After posting a 34% jump in profits for the third quarter of FY22, L&T Technology Services (LTTS) MD and CEO Amit Chadha told DH’s Veena Mani that the nascent healthcare segment will grow.
Chadha also talks about the company’s hiring patterns, emerging verticals and talent acquisition.
As per a regulatory filing, LTTS bagged a $45-million deal from a US-based automotive Tier-1 company to be its strategic engineering partner and provide engineering services for its Electric Vehicle (EV) product portfolio. Is this Tesla? You have not given any names.
I don’t think I can confirm or deny anything. It will not be right for me to take any names here. All I can say at this point is that it is an EV company headquartered in the US and it is a Tier-I company. We will work with OEMs in that space.
You talked about working with EV manufacturers. How is that business likely to shape up and contribute to your revenue? It is part of your transportation vertical.
I’ll tell you that in transportation I do believe in autonomous driving, electrification, connected cars, and cyber security. These four areas are where we’d like to focus.
Let’s talk about revenues and your business. Where do you see significant growth in the coming quarters? Which segments will be fetching you more money?
There are six bets for LTTS. We’ve taken EACV, or electric autonomous connected vehicles, 5G, digital manufacturing, digital products, medical technology and sustainability. I believe that these six as we move forward will grow faster than the company average to be able to gain a prominent share in our total revenues.
Your healthcare vertical is perhaps the one that has clocked the least growth. Do you expect it to grow now with healthcare becoming more important than ever before?
So, as of where we stand today, health care, medical devices and medical technology collectively brought about $27 million in revenue. This is an emerging vertical in the company. We have to nurture and grow it further. We have the right clients for it. If I look out at the next three years, I do believe there will be demand for technology and especially demand for medical technology.
Everyone is talking about hiring freshers. Your company, a few years back, had taken a decision of hiring more freshers. What is the fresher hire count vis-à-vis those with 3-7 years of experience?
We got on board about 1,100 freshers in the first two quarters. In the third quarter, we’d taken 1,900 freshers, taking the total headcount to about 3,000 people.
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