logo
LTIMindtree resumes fresher hiring, aims to onboard around 5,000 freshers this fiscal

LTIMindtree resumes fresher hiring, aims to onboard around 5,000 freshers this fiscal

Time of India6 days ago
Bengaluru: LTIMindtree has resumed fresher hiring, aiming to onboard around 5,000 freshers this fiscal year. Despite ongoing macroeconomic uncertainty affecting demand visibility in the IT services sector, LTIMindtree remains optimistic about talent acquisition and has returned to campus hiring this quarter.
Tired of too many ads? go ad free now
CEO Venu Lambu highlighted that the company is pursuing a "people-first, client-first" strategy—anchored in AI-driven transformation and a robust fresher hiring pipeline—to navigate current market challenges.
In an interview with TOI, Lambu confirmed that LTIMindtree onboarded 1,600 freshers in the June quarter alone and plans to hire between 4,000 and 5,000 freshers over the course of the year. "We restarted fresher hiring this quarter and will continue adding more throughout the year.
We have a comprehensive programme in place to train, upskill, and involve them in project shadowing," he said.
While many industry peers are tightening utilisation policies and reassessing bench strength, LTIMindtree's utilisation remains high at 88.1%. "To sustain growth, we need more people. In fact, I'd prefer to bring utilisation down slightly," the CEO added.
Regarding salary hikes and promotions, the company stated that the next appraisal cycle's decisions will be made between now and Sept.
LTIMindtree last implemented raises in Oct. "It's not that we haven't made decisions—it's just that the cycle allows time. Employees will be updated in due course," Lambu clarified.
In response to industry concerns about declining fresh graduate quality, LTIMindtree reiterated its commitment to structured onboarding. "We treat all our people as valuable assets. We emphasise continuous skilling and have invested heavily in AI-focused capabilities that benefit both employees and clients," the CEO said.
Tired of too many ads? go ad free now
LTIMindtree is also passing on productivity improvements from AI adoption to its customers. Its proprietary platform, Blueverse, has already contributed to significant early wins in large deals. These efficiencies are boosting internal operations as well, with AI-driven initiatives delivering a 50-basis point margin improvement and targeting an additional 100 basis points in upcoming quarters. Despite global economic headwinds, the company remains "cautiously optimistic," expecting to approach double-digit year-on-year growth in the second half of the financial year.
Operating margins grew sequentially by 50 basis points to 14.3%. The mid-tier IT firm reported strong client metrics, with the number of clients generating over $1 million in annual revenue rising 14% year-on-year to 404. The company had 741 active clients as of June 30. LTIMindtree's revenue grew modestly by 0.8% sequentially in the June quarter and 4.4% year-on-year in constant currency, supported by strong deal momentum despite a cautious global IT services environment.
Its operating margin improved by 50 basis points sequentially to 14.3%.
European operations demonstrated the strongest performance with 9.7% sequential growth, whilst North America, LTIMindtree's primary market, increased by 1.8%. "I think we had a good start. That means we expanded our revenue, we expanded our margins and I see the same momentum to continue as we go into the next few quarters of the year. We are working towards a plan where I would like to see if we can come very close to the double-digit year-on-year growth sometime in the second half and at the same time increase our margin by 100 basis points.
I think we did a good job at the end of the year," Lambu said.
Its order book rose to $1.6 billion, up 17% year-on-year. European operations demonstrated the strongest performance with 9.7% sequential growth, whilst North America, LTIMindtree's primary market, increased by 1.8%. "All of the large deals, there is significant infusion of AI and that's where we are committing productivity. That's how most of the last deals are sort of shaping up.
Number two is that in the existing business where we are serving customers, we're looking at opportunities where we can do more for them with less effort.
So in a sense, if we just look at it as productivity gain being passed as it is, then that's one way of looking at it. But if I can actually construct the engagements that is okay. Can I do more work for them with less? If that is possible, I actually get more work coming my way," he added.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Retd bank officer loses Rs24L in share-trading fraud
Retd bank officer loses Rs24L in share-trading fraud

Time of India

time2 hours ago

  • Time of India

Retd bank officer loses Rs24L in share-trading fraud

Pune: A Kothrud-based retired bank officer (59) loses Rs 24.45 lakh between Feb and May after cybercrooks lured him in investing money to stock trading via them online. The Kothrud police have registered an FIR pertaining to the case on Friday. According to the police, the victim was browsing his social media when he stumbled upon an advertisement. The advertisement claimed that he could earn significant money by trading stocks online. You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune Senior inspector Sandeep Deshmane of Kothrud police told TOI, "The victim clicked on the advertisement's link. A link popped up and his phone number was suddenly and automatically added to a group on a messaging application." "There were several members in the group where they praised the group admin for his tips to trade shares online, which generated high profit for them," Deshmane said. The victim read these messages and contacted the group admin. According to the police, the group admin then sent him a link and asked him to download application software to trade the shares online. The victim followed the instruction and downloaded the software. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Dhoni's Exclusive Home Interior Choice? HomeLane Get Quote Undo The software was allegedly manipulated by the suspects. The victim, however, started trading the shares. He bought shares of lesser value, and the application showed little profit. The group admin contacted him and promised good profit only if the victim would invest in high-value shares. The group admin promised to help him out in buying such shares. The group admin shared details of six bank accounts and the victim ended up transferring Rs 24.45 lakh to the fraudsters, the FIR stated.

Delhi Jal Board struggles to recover ₹63,000 crore in unpaid dues
Delhi Jal Board struggles to recover ₹63,000 crore in unpaid dues

Economic Times

time13 hours ago

  • Economic Times

Delhi Jal Board struggles to recover ₹63,000 crore in unpaid dues

The Delhi Jal Board faces a severe financial crisis with ₹63,000 crore in unpaid dues, primarily from government departments and agencies like Indian Railways and Delhi Police. This impacts DJB's operations and infrastructure development. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Delhi Jal Board (DJB) is grappling with an unprecedented financial burden, with unpaid dues amounting to ₹63,000 crore, a majority of which are owed by government departments, The Times of India per DJB records reviewed by ToI, Delhi government departments owe ₹33,295 crore, while central government agencies account for ₹29,723.37 crore in outstanding dues. Among the latter, Indian Railways alone owes ₹21,530 crore, followed by Delhi Police with ₹6,097 crore. The Municipal Corporation of Delhi also has pending payments of ₹26,147 crore.A senior DJB official told ToI that despite multiple reminders to the defaulters, the board has been unable to recover the dues, severely impacting its day-to-day operations, maintenance, and infrastructure expansion. Officials acknowledged that the matter now demands urgent to the burden, commercial users owe ₹66,000 crore, while domestic consumers have pending dues of ₹15,000 crore, according to the data cited by clarified that under the current plan, relief from inflated water bills will only be extended to domestic users, not commercial ones or government agencies. The problem of pending water and sewerage charges has persisted since 2012-13, the report Water Minister Parvesh Verma told ToI:'Water is a shared responsibility and ensuring its uninterrupted supply requires collective effort. Resolving these financial bottlenecks will significantly strengthen our capacity to maintain and improve the city's water infrastructure. We are committed to working with all stakeholders to ensure timely solutions in the best interest of every Delhi resident.'Sources cited by ToI said the reasons for the unpaid bills varied widely — some departments dispute being charged commercial rates, while others question the accuracy of billing for unmetered or unknown water connections. Hospitals and government departments have objected to being billed as commercial users. The Railways, in particular, claimed that it didn't have as many water connections as DJB was billing it for, and many of those were Delhi government is now considering a full waiver of late payment surcharges for domestic users. Many people reportedly stopped paying their bills due to inflated amounts caused by faulty or estimated meter readings, bills generated during Covid lockdowns when homes were vacant, or mounting arrears that escalated due to repeated non-payment and accruing penalties. A DJB official admitted that non-payment of disputed bills triggered a spiral of late fees, increasing the amount due officials clarified to ToI that no relief is planned for commercial users or government departments, and complaints related to false meter readings are also outside the scope of the waiver. In October and November 2022, DJB's online portal reportedly received over 10,000 complaints about wrong billing.A proposed one-time settlement scheme, promised last year by the previous government, failed to take address future disputes, DJB plans to replace existing water meters with smart metering devices, which officials believe will eliminate billing errors. The current system, which relies on meter readers submitting physical images, often results in outdated or inaccurate readings, eventually leading to erroneous and inflated inputs from ToI

How a Bengaluru man tried to dodge tax by registering his Ferrari & Mercedes in other states but ended up paying Rs 1 crore in dues
How a Bengaluru man tried to dodge tax by registering his Ferrari & Mercedes in other states but ended up paying Rs 1 crore in dues

Time of India

time14 hours ago

  • Time of India

How a Bengaluru man tried to dodge tax by registering his Ferrari & Mercedes in other states but ended up paying Rs 1 crore in dues

Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel A businessman based in Bengaluru has landed in trouble for trying to dodge Karnataka's high road tax by registering his luxury cars in other states. According to a TOI report, he has now been made to pay nearly Rs 1 crore in pending taxes after a transport department department recovered Rs 61.9 lakh in tax for his Ferrari 812 Superfast, which was registered in Jharkhand, and Rs 37 lakh for his Mercedes-Benz, which was registered in Puducherry. Officials found that both cars were regularly being used in Karnataka, even though they were registered elsewhere.'He lives and works in Bengaluru. The Ferrari, which costs about Rs 5 crore, was registered in Jharkhand with just Rs 14 lakh paid as tax. If he had registered it here, the tax would have been close to Rs 1 crore,' a senior official from the transport department told per the rules, if a car registered outside Karnataka is used in the state for more than 12 months, the owner must pay Karnataka's road tax. 'He didn't follow this rule,' the official March, the department sent the businessman a notice asking him to pay the dues. He first claimed the Ferrari had only come to Bengaluru for servicing in January and would be returned to Jharkhand within three months.'But we gathered proof that both cars had been used here regularly for over a year. On Friday, we showed him the evidence and warned of legal action. He then agreed to settle the matter and gave cheques for the dues,' the official is the second such case in recent days. Earlier this week, the department collected Rs 40 lakh in tax from another businessman who had bought second-hand Rolls-Royce cars that once belonged to actors Amitabh Bachchan and Aamir Khan. Those vehicles were also running in Karnataka without paying local from TOI

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store