LTIMindtree registers 4.1% rise in net profit

LTIMindtree posts 4.1% rise in net profit

IT services company LTIMindtree reported a net profit of Rs 1,152.3 crore for the first quarter of FY23 with a year-on-year (YoY) growth of 4.1%. The revenue during the period touched Rs 8,702 crore with a 13.8% annual growth.

In terms of growth from industry segments, LTIMindtree saw the highest growth from the BFSI segment at 12% and just 1% growth in other verticals, including hi-tech, entertainment, and media.

The North American region recorded a growth of 10%, followed by 7% in Europe. The company had 723 clients as of June 30, 2023, and the employee headcount stood at 82,738.

LTIMindtree CEO Debashis Chatterjee said, “The order inflow continued to increase and reached $1.41 billion in this quarter. Our operational rigour helped us achieve an EBIT of 16.7% and PAT of 13.2%.”

Banque Saudi Fransi implements TCS BaNCS for payments

Tata Consultancy Services (TCS) said its customer, Banque Saudi Fransi (BSF), has transformed its domestic and international real-time payments processing using TCS BaNCS™ for Payments. The company said it represents a key milestone in the bank’s digital transformation and core banking modernisation programme.

BSF, one of the leading banks in the Kingdom of Saudi Arabia (KSA), selected TCS BaNCS to simplify and digitise its IT landscape across deposits, lending, and payments, and enhance its position as a modern, innovative, and experience-focused bank in the region.

As part of this transformation, the bank leveraged TCS BaNCS for Payments to centralise and standardise its operations across domestic and international payments. With data centralised and secure in the new system, the bank can pre-validate transactions in real-time, nearly doubling the straight-through-processing rate and speeding up transactions.

Tata Elxsi registers 2% rise in net profit

Tata Elxsi, a technology services company, registered a 2% year-on-year (YoY) rise in net profit for the first quarter of FY24 to touch Rs 189 crore. The revenue grew by 17% on a YoY basis to touch Rs 850 crore for the first quarter.

The company reported an EBITDA of RS 230 crore for the first quarter, which was a 4.1% YoY rise. The EBITDA stood at 29.6% during the quarter.

Tata Elxsi CEO Manoj Raghavan said, "While the overall global economic outlook remains challenging, our customer focus and targeted efforts to keep the growth momentum going are showing good results.”

The company’s industrial design and visualisation division recorded a growth of 41.1% YoY in constant currency terms. The transportation segment posted a revenue growth of 17% on an annual basis, and it said the healthcare division showed a strong recovery with 3.2% quarter-on-quarter growth.