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LTIMindtree's stock price drops 3% on Q4 results; analysts are split on the stock

LTIMindtree's shares experienced a decline of nearly 3% in morning trading on the Bombay Stock Exchange (BSE) on Thursday, April 25, following the company's announcement of its financial results for the March quarter. The share price opened at ₹4655.05, down from the previous day's close of ₹4732.55, and fell by approximately 2.8% to ₹4,599.05. By 11:15 am, the share price had decreased by 2.76% to ₹4,602 each, while the benchmark Sensex was up by 0.15% at 73,966.45. 

In its Q4FY24 results, LTIMindtree reported a 1.2% year-on-year decline in net profit, amounting to ₹11,007 crore. This dip was attributed to weaknesses in the banking sector and ongoing merger issues. Despite this, the company declared a final dividend of ₹45 per equity share for the financial year ending March 31, 2024. 

Brokerages have expressed mixed opinions about the stock's performance. Sanjeev Hota, Head of Research at Sharekhan by BNP Paribas, holds a "hold" rating on the stock, noting weaker-than-expected revenue growth in constant currency terms. He highlighted ongoing challenges within the company and expressed concerns about top management exits affecting future recovery prospects.

On the other hand, Nirmal Bang issued a "sell" recommendation on the stock with a target price of ₹3,978, citing below-estimate Q4FY24 results and uncertainties about future revenue growth. They revised their earnings per share (EPS) estimates for FY25-FY27 downwards due to expected revenue and margin reductions.

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Motilal Oswal Financial Services adopted a "neutral" stance with a target price of ₹5,020, reducing earnings estimates for FY25 and FY26 following adjustments to revenue and profitability forecasts. Despite this, they believe that LTIMindtree's current valuation adequately reflects future growth opportunities.

Contrary to the cautious outlook of some brokerages, Nuvama Wealth Management maintained a "buy" recommendation with a target price of ₹6,650, anticipating a 41% upside potential. They expressed confidence in LTIMindtree's fundamentals and highlighted positive management commentary regarding future growth prospects.

It's important to note that the views and recommendations expressed by individual analysts and brokerage firms may vary, and investors are advised to consult certified experts before making investment decisions.

April 25, 2024 1:17 p.m. 3741

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