Pandemic slows IT deal: LTI burns

Sanjay Jalona, ​​CEO and MD, Larsen & Toubro Infotech (LTI), said that the contracting process for big deals has become quite complex as solution components and customer collaboration models have changed with the epidemic.

“Because of this, deal conversion takes longer than usual. But we are seeing the beginning of the end of this crisis, and it is expected that the pace will gradually pick up, ”he said. According to him, LTI’s vision is to hunt for new customer wins in the $ 100–150 million denomination band. The major mid-tier tech firm has been actively pursuing large deals over the past several quarters. In December 2020, the company won a six-year contract of $ 204 million from United Arab Emirates-based Injazat, its largest ever deal.

Overall, Mr. Jalona said, LTI’s deal pipeline was large and healthy and the company was being invited to participate in such deals globally.

“We have successfully closed several multi-million, multi-year deals over the last few quarters. A reflection of this is the 22 new customers we signed in Q3 [this year], “He said.” What I find most exciting is the active conversations we’re having with our customers, many of which create great deal opportunities, “he said. In his market commentary, he said that this It was interesting to see how enterprises were imagining ways to meet the emerging needs of their customers. For example, banks are almost boarding customers, insurance companies are remotely managing sales and distribution, retail Vendors are enabling customers to order online and pick up kerbside, CPG companies are reaching customers directly for the first time, he elaborated.According to them, digital digitization has been seen in all aspects of the business, whether it is original work. Be it customer-facing capabilities or modernize the workplace during an epidemic.

In Q3FY21, LTI posted revenue of ₹ 3,152.8 crore and net income of ₹ 519.3 crore. In the fiscal year ended in March 2015, it recorded a revenue of 8 10,878.6 crore and a net income of 20 1,520.5 crore. As of December 31, 2020, the company had 33,983 employees.