Larsen & Toubro Infotech (LTI), L&T’s tech consulting and digital solutions division, will hire 4,500 freshers this year amid high attrition. LTI hired 3,000 people in FY21. A good portion of new talent will be locally-sourced from LTI’s key overseas markets. The Mumbai-based IT firm employs 38,300, out of which 78 per cent are deployed at its offshore centres.
“We’ve plans to hire 4,500 freshers this year and we remain upbeat about our career upskilling propostion,” Chief Executive and Managing Director of LTI Sanjay Jalona told news agency PTI. Hiring will be done in markets where there is need for more talent or where attrition rates are very high.
Attrition rate at the tech consulting and digital solutions provider fell to 15.2 per cent in Q1FY22 from 18.3 per cent in Q1FY21 while its net hiring went up to 6 per cent from 4 per cent, as per Jalona.
As against L&T’s attrition figures, Tata Consultancy Services (TCS) has the lowest attrition rate in Q1 at 8.6 per cent, followed by Infosys at 13.9 per cent while Wipro has an attrition rate of 15.5 per cent in June. US-based multinational company Cognizant, which has two-thirds of its employees in India, has an attrition rate of 31 per cent for the June quarter.
LTI reported its best-ever Q1 numbers with a net income of Rs 496.3 crore, up 19.13 per cent YoY and revenue grew 17.4 per cent YoY to Rs 3,462.5 crore. Its revenue over the past five years, in dollar terms, has grown at an annualised rate of 13.5 per cent while the net income more than doubled during this period. Jalona mentioned that cloud and all data-related segments are the hottest opportunities as they help customers deal with the new normal. He further added that LTI is excited about cloud and data opportunities which will drive technology and business transformation in the coming years.
“Anybody who was on-premise, had struggled to take their employees remote, that’s where these technologies came into play and data is ingrained in everything now. We are seeing tremendous opportunities in cloud as it is on steroids now. Cloud is not only about moving from on-premise to a cloud infrastructure, it’s a totally different way of doing businesses,” he argued.
Apurva Prasad of HDFC Securities is hopeful of L&T’s hiring plans as it addresses the talent supply side crunch it has been facing for a long time. Prasad further believes that this coupled with the scaling-up in products through Mosaic and Leni and partnerships with Snowflake makes LTI a good prospect from a long-term investment perspective.
Edited by Mehak Agarwal; with PTI inputs
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