LatentView Analytics, a Chennai-based data analytics, consulting, and solution company, reported a 11 per cent decline in net profit on 14 per cent growth in revenue during the third quarter ended December 31, 2023.
The company that develops and deploys analytics solutions to its customers reported a net profit of ₹45 crore during Q3 FY24 against ₹52 crore in the same period last year, while its revenue increased to ₹168 crore (₹145 crore).
Employee benefit expense during Q3 FY24 saw a significant increase to ₹111 crore (₹88 crore).
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Rajan Venkatesan, Chief Financial Officer, LatentView Analytics, said, “The decline in net profit was mainly driven by higher investments in capabilities teams, sales and marketing and also lower income tax benefit since the tax holiday period was over for the SEZ that the company operates out of.”
Rajan Sethuraman, Chief Executive Officer, LatentView Analytics, said it was the first-ever quarter to achieve $20 million in revenue. In Q3 FY24, revenue growth was driven by higher revenue from existing clients.
The company’s stock price on the NSE closed at ₹473.45, up by 4.53 per cent.