LTIMindtree posted its earnings for the quarter ended March in the after market hours of Wednesday.
What Happened: LTIMindtree, the result of a merger between Larsen and Toubro Infotech and Mindtree Technologies, witnessed a 1.2% slide in its net profit for the March quarter. This comes as several of its peers in the top-tier IT stocks have been struggling.
The company posted a net profit of ₹1,099.9 crore for the quarter ended in March, slightly lower than the ₹1,113 crore from the previous year. The company's revenue stood at ₹8,892.9 crore registering an 2.3% year-on-year increase from the ₹8,691 crore posted in the same quarter last year.
See Also: Hindustan Unilever Q4 Profit Sinks 6% To ₹2,406 Cr
Both the topline and bottom line slightly missed analyst estimates. Street estimates hovered at around ₹9,000 crore in revenue and ₹1,150 crore in profit.
The company has 738 active clients. The company said that it has added 2 more $20 million+ clients during the year, the current number is at 40.
The IT major’s Board of Directors have recommended a final dividend of ₹45 per equity share for the financial year ended March 31, 2024. The record date will be announced later.
Price Action: LTIMindtree Ltd. shares were up 0.07% to close at ₹4,726.80 on Wednesday.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.