BENGALURU: LTIMindtree on Thursday said they continue to remain on target with the company’s onboarding programme for freshers.
“We are also on track with the FY24 plan that we had set for ourselves at the beginning of the year,” Nachiket Deshpande, COO and Executive Board Member, LTIMindtree told TNIE.
His comment comes at a time when freshers who received offer letters from the company in January 2022 are still waiting to be onboarded.
Speaking about the training programme IGNITE that freshers have to go through, Deshpande said it was launched in 2019 and the focus is to use the time available (between graduation and onboarding) to upskill themselves and be a lot more relevant. IGNITE is now extended to erstwhile Mindtree freshers post the merger.
“We normally onboard our freshers in the first three quarters of the financial year which will happen in FY24. In the past year, because we were going through the merger and systems were getting integrated, we had to pause that in Q3 and Q4…this will now come back on track,” he added.
LTIMindtree on Thursday reported a consolidated net profit of Rs 1,114 crore for the March 2023 quarter, which is flat, compared with Rs 1,108 crore in the same quarter last year. Its revenue for the quarter stood at Rs 8,691 crore, an increase of 21.9% YoY. The Board of Directors has declared a final dividend of Rs 40 per equity share.
Talking about the demand environment, CEO Debashis Chatterjee said the demand is very strong and that they have a pretty good pipeline. The focus of clients is shifting towards more efficiency rather than transformation.
“The overall demand pipeline is pretty robust but at the same time the decision-making process is taking much longer, probably that is because of the macroeconomic and cautiousness that clients are exercising. Apart from the fact that the decision-making is delayed, I don’t think there is any concern per se in terms of the overall demand environment that we are seeing both in the client portfolio as well as industries that we are supporting,” he added.
The company is also focused on generative AI, and it is working with six customers at present. As part of the generative AI platform, LTIMindtree has also launched four co-pilots including cloud transformation and content generation.