Today’s news is dominated by major developments in the business and political spheres. LTIMindtree Chairman A M Naik has stepped down, Reliance Industries shares reclaimed the ₹ 3,000 mark, and Om Birla has been elected as the Lok Sabha Speaker for a second term.
Axis Bank, LTIMindtree, Kotak Mahindra Bank, Nestle India, IndusInd Bank, Zee Entertainment, Delhivery, AU Small Finance Bank, Dalmia Bharat, RailTel, V-Guard Industries, PVR INOX, STL, Motherson Sumi, and Motilal Oswal AMC released their quarterly earnings reports this week. Industry news includes updates on the Lodha Group, CPPIB’s stake in Delhivery, and the upcoming launch of ad-free movies by PVR INOX.
IT services company LTIMindtree reported a 1.2% year-on-year decline in consolidated net profit for the March quarter to ₹1,100.7 crore, impacted by slower ramp-ups and weak performance in the banking and financial services space. However, the company expressed confidence in returning to growth in the April-June period. The company’s revenue for the quarter grew 2.32% to ₹8,892.9 crore, with 74% of the revenue coming from the North American region. For the full fiscal year 2024, LTIMindtree’s net profit rose 4% to ₹4,584.6 crore, and revenue increased 7% to ₹35,517 crore. The company’s order inflow for the full year grew 15.7% to $5.6 billion.
