Technology: LTIMindtree, recognized as India’s sixth largest technology services provider, is strategically streamlining its client portfolio while increasing its focus on critical vendor consolidation deals powered by artificial intelligence (AI). The company’s recent accomplishments include securing a significant contract with a manufacturing client, a notable milestone in its history. In the second quarter ending September 2023, LTIMindtree completed several multi-year projects, including a large deal with a US manufacturer valued at over $200 million.
Although total order intake for the quarter remained stable at $1.3 billion, it saw a 7% decrease compared to the previous quarter, reflecting the company’s need for agility amid market challenges. The continued strength of its large deal pipeline, estimated at over $5 billion, indicates potential upcoming successes. The AI-driven strategy has also allowed LTIMindtree to consolidate client vendor partnerships, reducing the number of providers from four to one. Client relationships are being carefully evaluated to eliminate less strategic accounts.
The quarterly performance demonstrated revenue growth of 3.2% sequentially and 5.9% year-on-year, resulting in a net profit of Rs 1,251.6 crore. While positive trends are being witnessed across its core segments, external factors such as seasonal fluctuations and political unrest could impact revenue momentum in the coming months, necessitating a cautious outlook on future growth and margin targets.
