According to a LTIMINDTREE press release on Monday, the country’s sixth-largest IT outsourcing contract value is $450 million. To be sure, Ltimindtree did not disclose the client’s name in its press release. As part of the deal, Ltimindtree will handle the IT infrastructure of agribusiness, manage its software and provide cybersecurity services.
This means IT Services companies earn an average of about $64 million in revenue per year. This combined Ltimindtree with a full-year growth of at least 1.4%, with revenue of $4.49 billion for the 12 months ending March 2025.
Queries sent by email to Ltimindtree and ADM were not answered Monday until release time.
Shining mid hat
ADM’s revenue was $85.53 billion in the 12 months ended December 2024, down 8.95% annually due to low sales prices. About 78% of its revenue comes from the “AG Services and Oildets” field, which includes the origin of agricultural raw materials, commodity sales, transportation and storage, and crushing and processing of oil seeds. The company has nearly 44,043 employees. From a perspective, the company is 19 times the size of Ltimindtree, almost half of its employees with its software service provider.
This is the second instance of a software service provider in India, with revenues ranging from $1 billion to $5 billion per year, completing the largest contract in less than three months.
India’s eighth-largest IT services company Coforge won a 13-year contract worth $1.56 billion, which won $1.56 billion in March from Saber Corp., a travel technology company in southern Texas. Coforge will handle Saber’s software product delivery and perform AI-LED tasks.
According to Kotak institutional securities analysts, Saber’s revenue will be higher as part of the new platform development phase, and Coforge’s revenue could contribute 8% to 10% in the 12 months in March 2026.
These deals strengthen the performance of mid-sized IT companies. LTIMINDTREE, MAPHESIS LTD, COFORGE, PSISTEST SYSTEMS LTD, Hexaware Technologies Ltd and Sonata Software Ltd reported annual revenue growth between 4.43% and 31.2% in FY25, while the best growth rate for large peers was 4.3%. Analysts also hope that mid-sized IT services companies will occupy large stakes due to managers’ management teams and better execution.
Improve for Lambu
The LTIMINDTREE transaction is also an upgrade for Venu Lambu, who was appointed CEO designation in January. He is expected to serve as CEO for five years, taking over Debashis Chatterjee’s cape, who has led the company since its inception in 2022.
“Make sure this deal marks a key milestone in our transition to an AI-driven business model, helping our customers increase productivity,” Lambu said in a May 12 press release.
“This is a huge win for Venu Lambu as he sets out his roadmap for LTI. The company is in urgent need of updates and taking Coforge as an example, where emerging service providers are dominating the current company.”
LTIMINDTREE was established after the construction of financial services group L&T Group in 2019 after a hostile bid in Mindtree. L&T merges its IT services division, L&T Infotech and Mindtree, since November 11, 2022.
Comparing fate
Ltimindtree’s largest contract is in stark contrast to the fate of the country’s three largest software service companies, including Infosys Ltd and HCL Technologies Ltd, which worked to secure large deals last year.
The fourth largest Wipro Ltd is the outlier of the top five.
Wipro signed a 10-year contract with British insurer Phoenix Group, worth $650 million, and its second deal cost $500 million, less than a year. The Bangalore-based company will handle policy management, claim handling, customer support, data management and compliance support in Phoenix.
For LTIMINDTREE, the seventh or 14.3% of its business comes from companies in the retail or consumer sectors. The latest big deal will increase revenue in the segment, which reported revenues of 0.8% year-on-year in FY25.
Shareholders cheer for the deal. The company’s shares closed at 6.5% on Monday ₹4,920 per person, while BSE Sensex increased by 3.74%.
