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On Monday, LTIMindtree, a global technology consulting and digital solutions company, marked its trading debut on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
The shares will now be traded as LTIMindtree on BSE and LTIM on NSE.
The shareholders of the formerly Mindtree that delisted last month (November 23, 2022) have now been issued shares of the then LTI in the ratio of 73 shares for every 100 shares of Mindtree.
The parent company L&T holds 68.73% of LTIMindtree.
Before the merger
LTIMindtree was formed through the amalgamation of the erstwhile L&T and Mindtree, a prominent technology consulting and digital solutions company.
LTIMindtree is a major IT services provider with its clientele spanning over 750 global companies and over 90,000 professionals across 30 countries.
Presently, LTIMindtree ranks fifth largest IT services company in India in terms of market capitalisation.
Marking the occasion of its debut through the iconic ringing of the bell at BSE, AM Naik, group chairman of L&T Group, said that LTIMindtree combines LTI’s engineering and Mindtree’s software DNAs, blending their problem-solving and digital-first strengths into a unique value proposition for their clients, further reinforcing L&T’s acclaimed tradition of innovation, excellence, trust, and empathy.
Last month, LTIMindtree inaugurated a new one-lakh sq. ft centre in Hyderabad that is set to accommodate 1000 professionals.
Bets big on AI and Analytics
In October, Larsen & Toubro Infotech (LTI) announced its second-quarter results for FY23. The company recorded revenue growth of 21.6% in constant currency and a profit of 18.8%—the revenue growth in USD stood at 18.1%. Of this, analytics, ai and cognitive contributed 41.4% revenue, followed by enterprise integration and mobility, ADM and testing, enterprise and solutions, and cloud infrastructure and security which stood at 34.6%, 15.8%, 11.3% and 7.3% respectively,
Meanwhile, Mindtree recorded 31.5% revenue growth and 27.5% net profit year-on-year. Of which, customer success contributed 40.7% revenue, followed by enterprise IT, Cloud, and data and intelligence, which stood at 22.9%, 20.3% and 16.1% respectively.
