Ltimindtree's Net Profit Drops 1.5 Pc To Rs 1,135 Crore, Revenue Up 5 Pc
Date
7/17/2024 8:15:19 AM
(MENAFN- IANS) Mumbai, July 17 (IANS) Global technology consulting and digital solutions company LTIMindtree on Wednesday reported consolidated net profit at Rs 1,135 crore for the April-June quarter, a 1.5 per cent decrease from Rs 1,152 crore in the year-ago period.
The net profit, however, rose 3 per cent on a sequential basis. The company's revenue went up to Rs 9,142 crore ($1.1 billion) in the first quarter of FY25, from Rs 8,702 crore in Q1 FY24, a jump of 5.1 per cent YoY.
"While the environment remains unchanged, fiscal 25 started on a positive note for us with Q1FY25 revenue of $1.1 billion, registering a 2.5 per cent QoQ and 3.5 per cent YoY revenue growth (in USD terms)," said Debashis Chatterjee, CEO and Managing Director, LTIMindtree.
The company's shares closed 1.75 per cent higher at Rs 5,574 apiece on Tuesday.
"Our top three industry verticals and our largest geography have performed well sequentially. This is attributed to a measured uptick in IT spending for critical initiatives with clients balancing innovation and fiscal prudence," said Chatterjee.
Late last month, LTIMindtree appointed veteran S.N. Subrahmanyan (Vice-Chairman) as Chairman with effect from June 27, as A.M. Naik decided to step down from the post. As a digital transformation partner to more than 700 clients, LTIMindtree has more than 81,000 professionals across more than 30 countries.
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