OPEN APP
Home / Companies / News /  IT company plans to hire 6,000 freshers in FY23. Details here
Listen to this article

Technology services and consulting company, Larsen & Toubro Infotech has announced its plan to hire 6,000 freshers in the financial year FY23. The hiring plan can increase as the business grows in the year. The announcement was made while presenting the financial performance for the quarter and year-ended on March 31, 2022.

Sanjay Jalona, CEO, of LTI stated that this year, "we plan to hire 6,000 freshers as a floor plan which may increase as the business grows this year."

The company witnessed a rise in its hiring last year.

Jalona pointed out that last year, LTI had planned to hire 5,500 freshers as a floor plan but hired up to 6,200 freshers during the year.

As of March 2022, LTI's headcount rose to 46,648 employees compared to 44,200 employees in the preceding quarter, and 35,991 employees in Q4 of FY21.

Of the total, in Q4FY22, 44,566 employees belonged to the development department, while 2,082 employees were in sales and support.

The company's attrition rate (LTM) has increased significantly to 24% in Q4FY22 against 22.5% in Q3FY22 and 12.3% in Q4FY21.

In Q4FY22, LTI garnered a net profit of 637.5 crore rising by 16.8% yoy and 4.1% qoq. Revenue stood at 4,301.6 crore registering a growth of 31.6% yoy and 4% qoq.

In dollar terms, the company's revenue is at $ 570.4 million in Q4FY22 up 27.5% yoy and 3.1% qoq. The constant currency revenue growth is at 29% yoy and 3.6% qoq.

Jalona said, "We are delighted to cross the $2 billion revenue milestone with record growth of 26% in FY22, our strongest since listing. Our growth has been broad-based across verticals, service lines, client buckets, and geographies. The year has seen the highest new client openings and net headcount additions."

"In Q4 FY22, we won 4 large deals with net new TCV of over USD 80 million. Our deal pipeline continues to be robust, and we remain confident of maintaining industry-leading growth in the coming year as well," Jalona added.

The company's board has recommended a final dividend of 30 per equity share for FY22. In the fiscal, the company's dividend payout ratio is 41.9%.

On BSE, LTI shares ended at 5486.15 apiece down by 380.50 or 6.5%.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Close
Recommended For You
×
Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsFeedbackRedeem a Gift CardLogout