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.
"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.
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.
“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.
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.
