Buy LTIMindtree, target price Rs 7,400: Motilal Oswal Financial Services

Motilal Oswal Financial Services has buy call on LTIMindtree with a target price of Rs 7,400. The current market price of LTIMindtree is Rs 6,392.15.

LTIMindtree, incorporated in the year 1996, is a Large Cap company (having a market cap of Rs 188656.07 Crore) operating in IT Software sector.

LTIMindtree key products/revenue segments include software development charges & other services for the year ending 31-Mar-2023.


Valuations

Motilal Oswal Financial Services reiterated BUY rating on LTIM due to its superior offerings in data engineering and ERP modernization, positioning it well to capture pre-GenAI expenditures. Further, clients are resuming ‘high-priority transformation’ projects in these areas. Motilal Oswal anticipate LTIM to outperform its large-cap peers and expect low double-digit CC growth for FY26/FY27.

Financials

For the quarter ended 30-06-2024, the company has reported a Consolidated Total Income of Rs 9,369.70 Crore, up 2.96 % from last quarter Total Income of Rs 9,100.50 Crore and up 6.07 % from last year same quarter Total Income of Rs 8,833.70 Crore. Company has reported net profit after tax of Rs 1135.10 Crore in latest quarter.

Promoter/FII Holdings

Promoters held 68.6% stake in the company as of 30-Jun-2024, while FIIs owned 7.28%, DIIs 14.07%.