LTIMindtree Ltd. share price declined nearly 2% after reporting its fourth-quarter earning report.
The share price declined despite the company posting an increase in net profit. Moreover, the company's board of directors also recommended a final dividend of Rs 45 per share.
Net profit of the company rose to Rs 1,128 crore, marking a 4% sequential increase, compared to Rs 1,085 crore in the same period last year, as per the consolidated results released on Wednesday. This profit figure met the consensus estimate of analysts tracked by Bloomberg.
LTIMindtree's revenue for the quarter increased marginally by 1.1% to Rs 9,772 crore, up from Rs 9,661 crore in the year-ago period, aligning with analysts' expectations.
LTIMindtree operates globally with headquarters in Mumbai. The company provides services in digital transformation, cloud computing, data analytics, and enterprise IT solutions. LTIMindtree serves clients across various sectors, including banking, insurance, manufacturing, and retail.
LTIMindtree Share Price
Shares of LTIMindtree fell as much as 1.99% to Rs 4,446.30 apiece. It pared losses to trade 0.56% lower at Rs 4,511.20 apiece, as of 09:39 a.m. This compares to a 0.14% decline in the NSE Nifty 50.
The stock has risen 4.56% in the last 12 months. Total traded volume so far in the day stood at 6.2 times its 30-day average. The relative strength index was at 51.
Out of 42 analysts tracking the company, 23 maintain a 'buy' rating, 12 recommend a 'hold' and seven suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 10.5%.
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