Mumbai: Larson & Turbo is India’s largest engineering firm which has shed 11.2 percent of the total workforce, which is 14000 employees. In one of the biggest corporate retrenchment, the company has termed it as an attempt to have “right size.”
“The company has taken a lot of initiative to right size staffing in various businesses. The digitisation and productivity enhancement initiatives taken by us boiled down to redundancies of roles, and we have been able to shed as a group 14,000 in the six months to September,” Chief Financial Officer R Shankar Raman told ET. He also said that the retrenchment exercise should be taken as a “correction”.
According to the CFO of L&T, the move was essential for the growth and development of the company.
In the first half of the financial year 2017, the company’s revenue increased 8.6% to Rs 46,885 crore, whereas the profits rose to Rs 2,044 crore from Rs 1,197, which was a year ago.
The company has its five years strategic plan ready and aims at touching the revenue to 2 lakh crore.