 "LTIMindtree Q3 results: Net profit falls 7% to Rs 1,085 cr, revenue up 7.1%")
LTIMindtree on Thursday reported third-quarter revenue above estimates, propelled by execution of large deals won in previous quarters, although its profit fell on account of an uptick in expenses.
The company's consolidated revenue rose 7.1 per cent on-year to Rs 9,661 crore ($1.12 billion) in the three months ended Dec. 31, compared to analysts' average expectations of Rs 9,625 crore as per data compiled by LSEG.
The company's banking and financial services segment grew 7.5 per cent on-year, on the back of execution of deals from clients such as Nexi Group and South Africa-based Absa Bank over the last few months.
Going ahead, the IT sector overall could also benefit from Donald Trump's presidency in the United States, due to his pro-business policies, top industry executives said in recent weeks. ALSO READ: Infosys Q3 results: Net profit rises 11.4% to Rs 6,806 cr, revenue up 7.6%
LTIMindtree earns nearly 75 per cent of its revenue from North America.
Its deal wins rose to $1.68 billion from $1.3 billion in the previous quarter and $1.5 billion in the year-ago period.
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However, the country's sixth-largest IT firm reported a 7.1 per cent decline in profit to Rs 1,085 crore, missing analysts' average expectation of Rs 1,139 crore, as employee-related expenses rose 11 per cent.
The company's shares closed 2.4 per cent higher ahead of the results.
Last week, shares of market leader Tata Consultancy Services jumped 5.6 per cent after its CEO signalled a potential revival in demand, even as the company missed third-quarter estimates.