Rs 45/Share Dividend: Record Date In Due Course; Buy The IT Stock For Dividend Eligiblity?

As of Thursday's closing session, LTIMindtree Ltd., a large-cap firm in the IT industry, with a market valuation of Rs. 1,37,314.67 Cr. The audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2024, as well as the company's declaration of a substantial dividend of Rs 45 per share-the record date for which will be published in due course-have been approved by the Board of Directors.

LTIMindtree Dividend

"Board of Directors have recommended a final dividend of Rs. 45/- per equity share of Re. 1 each, for approval of shareholders at the ensuing Annual General Meeting ('AGM'). Subject to approval of shareholders, the final dividend will be paid within 10 days from conclusion of the AGM. Record Date for the purpose of determining shareholders eligible to receive dividend and the date of AGM, shall be intimated in due course," said LTIMindtree in a regulatory filing.

LTIMindtree Q4 Results

LTIMindtree's net profit dropped by 1.24% to Rs 1099.90 crore in the quarter that ended in March 2024 compared to Rs 1113.70 crore in the quarter that ended in March 2023. In Q4FY24, sales increased by 2.32% to Rs 8892.90 crore, compared to Rs 8691.00 crore in Q4FY23. Net profit for the entire financial year climbed by 3.94% to Rs 4582.10 crore in the fiscal year that ended in March 2024, compared to Rs 4408.30 crore in the fiscal year that ended in March 2023.

Sales for the year ended March 2024 soared by 7.03% to Rs 35517.00 crore from Rs 33183.00 crore in the year prior ended March 2023.

"We closed FY24 amidst a tough macro environment and delivered a resilient performance with full-year revenue growth of 4.4% in USD terms and an EBIT margin of 15.7%. Our order inflow for the full year at USD 5.6 billion registered a 15.7% growth over FY23. This growth reflects the positive outcomes of our positioning as an organization with scale, expanded capabilities, and larger partnerships. As the market dynamics evolve, we are excited to be part of innovations, partnerships, and initiatives that our clients will embark on in FY 25," said Debashis Chatterjee, Chief Executive Officer and Managing Director of LTIMindtree.

LTIMindtree Share Price Target

Mandar Bhojane - Equity Research Analyst at Choice Broking said on April 25th, 2024, LTIM traded at Rs 4598, marking a 1.3% decline. The stock exhibits a robust demand zone around the Rs 4483 level, suggesting the potential for further correction. If a bullish reversal is observed within this buying zone, it could signal a favorable entry point for investors.

Moreover, LTIM is positioned above key Exponential 200 Moving Averages (EMAs), which act as a strong support level. The Relative Strength Index (RSI) currently stands at 32. The convergence of these technical indicators suggests that LTIM is currently trading in a bearish trend. However, if a reversal occurs near the Rs 4480 level, it is advisable to consider purchasing during market corrections around levels of Rs 4490.

To effectively manage risk, it is recommended to implement a stop-loss (SL) at Rs 4400. This precautionary measure is essential to protect investments in the event of an unforeseen market reversal.

In summary, considering the technical analysis and prevailing market conditions, LTIM presents an attractive buying opportunity if a reversal near the 4480 level is observed, with a target of Rs 5000, provided prudent risk management measures are in place.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.