L&T Technology services cuts 200 mid-to-senior level jobs: Report

L&T Technology Services (LTTS) reportedly laid off 200 mid-to-senior-level employees as part of its performance cycle and to streamline roles, as per a Times of India report.

According to TOI report, the engineering services firm made these cuts primarily in delivery and support functions due to increased automation integration.

With around 24,000 employees, LTTS may consider further job cuts in January after evaluating the business environment, as mentioned in the TOI report.

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The company defended the layoffs, stating its annual performance reviews are standard to assess workforce capabilities, enabling upskilling and maintaining high service standards. Despite this, LTTS plans to hire in areas like plant engineering, digital & software engineering, AI, and software-defined vehicles, intending to add over 2,500 engineers.

Recently, L&T Technology Services adjusted its revenue growth projection downwards for the ongoing fiscal year. While reporting a 5% rise in net profit to ₹315.4 crore in the September quarter, the company attributed slower revenue growth to an acquisition integration, indicating potential 16% growth without it.

CEO Amit Chadha clarified that they've revised the revenue growth forecast to 17.5-18.5% for FY24 on a constant currency basis, citing current economic uncertainties as a prudent measure.