LTM wins strategic banking-sector contract worth up to $100 million

what happened

LTM Ltd. said on Tuesday, October 27, that it has secured a strategic engagement with a large global BFSI firm worth up to $100 million. According to its exchange filing, the two-year project is already underway and includes an option to extend it by one more year, as reported by TradingView.

LTM said the deal reflects its deepening relationship with the client and a growing role in strategic technology programs and supplier consolidation. The company will act as a preferred partner, driving the delivery of technology requirements across wealth, personal banking and global functions.

Earlier this month, LTM reported second-quarter results. Net profit fell 4.8% to 1,397.9 crore rupees from 1,468.6 crore in the previous quarter, while revenue rose 1.7% to 11,807 crore rupees. The board also approved a dividend of 25 rupees per share. The shares were 1% lower on Tuesday at 4,032.7 rupees. They have lost 1.5% over the past month but are down 35% this year, one of the weakest performers on the Nifty IT index.

why it matters

The contract is relevant to financial technology services, but its size is modest for the broader market. Investors in Indian IT stocks are more focused on revenue and margin trends, and on whether such deals can support a share price that has lagged the index this year.

tags

instruments