Larsen & Toubro (L&T) has announced that its workforce has increased by 10% over the last year, with nearly 8,000 new recruits in the fiscal year 2023-24. The engineering giant intends to continue this growth momentum and expand until 2025-26.
During a post-earnings conference call after the company’s Q4FY24 earnings declaration, R Shankar Raman, L&T’s chief financial officer, explained that despite a slowdown in international order inflow witnessed in the fourth quarter of 2023-24 and anticipated sluggishness in domestic orders for the initial two quarters of 2024-25, L&T is committed to hiring initiatives. This decision is to ensure the smooth execution of its growing order book, which was valued at Rs 475,809 crore by the end of 31 March 2024.
Raman emphasized that since 38% of L&T’s order book comprises international contracts, the company intends to expand its global workforce further.
On May 8, L&T reported its Q4 results, declaring a consolidated net profit of Rs 4,396 crore for the quarter ending March 2024. This figure reflects a 10% increase compared to Rs 3,987 crore recorded in the corresponding period last year and Rs 3,621 crore in the same quarter of 2022-23.
Santosh Rai has been appointed as the new head of human resources for Larsen & Toubro Precision Engineering and Systems IC. He will be based out of Mumbai, Maharashtra. Rai’s 24 years of experience in HR will help him succeed in this new role.
