LTIMindtree grabs digital transformation deal from Germany-based Exyte

IT services firm LTIMindtree has won a digital transformation deal from Germany-based Exyte. Under the partnership,  LTIMindtree will deliver comprehensive IT modernization services to the engineering, procurement, and construction (EPC) company to enhance business and operational efficiency across its diversified portfolio. 

“We are proud to partner with Exyte on their journey to IT excellence, serving as a foundation for ongoing digitization. With our strong domain experience in engineering & construction sector, we are committed to delivering on Exyte's strategic goals towards being a technology first organization and further strengthening their market leadership,” said Srinivas Rao, EVP & Chief Business Officer, LTIMindtree.

As part of the engagement, LTIMindtree will deliver comprehensive IT modernization services encompassing the full spectrum of cloud migration, end-user services, security, application, and comprehensive technology support through a managed services framework.

Last month, the IT services company announced a multi-million dollars contract extension with African financial services group Absa Bank. The partnership extension builds on the 17-year-old collaboration for digital transformation between the two firms. LTIMindtree will act as a one-stop shop for Absa Bank's IT needs, providing services to bolster its digital infrastructure. 
For the first quarter ending June 30, the company announced that it has 748 active clients, with the number of clients generating $1 million or more in revenue increasing by two year-on-year to a total of 390.

Overall, LTIMindtree reported a 1.53% decline in net profit for the June quarter, compared to ₹1,152 crore in the same period last year. However, on a sequential basis, net profit rose by 3%. The firm's revenue from operations increased to ₹9,142 crore in Q1 FY25 from ₹8,702 crore in Q1 FY24, marking a 5% year-on-year growth.