India’s L&T Technology Services (LTTS), a unit of Larsen & Toubro, has axed 200 jobs, reported Times of India citing unnamed sources.
The job cut has primarily impacted people in the mid-to-senior roles across the delivery and support functions.
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As per the report, the redundancies are part of the company’s efforts to reduce function overlaps and the performance cycle.
Less than 1% of LTTS’s 24,000 employees are affected by the layoffs.
LTTS is primarily focused on engineering services that span the domains of industrial products, plant engineering, medical devices, transportation, telecom, and high-tech.
In response to the publication’s queries, an LTTS representative said: “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.
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By GlobalData“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 and software engineering, artificial intelligence and software-defined vehicles with over 2,500 engineers.”
Sources told the publication that after evaluating the business climate, LTTS could undertake another round of layoffs in January 2024.
The news comes as the Indian IT industry is battling a difficult climate that has been worsened by the weakening of its primary business vertical, the banking and financial services industry.
LTTS has lowered its projection for the entire year. Compared to its previous projection of 20%, the company now anticipates its revenue to grow by 17.5% to 18.5%.
In May, Amazon started trimming its workforce in India, affecting at least 500 staff across different functions, including Amazon Web Services, support and human resources.
This month, the e-commerce company has axed jobs across its gaming, music streaming and Alexa voice assistant division as part of a wider restructuring.
