Mumbai, November 24: L&T Technology Services, also known as LTTS, has reportedly laid off over 200 people in mid-senior roles. The people were sacked as a part of the performance cycle and to reduce role overlaps. LTTS sacked these people from its delivery and support functions due to automation. According to the reports, the company automated many functions in these departments and no longer required the employees in these roles.
As per reports, L&T Technology Services has laid off employees mainly from the delivery and support functions. LTTS is an Indian multinational technology company providing services in Engineering and R&D. The company’s headquarters is located in Vadodara, Gujarat. According to the Times of India report, layoffs account for less than 1% of the company’s workforce. Currently, the L&T employs around 24,000 people. Earnings From Gaming in India: Over 45% of Serious Gamers Earning Between 6 to 12 Lakh Per Annum in 2023, Says Report.
L&T Technology Services and IT Sector:
According to the Times of India report, IT spending by customers is being pulled back by the customers as the sector faces a challenging environment. The report said that the companies are tackling these challenges by introducing cost-efficiencies and operation rigour.
An LTTS spokesperson told the Times of India the LTTS company conducts performance reviews as a standard process to assess workforce capabilities every year. According to the report, the company continues to hire new employees in its digital, plant and software engineering. Cyber Attack at Taj Hotel: Data of Tata-Owned Hotel Breached by ‘Dnacookies’, Around 1.5 Million Customers at Risk.
Will LTTS Job Cuts Affect Its Revenues?
According to reports, the Larsen & Toubro (L&T) company expects its revenues to grow by 17.5% to 18.5% through achieving its targets. The report said L&T Technology Services had reached “3.2% sequential growth in constant currency, and its operating margin came in at 17% after it absorbed wage hikes.”
(The above story first appeared on Morning Tidings on Nov 24, 2023 10:38 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).
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