INSUBCONTINENT EXCLUSIVE:
BENGALURU/MUMBAI: L-T Technology Services (LTTS) has laid off 200 people in the mid-to-senior roles, partly due to actions initiated as part
of the performance cycle and to reduce role overlaps, sources told TOI
LTTS, which has nearly 24,000 employees on its rolls, has seen job cuts mainly in delivery and support functions as companies have automated
LTTS focuses on engineering services straddling across transportation, telecom and hi-tech, industrial products, plant engineering and
medical devices.But the Indian IT sector is navigating a challenging environment exacerbated by weakness in its mainstay business vertical,
banking and financial services sector, that's reeling under macroeconomic headwinds as customers are pulling back their IT spending
Companies are addressing these challenges by bringing cost efficiencies and operational rigour
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
that there might be another round of job cuts in January, albeit after assessing the business environment
LTTS has cut its full-year forecast
The company expects its revenue to grow between 17.5% to 18.5% compared to its earlier estimate of 20%
to reach the original numbers that we had told you, is that the market in the last 3 weeks/5 weeks has changed slightly
One, you are aware of the UAW (United Auto Workers) strikes from mid-September that have been happening in the US, which has put a pause on
a couple of projects that we were working on
LTTS has registered a 3.2% sequential growth in constant currency and operating margin came in at 17% after it absorbed wage hikes.
