L&T Technology Services CEO Says Recovery Will Take Time
To recover from the impact of the Covid-19 pandemic certain industry sectors may take up to nine months, said Keshab Panda, CEO of L&T Technology Services.
He said, “This will continue in Q1 and some segments will start picking up in the second quarter while others will take longer. Telecom and healthcare will start seeing growth, while automotive will take a few more quarters. Chemicals and oil and gas could take up to 3-4 quarters to start growing”.
According to Keshab Panda, industrial products and oil and gas would take longer to pick up than others. However, once clients redraw their business plans, LTTS will be able to expand its scope of the engagement, he added.
L&T Technology Services has doubled down on cost-saving and cash flow measures.
L&T Technology Services is also expanding its smart campus and Internet of Things framework. Intelligent Building Experience Management Systems (i-BEMS) where the workforce can be protected from outside risks and infections.
It is also in talks with the senior management at clients to understand how it can work with them. “This is an opportunity for us and more work will start moving out of China to India,” Panda said.
As the L&T Technology Services moved employees to work from home in March. But a 100% WFH model is not feasible. “Unlike IT services, all the work cannot be done remotely. A lot of the hardware and R&D work has to be done in a lab and we also do a lot of future sensitive engineering design work, which is sensitive and confidential,” he said.
As Covid-19 hits the global economy hard, the company refrained from giving any growth guidance for the ongoing fiscal. However, Panda said recovery would be faster for the firm once the severity of the pandemic came down.
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