arsen and Toubro Ltd (L&T), India’s largest engineering and construction company, on Thursday said it will continue to hire rapidly and that it is confident of future growth across its businesses.
The announcement comes after the company cut about 11% of its workforce across its various businesses in the last six months.
L&T has cut about 14,000 jobs across businesses in the past six months due to factors such as change in technology, use of automation, redundancy, and performance, its management said last month in Mumbai.
In the last year, the L&T Group has hired about 15,000 employees and expects to continue to rapidly increase its manpower strength going forward, L&T said in a statement on Thursday. “We have also hired about 4,200 trainees across the L&T Group.”
“With the government actions towards streamlining the macro economic factors that will stimulate growth in the Indian economy, we look forward to actively participating in India’s ambitious plans in infrastructure, smart cities, defence, nuclear and thermal power, and more. L&T strongly supports the steps taken by our government in cleaning up the business environment, improving the ease of doing business in India, and the ‘Make in India’ program,” said S.N. Subrahmanyan, deputy managing director and president at L&T.
L&T remains on a healthy growth path and the management is confident of its future growth prospects and market leadership in all its businesses, Subrahmanyan said.
The company has trained about 68,600 professionals last year, many of whom have been employed by the L&T Group, the statement said.
As part of its five-year strategic plan, by 2021, L&T expects to double revenue, expand margins by 100-120 basis points to 11.2%, improve return on equity by 6 percentage points to 18%, and reduce working capital by 6 percentage points to 18%.
The company, which is often referred to as a corporate proxy for the broader economy, has interests in businesses ranging from construction, infrastructure, finance, information technology, defence, to switchgear products. It is also present in the Middle East and is expanding into markets including Africa.
L&T had on 22 November reported a better-than-expected fiscal second-quarter profit and said business environment continued to remain challenging. The company’s shares closed 0.99% up at Rs.1366.90 on BSE on Thursday while the benchmark Sensex index rose 1.74% to 26,694.28 points.