Debasish Chatterjee, CEO & MD, Mindtree
LTIMindtree on Friday reported a 4.7% decline in net profit at ₹1,000 crore for the third quarter ended December, compared to a year-ago period. The slide compared to the previous quarter was 15.8%.
The mid-tier tech firm – formed after the merger of Mindtree and Larsen & Toubro Infotech – reported a 25.3% increase in revenue to ₹8,620 crore compared to a year ago.
CEO and MD Debashis Chatterjee said the company showed constant currency year-on-year revenue growth of 16.3% and order inflow of $1.25 billion.
According to him, the company is looking at a ‘good’ continuation of spending and cross-sales opportunities. However, clients from sectors such as retail, consumer products and hi-tech appear cautious in finalizing their budgets. “Our expectation is that digital transformation initiatives will continue, although customers will remain cautious.”
“As customers are still finalizing their IT budgets for next year, we will have more clarity on exact spend only during the fourth quarter,” Mr. Chatterjee added.
However, he added, “regardless of any near-term impact of budget changes on short notice, we remain bullish on the long-term demand for our end-to-end offerings.”
For the quarter ended December, LTIMindtree reported a decline of 22.3% in the trailing 12 months. Its total number as of 31 December was 86,462.