LTIMindtree Reports 7.7% YoY Profit Growth to 1,251.6 Crore

CIOTechOutlook Team | Saturday, 19 October 2024, 02:34 IST

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LTIMindtree, the sixth biggest Indian IT services firm, announced a 7.7% increase in net profit compared to last year, reaching Rs 1251.6 crore. The profit is similar to Rs 1,162 crore from September of the previous year. In sequence, there was a 10.3% increase in profit to Rs 1,135 crore.

In Q2FY25, the IT services company based in Mumbai saw a 5.9% increase in consolidated revenues to Rs 9,432.9 crore from Rs 8905.4 crore in Q2FY24, and a 3.2% climb from Rs 9142.6 crore in Q1FY25. The earnings increased by 4.7% compared to last year to $1.13 billion in dollars, and also went up by 2.8% from the previous quarter.

"Q2 was a good quarter marked by broad-based sequential growth experienced across all our verticals and geographies... We had several multi-year deal closures, including a $200 million plus deal. Continued deal momentum in key verticals and significant Q2 hiring, including freshers, positions us well as we enter into the latter half of the fiscal year," said Debashis Chatterjee, chief executive officer and managing director.

Operating margins increased to 15.5% in the September quarter, a 0.50% rise from the previous quarter's 15%. It comes from a 16% margin from last year. The banking, financial services, and insurance sector accounts for over a third of the company's revenue, while three-quarters of the revenue comes from North America.

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