Mastek not looking at any staff reduction; attrition has reduced workforce: CEO
The company has seen a reduction in the overall staffing to 4,800 from 5,500 a year-ago due to attrition and has not replaced many of the roles, its chief executive Umang Nahata told PTI.
He said the attrition was "largely" voluntary, hinting that there may have been some cases where it may be involuntary in nature. "We have seen a reduction in the overall employees and we have not replaced the talent with hiring. However, we do not have any plans of reducing workforce by 2% or 5%," he said.
The comments come days after sector leader TCS stunned all by an announcement to reduce the number of jobs by 2% or 12,000 people, which has led to concerns about the future of tech jobs amid increased adoption of artificial intelligence and automation. Going ahead, the company is aiming for a mid to high double-digit revenue growth on the back of healthy performance in the UK and North American markets, he said, adding that the effort is to increase the revenue per resource. Nahata said almost the entire work force is trained in AI-related skills now, and almost entire work can be classified as "digital" in nature. In the April-June period, it has signed deals of $16 million revenue potential, which are 100 per cent AI-related deals, he said, adding that the effort of the company is to target the AI segment in a novel way. Amid worries over returns on investment from AI deployment and difficulties selecting the right platforms, it is concentrating on offering AI adoption services which will be outcome-based to the mid-tier clients who may not typically engage with big system integrators or consultants. The company may look at tuck-in acquisitions of companies having complementarities going ahead, Nahata said, acknowledging that zeroing in on the right target is very difficult given the changing nature of technology.
The company celebrated 30 years of listing on the bourses on Thursday, with the management ringing the bell at the country's largest stock exchange, NSE. When asked about the corrections in the company stock, which has declined substantially since December, Nahata said the issues are with perception and not performance, and even the multiples the share is trading at is low when compared with peers.
The Mastek share closed 2.10% down at Rs 2,415.95 apiece on the BSE on Thursday, as against a 0.36% correction on the benchmark.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Deccan Herald
26 minutes ago
- Deccan Herald
Auto fares go higher in Bengaluru, drivers refuse to calibrate meters
The base fare has increased from Rs 30 for the first two kilometres to Rs 36, with the per-kilometre rate rising from Rs 16 to Rs 18.
Time of India
an hour ago
- Time of India
Deadline for property tax settlement scheme extended to Aug 15
Ludhiana: The local bodies department has extended the deadline for its one-time property tax settlement scheme to August 15, offering relief to defaulters who missed the original cut-off date of July 31. Tired of too many ads? go ad free now The extension comes after a surge in last-minute payments at civic body's suvidha centres across Ludhiana. Under the scheme, launched on May 15, property owners with pending dues from 2013-14 onwards were given a chance to clear their backlog without paying any interest or penalty. Officials said that initial response was slow, but picked up momentum in July. So far, the department has collected Rs 15 crore under the scheme, contributing to Rs 40 crore property tax revenue for the current fiscal year. As per the original policy, dues paid between August 1 and October 31 would attract a 50% waiver on interest and penalties. Now that the deadline has been extended, full waiver benefits will continue till August 15, giving taxpayers a few more days to settle their accounts. MC superintendent Vivek Verma confirmed the extension and urged residents to take advantage of the scheme. "This is a golden opportunity for defaulters to clear their dues without additional financial burden," he said. While the extension benefits taxpayers, it has sparked concern among MC employees, who have been working overtime, including weekends and public holidays, to manage the rush. With Raksha Bandhan falling on Saturday, staff members are considering requesting the MC commissioner to keep suvidha centres closed on holidays. One employee noted that the pressure would continue even after the scheme ended, as the civic body would shift focus to collecting current dues. Taxpayers are eligible for a 10% rebate on current dues until September 30, which means that offices may remain open on weekends for months to come. The department has appealed to residents to cooperate and complete their payments early to avoid last-minute congestion. MSID:: 123043253 413 |
Time of India
an hour ago
- Time of India
Street vendor push: Loan hike, credit cards okayed
NEW DELHI: Govt has approved higher subsidised loans for street vendors under the second phase of PM SVANidhi scheme and expanded its coverage by bringing around 50 lakh more beneficiaries under its ambit. Tired of too many ads? go ad free now TOI has learnt that the proposal to enable around 11 beneficiaries who have paid the first two tranches of subsidised loans to get UPI-linked credit cards with a limit of Rs 30,000 was also approved on Thursday. Sources said that under the revamped scheme, the beneficiaries will get subsidised loans of Rs 15,000 and Rs 25,000 in the first two terms, up from the earlier disbursement of Rs 10,000 and Rs 20,000 respectively. The amount for the third-term loan remains unchanged at Rs 50,000. Beneficiaries availing loans are eligible to get an interest subsidy of 7%. Officials said the credit card facility will help street vendors who by now have a better credit rating to have access to more rolling capital for their business and this will create more financial confidence in them. The norms of repayment will be laid down by the banks. As per the housing and urban affairs ministry, so far a little over 68 lakh street vendors have availed the first-term loan of Rs 10,000 and nearly 38.4 lakh have repaid.
