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LatentView Analytics Limited, the Chennai-based data analytics, consulting, and solutions firm, reported a 19 per cent increase in net profit to ₹39 crore for the first quarter ended June 30, 2024 against ₹32 crore in the same period last year.
The net profit in the first quarter was down when compared to the April quarter’s number of ₹45 crore. This was because of cost associated with US visa fees and salary increment that impacted 2 per cent of the margins, the company’s CEO Rajan Sethuraman said.
The company had rolled out salary increments for the entire team effective April 1, 2024. The company also honoured all our commitments to onboard campus hires, despite the challenging macro environment. The wage increment was 8-10 per cent in India and 4 per cent in the US. Last fiscal, the increment was slightly higher, he told businessline.
Revenue for the first quarter grew by 21 per cent to ₹179 crore, says a release.
Sethuraman said the company may end the fiscal with 16-18 per cent organic growth depending upon how quickly the demand scenario accelerates. Last fiscal, the company grew at around 19 per cent, he said.
Rajan Venkatesan, Chief Financial Officer, LatentView Analytics, said with the acquisition of Decision Point completed on July 1, 2024, the company has fully utilised the proceeds raised during our IPO well ahead of stated timelines.
“We remain committed to investing for organic and inorganic growth opportunities. As of June 30, our headcount stood at 1,261 and cash and investments (excluding IPO proceeds) remained at ₹1,133 crore,” he said.
Big strides in Gen AI
“As our investment and focus on Generative AI continues to grow with the development of solutions in this space, we are in the process of implementing enterprise-wide Gen AI projects for some of the largest Fortune 500 tech organisations,” the company said in a release.
For one of the world’s largest tech brands, the company is leveraging its Gen AI-powered MarketLens solution to create an application for users to interact and compare with different sets of audience persona and generate insights, helping them understand the audience business metrics.
For a leading tech device manufacturer, we are using our Gen AI-based chatbot, Sally, to enhance users’ understanding and optimisation of their device’s performance through natural language.
On the NSE, the company’s share price closed at ₹534, up by 0.95 per cent.
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