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L&T Infotech to join $1-billion club of mid-tier companies soon

The Economic Times:  May, 2014

Bengaluru: L&T Infotech, part of Mumbaibased infrastructure and engineering conglomerate Larsen and Toubro, would soon be joining the $1-billion club of mid-tier IT firms, said a senior executive of the company, adding that the company would focus on growing its fastest growing verticals, including auto and aerospace.

The company's newly-appointed chief operating officer, Chandrashekar Kakal, said that the company is well-poised to expand its existing business verticals, including banking, insurance and energy and utilities.

"We are well on track on crossing the $1-billion revenue mark," Kakal told ET, declining to give a timeline by when the company would touch the mark.

Kakal, who joined L&T Infotech on Monday and was formerly senior vice president at Infosys, said that the company has been able to generate healthy revenues from its existing clients and continues to see traction across different verticals.

L&T Infotech currently employs 22,000 people and generates a third of its revenues from banking, financial services and insurance vertical. More than 70% of the company's revenues come from the US while Europe accounts for about 20% of its revenues.

The appointment of COO comes at a time when the company is in the midst of building a strong sales and marketing team in Europe. Under the new structure, both executives heading the delivery side - Makarand Deolalkar and Uday Gharpure - would report to Kakal.

Kakal, who in his earlier stint at Infosys used to head the India business unit and was the global head of business IT services, left the Bangalore-based company earlier this year. He is among the top 10 executives who left Infosys since Narayana Murthy returned to steer the company last June after years of under-performance.