INSUBCONTINENT EXCLUSIVE:
Indian IT major Larsen and Toubro Technology Services (LTTS) has cut jobs
Sources told TOI that layoffs are largely due to actions initiated as part of the performance cycle and to reduce role overlaps
LTTSrecently cut its full-year forecast
LTTS logged a 5.17% rise in its September quarter profit at Rs 315.4 crore
The company expects its revenue to grow between 17.5% to 18.5% compared to its earlier estimate of 20%.LTTS providesengineering services in
the transportation, telecom, hi-tech industrial products, plant engineering, and medical devices sectors
Jobs likely impactedThe job cuts have likely impacted employees in the mid-to-senior roles
The company has seen job cuts mainly in delivery and support functions
Reason as companies have automated many functions
LTTS as nearly 24,000 employees on its rolls
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
comingSources told TOI that there might be another round of job cuts in January, albeit after assessing the business environment.LTTS' Q2
earningsDuring the Q2 earnings call, LTTS CEO and Managing Director Amit Chadha said that the deal momentum for the second quarter was
strong with the highlight being a $10 million-plus deal win leveraging SWC capabilities in North America
"This win has been the result of having a superior end-to-end technology stack for wireless and 5G communications which is becoming a key
differentiator for us," he added.
