Neutral LTIMindtree; target of Rs 4950: Motilal Oswal

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Motilal Oswal's research report on LTIMindtree

LT announced the merger of LTI and MTCL, its two IT Services subsidiaries, on 6th May’22. On receipt of the NCLT approval, the merger formalities were concluded on 14th Nov’22 and LTIM started trading from 5th Dec’22. The integration of both entities has gone off smoothly, with a few changes in terms responsibility and without any attrition at the senior management level. As highlighted in our earlier report, the combined entity will sport a more diversified portfolio and offer good revenue synergies.

Outlook

We have revised our estimates to account for the merger and have a Neutral stance on LTIM. Post completion of the merger, we have discontinued our coverage on MTCL.