LTIMindtree net profit shrinks 1.5% YoY to Rs 1,152 cr
Mumbai: LTIMindtree on Wednesday reported a consolidated net profit of Rs 1,134 crore for the quarter ended June 30, 2024, a 1.5% decline from the Rs 1,152 crore reported in the same period last year, media reported.
The company’s revenue from operations for the quarter was Rs 9,143 crore, a 5% increase from Rs 8,702 crore in the corresponding quarter of the previous financial year.
The net profit attributable to shareholders stood at Rs 1,134 crore. On a sequential basis, the profit after tax rose nearly 3% from Rs 1,100 crore in the previous quarter.
Meanwhile, revenue from operations increased by 3% sequentially from Rs 8,893 crore in the January-March quarter.
In USD terms, revenue was reported at $1,096.2 million, reflecting a 3.5% year-on-year growth and a 2.5% quarter-on-quarter increase.
The board of directors also approved the establishment of a wholly-owned subsidiary in Brazil with an initial investment of $1 million.
Segment-wise, the Banking, Financial Services & Insurance segment saw a 35.2% year-on-year growth, which was flat compared to Q4FY24 but down from 37.5% growth in the year-ago period.
The Technology, Media & Communications segment grew by 25.6% compared to 24.3% in Q4FY24 and 23.7% in Q1FY24.
The Manufacturing & Resources segment grew by 18.5% versus 18.6% in Q4FY24 and 17.3% in Q1FY24.
The Consumer Business segment reported a 14.5% growth compared to 15.1% in both Q4FY24 and Q1FY24. The Healthcare, Life Sciences & Public Services segment grew by 6.2% versus 6.9% in Q4FY24 and 6.4% in Q1FY24.
Geographically, North America, which accounts for the company's highest revenue, saw a year-on-year and quarter-on-quarter growth of 75.1% in the reporting quarter compared to 73.8% in Q4FY24 and 73.1% in Q1FY24.
However, revenue growth in Europe and the rest of the world saw a decline on both a year-on-year and quarter-on-quarter basis in Q1FY25.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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