LTIMindtree sets up new innovation hub in Texas

Mid-sized IT services firm LTIMindtree announced that it has expanded its presence in the United States with the inauguration of its new innovation hub in Houston, Texas, the company said in a regulatory filing on Wednesday.
The 6,500-square-foot facility will serve as a major hub for innovation with LTIMindtree's US-based clients. It is intended to foster stronger collaboration with the energy and oil & gas companies that leverage LTIMindtree's technology solutions and services to grow their businesses. 
By strengthening its presence in the region, LTIMindtree is furthering its vision of becoming a long-term part of the Houston community as well as a partner of choice to help companies transform into intelligent enterprises.
Companies such as TCS, Infosys, Wipro, and many other technology providers have set up innovation and delivery centres in Texas. LTIMindtree’s innovation hub, located alongside those in the Northwest Houston region, the facility will be used to develop artificial intelligence (AI), digital transformation, and environmental, social and governance (ESG) solutions. 
The company will also host joint innovation workshops and design thinking sessions here. The facility will also serve as a training site to upskill the company's as well as the client's talent on next-generation technologies and solutions.
LTIMindtree posted a 7.7% year-on-year (YoY) increase in consolidated net profit, reaching ₹1,251 crore for the quarter ended September -- an improvement from ₹1,161.8 crore in the same period last year. On a sequential basis, the company’s net profit rose 10.33%.
The company's consolidated revenue grew to ₹9,432.9 crore, a 6% YoY rise compared to ₹8,905.4 crore in Q2FY24. Sequentially, revenue was up 3.2% from ₹9,142.6 crore in the previous quarter.  The company also secured several key deals, including a multi-million-dollar agreement with a US-based global manufacturing leader for IT services. 
Additionally, LTIMindtree signed partnerships with financial institutions in Africa and the US to provide digital transformation, core banking modernisation, and IT support, leveraging AI to drive efficiency.