UPDATE 1 — India's LTM beats second — quarter revenue view

(Adds details from paragraph 3 onwards) Oct 16 (Reuters) — Indian IT services firm LTM, formerly known as LTIMindtree, beat second-quarter revenue estimates on Friday as its consumer and tech segments performed strongly, but missed profit forecasts. Consolidated revenue for the quarter rose 13.6% year-on-year to 118.08 billion rupees ($1.24 billion). Data compiled by LSEG showed that analysts, on average, expected 117.79 billion rupees. Profit fell about 0.2% to 13.98 billion rupees ($147.22 million) in the quarter ended September 30, from 14.01 billion rupees a year earlier. Analysts had expected profit of 15.20 billion rupees. AI is disrupting India's $315-billion software services sector by undermining its billable hour business model, but is also creating new demand as clients buy services built on the technology. Companies are ramping up investments to capture this emerging demand and cushion the hit to their core business. Revenue from the consumer segment rose 8.6% year-on-year, after stripping out currency fluctuations. Revenue from the technology segment rose 7%, on the same basis. Revenue from LTM's AI-native business grew 47% year-on-year, CEO Venu Lambu said in a statem