LTM Beats Revenue Forecasts Despite Banking Slump
The software firm reported revenue of 112.92 billion rupees for the quarter ended March 31. Growth in manufacturing and healthcare offset a banking slowdown.
India software services provider TMT (INDIA) reported fourth-quarter revenue that marginally exceeded market expectations, driven by growth across its diversified business verticals which helped mitigate a downturn in its core banking and financial services segment. For the quarter ending March 31, the company posted consolidated revenue of 112.92 billion rupees ($1.20 billion), slightly ahead of the 112 billion rupees projected by analysts according to LSEG data.
The firm recorded a 5.2% year-on-year increase in order inflows, reaching $1.69 billion, and successfully onboarded 13 new clients during the period. While the banking and financial services unit—the company's largest division—saw revenue decline by 5.3% compared to the previous year, this was offset by gains in the consumer, healthcare, and manufacturing sectors. Revenue figures were further supported by a weaker rupee, as Indian IT firms typically bill clients in foreign currencies while maintaining a domestic cost base.
