Shares of IT services company LTIMindtree today fell by 5% to their day’s low of Rs 6,065.25 on the BSE despite the company reporting an 8% year-on-year (YoY) growth in its consolidated net profit at Rs 1,251 crore in the quarter ended September 2024.The revenue from operations in the reporting period rose 6% year-on-year to Rs 9,433 crore.The company expects continued deal momentum in key verticals and significant Q2 hiring, including freshers, positioning it well for the latter half of the fiscal."Q2 was a good quarter marked by broad-based sequential growth experienced across all our verticals and geos, helping us register a dollar growth of 2.8%. We had several multi-year deal closures, including a $200 million+ deal," said Debashis Chatterjee, CEO and MD, LTIMindtree.Meanwhile, brokerage firm Investec maintained its 'Sell' rating on the stock while raising the target price to Rs 5600 from Rs 5370, following an inline quarterly performance with broad-based revenue growth across verticals.However, the company’s commentary indicates weaker revenue growth expected in the second half of the year. Despite this, the stock has experienced a meaningful rerating without corresponding outperformance.The constant currency revenue growth during the September quarter stood at 4.4% year-on-year and 2.3% quarter-on-quarter. EBITDA for the quarter increased 4% year-on-year to Rs 1,699 crore, while EBIT rose by marginal 2% to 1,458 crore.Gross margins declined to 30.8% in the July-September 2024 period, compared with 31.4% a year ago. Meanwhile, EBITDA margins too were slightly down to 18%.Segment wise, the BFSI segment clocked a revenue growth of 2.3% year-on-year, while tech, media and communications' sales rose 12% year-on-year.The company has 742 active clients as of September 2024, with $5 million+ clients increasing by 8 to 154. The company added 1 $20 million+ client during the quarter, taking the total to 42."As GenAI becomes pivotal in customer interactions, there is a noticeable trend of modernization efforts focusing on transforming the data estate. Our robust data practice, combined with our innovative LTIMindtree AI platform, establishes us as a significant disruptor," said Chatterjee.The company's board has also approved an interim dividend of Rs 20 per share and fixed October 25 as the record date for the same. The said dividend will be paid within 30 days of the announcement.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)