LTIMindtree shares witnessed a significant decline in today’s trade following the release of the company’s Q3FY24 results, which fell short of analyst estimates.
The company’s shares opened today’s trading session with a notable gap down at ₹5,700 apiece, marking a 9.16% decrease compared to the previous close of ₹6,275 apiece. The stock continued its downward slide in early trade, reaching an intraday low of ₹5,411 apiece, reflecting a decline of 13.77%.
The company on Wednesday reported a consolidated net profit of ₹1,169 crore, compared to ₹1,000 crore in the year-ago period. Sequentially, net profit rose marginally to 0.6%, compared to ₹1,162.3 crore in the preceding September quarter.
For the nine months ended December 31, 2023, LTIMindtree’s net profit rose 5.7% to ₹3,484 crore. The IT services company reported robust earnings in the December quarter, driven by an all-time-high quarterly order book and robust revenue growth across key segments.
Its total revenue from operations in the third quarter of the current fiscal year rose around 5% to ₹9,016 crore, compared to ₹8,620 crore in the corresponding period last year. For the nine months ended December 31, 2023, LTIMindtree’s revenue rose 8.7% to ₹26,624 crore.
In terms of the order book, the company clocked its highest order inflow in the December quarter at $1.5 billion, registering 21% annual growth.
Among key deal wins, a US-based premier oil and gas producer selected LTIMindtree as their strategic partner for end-to-end technology services. As part of the partnership, LTIMindtree will provide services across several value-based portfolios covering digital solutions, platforms, and operations.
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Published: 18 Jan 2024, 09:45 AM IST