LTIMindtree inks record $580 mn deal with global media giant

Indian IT services company LTIMindtree has signed a multi-year strategic deal with a leading global media and entertainment company in what is its largest-ever contract to date, the company said in a statement.

While the company did not name the client, Mint has learnt that the Bengaluru-headquartered IT firm has secured the deal from Paramount Global. Reuters first reported the development, citing two sources who pegged the deal size at $580 million.

The engagement will focus on driving digital transformation, streamlining operations, and modernising delivery models for the client. As part of the partnership, LTIMindtree will leverage automation, process optimisation, and vendor consolidation to improve operational efficiency and enhance service delivery.

"This agreement reflects the trust placed in our expertise and our shared commitment to building future-ready enterprises with technology-driven solutions that enhance operational efficiencies, enable growth, and drive measurable business impact in an industry that’s constantly innovating,” said Venu Lambu, CEO and MD, LTIMindtree.

This marquee deal comes at a time when India’s $283-billion IT sector is grappling with macroeconomic headwinds, including global uncertainty, tariff-related risks, and evolving U.S. immigration policies. Top IT companies will begin reporting their Q2FY25 results this week, with analysts expecting muted earnings growth.

The latest win follows LTIMindtree’s $450 million deal announced in May—then its largest—with U.S.-based agribusiness giant Archer-Daniels-Midland.

LTIMindtree’s latest financial results reflect moderate growth. The company posted a 10.6% year-on-year increase in net profit to ₹1,254.6 crore in Q2, while revenue rose 7.6% to ₹9,840.6 crore. On a sequential basis, profit grew 11.2%, and revenue saw a marginal uptick of 0.7%. In dollar terms, revenue stood at $1,153.3 million, marking a 2% quarter-on-quarter and 5.2% year-on-year increase.

Industry experts say mid-sized IT firms like LTIMindtree, Coforge, Hexaware, and Mphasis are gaining traction in large deal wins as they’re faster and more flexible in shaping AI-led value propositions. According to Phil Fersht, CEO of HFS Research, while large caps are still optimising legacy portfolios, these mid-caps are winning new logos and expanding into outcome-based, AI-powered deals.