LTIMindtree shares in focus after Q2 profit rises 8% YoY to Rs 1,251 crore
IT services company LTIMindtree shares are in focus on Friday after the firm reported 8% year-on-year (YoY) growth in its consolidated net profit at Rs 1,251 crore in the quarter ended September 2024. Revenue from operations in the reporting period rose 6% year-on-year to Rs 9,433 crore.
In dollar terms, revenues for the quarter stood at $1.1 billion, showing a growth of 5% year-on-year and 3% quarter-on-quarter.
The company expects continued deal momentum in key verticals and significant Q2 hiring, including freshers, positioning it well for the latter half of the fiscal.
«Q2 was a good quarter marked by broad-based sequential growth experienced across all our verticals and geos, helping us register a dollar growth of 2.8%. We had several multi-year deal closures, including a $200 million+ deal,» said Debashis Chatterjee, CEO and MD, LTIMindtree.
Meanwhile, brokerage firm Investec maintained its 'Sell' rating on the stock while raising the target price to Rs 5600 from Rs 5370, following an inline quarterly performance with broad-based revenue growth across verticals.
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