LTIMindtree shares surge 4% post-Q2 results; what should investors do?
At around 10:08 a.m., shares of the L&T group company traded 4.37 per cent higher at Rs 5,382 apiece. The market capitalisation of the company stood at Rs 1,59,260.79 crore.
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LTIMindtree shares rose over 4 per cent in Thursday's trading session to touch the day's high of Rs 5,387.4 apiece on the BSE. The stock rallied after the company reported September quarter (Q2 FY24) numbers, which were in line with estimates.
At around 10:08 a.m., shares of the L&T group company traded 4.37 per cent higher at Rs 5,382 apiece. The market capitalisation of the company stood at Rs 1,59,260.79 crore.
The country's sixth-biggest IT services company by revenues, LTIMindtree, posted a net profit of Rs 1,162 crore on Wednesday, against the estimate of Rs 1,150 crore quarter-on-quarter (QoQ). Its overall revenues stood at Rs 8,905 crore for the reporting quarter, against the estimate of Rs 8,880 crore QoQ.
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However, there was a sharper contraction in the operating profit margin to 16 per cent, as against 17.5 per cent in the year-ago period, but still slightly above the estimate of 15.6 per cent.
LTIMindtree management commentary
The company's managing director and chief executive, Debashis Chatterjee, said the margins were impacted by the wage hikes given out as of July 1 and exuded confidence in gains on the same to exit the fiscal year at 17–18 per cent.
He added that the company is not experiencing any pressure on margins despite the volatile economic environment at present.
The deal pipeline is also flowing, and the company reported new wins of USD 1.3 billion for the reporting quarter, he said, adding that discretionary demand is being replaced with long-term engagements focused on cost optimisation.
LTIMindtree Q2 dividend
The company declared an interim dividend of Rs 20 per equity share of Rs 1 each.
LTIMindtree share price target: Should you buy?
Brokerages' view on LTIMindtree post-Q2 results:
LTIMindtree share price: Past performance
Since January, the stock has gained over 24 per cent as compared to the headline index's rise of over 7 per cent.
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