LTM profit falls 4.6% as deal wins slow
LTM, formerly known as LTIMindtree, reported a mixed performance in the September quarter, with consolidated net profit declining 4.6% sequentially to Rs 1,398 crore even as revenue rose 1.7% to Rs 11,808 crore. The company’s deal wins also slowed during the quarter, falling to $1.26 billion from $1.68 billion in the preceding quarter, pointing to continued challenges in demand.
The company marginally beat Bloomberg estimates of Rs 11,787 crore for revenue but missed the consensus net profit estimate of Rs 1,494 crore. Operating performance, however, improved slightly, with earnings before interest and tax (Ebit) rising 2.2% sequentially to Rs 1,838 crore. Ebit margin expanded by 10 basis points to 15.6% from 15.5% in the June quarter.
