LTIMindtree Board To Consider Interim Dividend On Oct. 17

LTIMindtree Ltd.'s board of directors may consider the declaration of an interim dividend on Oct. 17, when it will be meeting to approve the financial results of the quarter ended Sept. 30, 2024, an exchange filing said on Friday.

The board may consider a proposal to declare an interim dividend on the equity shares of the company of face value of Re 1 each. The record date for payment of interim dividend, if declared, would be Friday, Oct. 25, 2024, the filing stated.

The board will also "consider, approve and take on record, the unaudited standalone and consolidated financial results of the company for the quarter and half-year ended Sept. 30, 2024," the IT major added.

In the preceding quarter ended June 2024, LTIMindtree had recorded a 2.8% sequential jump in its revenue at Rs 9,142.6 crore. The net profit had climbed 3.1% sequentially to Rs 1,135 crore. Year-on-year, however, the net profit had declined by 1.5% and the revenue slipped by 5.1%.

LTIMindtree was in the news in August after it received relief from the Karnataka High Court on a Rs 378-crore GST demand.

The high court granted a stay on the tax order issued by the Department of Goods and Services Tax, which accused the company of not paying integrated GST on export turnover related to services provided to clients abroad.

Shares of LTIMindtree were trading 0.99% higher at Rs 6,408.45 apiece on the NSE, compared to a 0.22% decline in the benchmark Nifty 50 at 12:21 p.m.

The stock has risen 1.87% year-to-date, and by 22.1% over the past one year.

Out of 40 analysts tracking the company, 21 have a 'buy' rating on the stock, eight suggest a 'hold', and 11 recommend a 'sell', according to Bloomberg data. The average of 12-month analyst' price targets suggests a potential downside of 5%.