L&T Technology Services lays off 200 employees in mid-to-senior roles: Report

  • L&T Technology Sevices has reportedly laid off 200 employees in mid-to-senior roles, mainly in delivery and support functions, due to the integration of automation

Livemint
Updated24 Nov 2023, 09:42 AM IST
L&T reportedly laid off 200 employees in mid-to-senior roles
L&T reportedly laid off 200 employees in mid-to-senior roles(MINT)

L&T Technology Sevices (LTTS) has reportedly laid off 200 employees in mid-to-senior roles. According to a report by the Times of India, the engineering services company sacked its staff partly because of the actions initiated as part of the performance cycle and to reduce overlapping of the roles.

The layoffs have mainly happened in delivery and support functions due to the integration of automation in many functions.

L&T Technology has roughly 24,000 employees on its rolls. The TOI in its report added that there might be another round of job cuts in L&T in January, albeit after assessing the business environment.

Barclays plans 2,000 job cuts as part of $1.25 billion cost-cutting plan: Report

"We conduct annual performance reviews as a standard process to assess the capabilities of our workforce every year and act appropriately based on skill sets and performance. This is essential for the maintenance of our high standards of service delivery, continuous upskilling while being nimble as an organization, and ensuring that we remain at the forefront of technological innovation. Looking ahead, in line with our growth prospects and strategy, we continue to hire and add to the team, especially in areas of plant engineering, digital & software engineering, AI, and software defined vehicles with over 2,500 engineers," L&T spokesperson told The Times of India.

Edtech unicorn PhysicWallah lays off 120 employees: Reports

Last month, L&T Technology Services lowered its revenue growth guidance for the current fiscal. The compnay posted a 5% increase in September quarter net profit to 315.4 crore but lowered its revenue growth guidance for the current fiscal.

Citigroup layoffs: Employees expect job cuts, management reshuffle on Monday

“We conduct annual performance reviews as a standard process to assess the capabilities of our workforce every year, and act appropriately based on skillsets and performance. This is essential for the maintenance of our high standards of service delivery, continuous upskilling while being nimble as an organization, and ensuring that we remain at the forefront of technological innovation. Looking ahead, in line with our growth prospects and strategy, we continue to hire and add to the team especially in areas of Plant Engineering, Digital & Software Engineering, Artificial Intelligence and Software Defined Vehicles with over 2,500 engineers,” an LTTS spokesperson said.

The job market slowdown is getting hard to ignore

However, he said the company is reducing its revenue growth guidance to 17.5-18.5% on a constant currency basis for FY24 as a prudential measure, given the current economic uncertainties.

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.MoreLess
First Published:24 Nov 2023, 09:42 AM IST
HomeCompaniesNewsL&T Technology Services lays off 200 employees in mid-to-senior roles: Report

Most Active Stocks

Tata Steel

157.75
03:43 PM | 19 JUL 2024
-8.6 (-5.17%)

Tata Power

414.15
03:59 PM | 19 JUL 2024
-15.85 (-3.69%)

Bharat Electronics

306.30
03:45 PM | 19 JUL 2024
-7.2 (-2.3%)

Zee Entertainment Enterprises

137.55
03:57 PM | 19 JUL 2024
-4.9 (-3.44%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Tata Teleservices Maharashtra

102.11
03:59 PM | 19 JUL 2024
4.68 (4.8%)

Rail Vikas Nigam

614.00
03:59 PM | 19 JUL 2024
27.65 (4.72%)

Jubilant Pharmova

752.25
03:43 PM | 19 JUL 2024
25.3 (3.48%)

One 97 Communications

458.70
03:55 PM | 19 JUL 2024
13.65 (3.07%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    76,272.001,173.00
    Chennai
    76,124.001,465.00
    Delhi
    75,533.001,021.00
    Kolkata
    75,089.00-450.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.76/L0.00
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsCibilPremiumBudget