IGI Logo

India's 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% on-year to 96.61 billion rupees ($1.12 billion) in the three months ended Dec. 31, compared to analysts' average expectations of 96.25 billion rupees as per data compiled by LSEG.

The company's banking and financial services segment grew 7.5% 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.

LTIMindtree earns nearly 75% 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.

However, the country's sixth-largest IT firm reported a 7.1% decline in profit to 10.85 billion rupees, missing analysts' average expectation of 11.39 billion rupees, as employee-related expenses rose 11%.

The company's shares closed 2.4% higher ahead of the results.

Last week, shares of market leader Tata Consultancy Services jumped 5.6% after its CEO signalled a potential revival in demand, even as the company missed third-quarter estimates.

($1 = 86.5740 Indian rupees