Magellanic Cloud’s headcount expected to grow by over 3.5x in three years

IT services firm Magellanic Cloud’s headcount is expected to reach 5,000 in the next three years, Joseph Sudheer Reddy, Global CEO told TechCircle. This would be over 3.5x the current employee strength of 1,400. 

To be sure, the company’s services are diversified into ITeS, e-surveillance, and drone tech; ITeS continues to be its biggest segment driving up to 75% of growth. Magellanic Cloud ventured into drone manufacturing by acquiring a 70% stake in Scandron Pvt Ltd in March 2023. 

Reddy was speaking in the backdrop of the company’s quarterly financial result announcement made on Friday. Magellanic Cloud has a reported 40% increase in net profit year-on-year. The revenue dropped by 4% to ₹132.17 crore in Q1 FY25.

“Our Q1 FY25 results demonstrate the strength of our multi-technology portfolio and our unwavering focus on driving transformational growth. As we look ahead, we’re poised to deepen, accelerate & acquire advancements in Generative AI, surveillance, and drone technologies, where we are already at the forefront of innovation,” said Reddy. 

“Our vision is to scale strategically, harnessing innovation & acquisition to deliver sustainable, long-term growth and unlocking greater value for all stakeholders."

North America is Magellanic Cloud’s largest market, followed by India along with a small presence in Australia. The company is looking to expand to the Middle East and the European region in the surveillance sector through an acquisition route. “We will be acquiring companies to have a strategic alignment or so that we can expand and scale faster,” he said.

In terms of technology solutions, Reddy claimed that the company’s generative AI-based solutions are being leveraged across sectors such as banking, travel, and pharma and life sciences. He added that these generative AI projects generated in bookings of $6-7 million in just two quarters. “We expect to keep up the same growth momentum for our generative AI efforts.”