BENGALURU: LTIMindtree on Wednesday posted a 1.5% fall in its consolidated net profit for the June quarter at Rs 1,135 crore as against Rs 1,152 crore in the same period a year-ago. The IT services firm’s revenue from operations in Q1FY24 stood at Rs 9,142 crore, a 5.1% rise as against Rs 8,702 crore in the year-ago period.
The company announced that the Board of Directors have approved setting up a wholly-owned subsidiary in Brazil, with an initial investment of $1 million.
EBIT expanded to 15% and order inflow remained at $1.4 billion. “While environment remains unchanged, fiscal 25 started on a positive note for us with Q1FY25 revenue of $1.1 billion, a 2.5% QoQ and 3.5% YoY revenue growth in USD terms. Our top 3 industry verticals and 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 Debashis Chatterjee, CEO and MD, LTIMindtree. He added that there are early signs of recovery in the market with some greenshoots emerging. It expects the momentum to continue in Q2 and it said as clients continue building their artificial intelligence (AI) momentum and graduating AI beyond proof of concept stages, it is well-positioned to capitalise on this opportunity.