LTIMindtree Declares Record-High 4500% Dividend in Q4 2024 Results

Tanushree Jaiswal Tanushree Jaiswal 25th April 2024 - 12:54 pm
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A final dividend of 45 per share has been recommended by the board of directors of LTIMindtree as the company announced its Q4 earnings result on Wednesday. With subject to the approval of shareholders, the final dividend will be paid within 10 days from the conclusion of the Annual General Meeting (AGM).

In a stock exchange filing, LTIMindtree said, “The Board of Directors have recommended a final dividend of ₹45/- per equity share of ₹1 each, for approval of shareholders at the ensuing AGM." LTIMindtree shares ended 0.2% higher at ₹4,732.6 apiece on the BSE ahead of the earnings announcement.

“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," the company stated in the exchange filing.

LTIMindtree, the sixth-largest software company in India, on Wednesday announced its financial results for the fourth quarter (Q4) of the fiscal year 2024 (FY24 ) and reported a consolidated net profit of ₹1,099.9 crore for the January-March period, down 5.9% on a quarter-on-quarter basis and falling short of analysts' expectations. Its Q4 revenue declined 1.4% sequentially to ₹8,892.9 crore, according to a regulatory filing. 

However, its revenue from operations rose 2.3% to ₹88,929 crore in January-March 2024 from ₹86,910 crore in the same period a year ago. LTIMindtree logged ₹1,308.7 crore in earnings before interest and taxes (EBIT) for the March quarter as against ₹1,386 crore crore for the October-December period.  Its revenue from banking, financial services and insurance (BFSI) vertical fell 6.6% year-on-year. Total expenses in the fourth quarter rose to ₹76,522 crore from ₹73,132 crore a year ago. For the full fiscal year 2024, its revenue surged 4.4% in terms of constant currency, as compared to a 19.9% rise in fiscal year 2023.

LTIMindtree also said it had 738 active clients at the end of March, with the number of $5 million-plus clients having increased by 7.0% on a year-on-year basis to 153. While its number of $10 million-plus clients increased by 10 to 91, the number of $20 million-plus clients grew by two to 40.

LTIMindtree also said, "a global leader in the design, engineering, and delivery of customised facilities for high-tech industries" selected it as their preferred strategic partner for their Digital Transformation journey over the next five years.

“As the market dynamics evolve, we are excited to be a part of innovations, partnerships, and initiatives that our clients will embark on in fiscal 2025," said Debashis Chatterjee, chief executive officer of LTIMindtree.

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