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.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
