IT stock to pay interim dividend of ₹20 per share, record date next week

“This is to inform you that the Board of Directors have declared an interim dividend of ₹20 per equity share of Re. 1 each. The interim dividend shall be paid within 30 days of declaration to those shareholders whose name appear in the Register of Members or in the list of Beneficial Owners provided by the Depositories as on Tuesday, January 31, 2023, being the ‘Record Date’ fixed for the purpose,” the company informed in an exchange filing.

In November last year, L&T Group had announced operationalisation of the merger of Mindtree with LTI (Larsen & Toubro Infotech), creating the country’s sixth-largest software firm.

For Q3 FY23, LTIMindtree’s consolidated net profit declined to ₹1,000.7 crore due to one-off impact of merger-related integration cost, whereas the IT company’s revenue from operations came in at ₹8,620 crore.

“Reporting its first quarterly results as an integrated entity, LTIMindtree (LTIM) delivered a modest performance. LTIM’s soft performance this quarter is an upshot of seasonality and integration woes, both of which are expected to be over during the next two quarters. We have a positive stance on LTIM as we anticipate the size and complementary business profiles of LTI and Mindtree helping the merged entity outperform peers over the next three–four years. We view the soft performance this quarter as an aberration, in an otherwise robust growth story,” said brokerage Edelweiss in a note.