services.

"Our differentiated AI strategy has helped us record our highest-ever order inflow of $1.68 billion, laying the foundation for future growth. Our ongoing investments in AI, including new partnerships and specialisations, and accolades, support our efforts to continue growing as we enter calendar year 25," said Debashis Chatterjee, CEO and Managing Director of LTIMindtree.

Source: IANS