Shares of IT major LTIMindtree dropped 3.17 percent in early trade on January 17 to trade at Rs 5,789.10 after the company reported a 7.1 percent decline in consolidated net profit for the December quarter of FY25.
The stock had opened 3.3 percent lower at Rs 5,780.3 on January 17, after closing at Rs 5,978.85 on January 16. Notably, LTIMindtree had released its results of the October-December quarter (Q3) of FY 25 during the post market hours of January 16. The stock has so far fallen over 13% in the past one month.
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The firm's consolidated net profit stood at Rs 1,086, down 7.1 percent from the Rs 1,169 crore net profit the firm reported in the same quarter of the previous financial year (FY 24). This comes amid a seasonally weak quarter for the IT sector due to holidays and higher furloughs in core markets like North America.
The reported Q3 net profit also marks a fall of 13.2 percent from the net profit reported in the previous quarter (Q2). The firm's revenue from operations jumped 7.1 percent year-over-year to Rs 9,660 crore in Q3 FY25.
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Debashis Chatterjee, Chief Executive Officer and Managing Director, LTIMindtree said: "We closed Q3FY25 with a revenue of $1.14 billion, registering a sequential growth of 1.8% in constant currency and 1.1% in USD terms. Our differentiated AI strategy has helped us record our highest-ever order inflow of $1.68 billion, laying the foundation for future growth. Our ongoing investments in AI, including new partnerships and specializations, and accolades, support our efforts to continue growing as we enter CY25."
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