Pros
Less work but also less salary. There are lot of employees in the company who have been there for DECADES or at least 5 years. Good for freshers who have FEW OPTIONS, because of the service agreement which ensures you pay just a few lakhs of rupees if you leave within the period which might amount to just half of the salary you received in your entire career. Depending on the project, one can expect to get flexible work hours if it benefits the company otherwise you still can hope for luck to help you.
Cons
Some, if not all, of the managers are hopelessly incompetent and whose only claim to be managers is there slavish loyalty to the company. The HR head is extremely well spoken and if you share any of your difficulties with him, will ensure that the best benefit (for the company) can be extracted from you.