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L&T Technology Services

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L&T Technology Services
FormerlyL&T Integrated Engineering Services
Company typePublic
NSE: LTTS
BSE: 540115
ISININE010V01017
Founded14 June 2012; 12 years ago (14 June 2012)
Headquarters
L&T Knowledge City, Vadodara, Gujarat
,
India
Area served
Worldwide
Key people
Amit Chadha (CEO & MD)
Keshab Panda (Non-Ex Director)
Rajeev Gupta (CFO)[1][2]
ServicesEngineering design
Research and development
Product lifecycle management
RevenueIncrease ₹9,647 crore (US$1.2 billion) (FY24)[3]
Increase ₹1,803 crore (US$220 million) (FY24)[3]
Increase ₹1,303 crore (US$160 million) (FY24)[3]
Total assetsIncrease ₹8,488 crore (US$1.0 billion) (FY24)[3]
Total equityIncrease ₹5,347 crore (US$640 million) (FY24)[3]
Number of employees
23,812 (March 2024)[4]
ParentLarsen & Toubro
Websitewww.ltts.com

L&T Technology Services (LTTS) is an Indian multinational technology company that provides engineering research and development (ER&D) services, headquartered in Vadodara. The company's business interests include automotive engineering, embedded system and semiconductor engineering, industrial internet of things, manufacturing plant engineering, and medical engineering.[5]

LTTS is a subsidiary of the conglomerate Larsen & Toubro (L&T), and listed on both NSE and BSE.[6][7] The company has offices across India, United States, Europe, and Asia.[8][9]

History

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L&T Technology Services (LTTS) was founded in 2006 as L&T Integrated Engineering Services. In its first year, the company generated $70 million in revenue. Initially, it only operated as the engineering arm of Larsen & Toubro[6] and in 2013, as a result of L&T's strategy, the parent company was split into "nine verticals and six subsidiaries", of which this was one.[10][11] It began to expand its engineering services as a developer of corporate software under a new brand name L&T Technology Services (LTTS).[6]

In September 2016, LTTS had its initial public offering in the National Stock Exchange, making it the second L&T subsidiary to go public.[12][13] A. M. Naik, the current group chairman of the parent company, remained chairman of the subsidiary until his retirement in October 2017.[11][9] Keshab Panda was named as the CEO and managing director [6] and S.N.Subrahmanyan as vice chairman of the company.[14][15]

In 2016, LTTS developed a set of personal safety gear that is based on cloud-enabled technologies. The system includes a set of "helmets, gloves, jackets and shoes that have sensors capturing [the wearers] performance, and sending it to a centralized database on the cloud."[16]

L&T Technology Services office at Manyata Tech Park, Bangalore.

In March 2017, it opened a center of excellence in Munich, Germany.[17] In June 2017, LTTS completed the acquisition of the Esencia, a San Jose, California-based engineering firm involved in development of "wireless connectivity solutions, perceptual computing, Internet of Things and advanced silicon products" for $27 million.[8][18] In July, the company was upgraded to Group A of the Bombay Stock Exchange.[19]

In May 2022, the company opened an engineering, research and development (ER&D) centre in Krakow, Poland.[20] In June 2022, LTTS set up an engineering design centre in Toulouse, France.[21]

In January 2023, LTTS announced that it would acquire parent L&T's "Smart World & Communication" business segment, which has interests in communication networks, cybersecurity and smart spaces, for ₹800 crore.[22]

In April 2024, L&T Technology Services partnered with Forvia Forge at €45 million deal.[23]

In November 2024, L&T Technology Services announced the acquisition of Intelliswift for $110 million.[24]

See also

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References

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  1. ^ "Rajeev Gupta Takes Charge as New CFO of L&T Technology Services". 21 July 2020.
  2. ^ "Rajeev Gupta joins L&T Technology as CFO". 21 July 2020.
  3. ^ a b c d e "Financial Results Q4FY24" (PDF). BSE. Retrieved 26 April 2024.
  4. ^ "L&T Technology Services reports 5% QoQ revenue growth in Q4 and Net Profit of ₹1,300 crore plus in FY24". L&T Technology Services. Retrieved 26 April 2024.
  5. ^ "Q4FY22 Investor Presentation" (PDF). LTTS. Retrieved 8 January 2023.
  6. ^ a b c d Alvares, Clifford (3 February 2017). "Corporate: On The Road Less Taken". BW Businessworld. Retrieved 26 September 2017.
  7. ^ Ganguly, Dibeyendu (16 May 2017). "Digital Age: Companies invest in young leaders". The Economic Times. Retrieved 26 September 2017.
  8. ^ a b "L&T Technology Services completes Esencia acquisition". Outlook India. 1 June 2017. Retrieved 26 September 2017.
  9. ^ a b PTI (23 August 2017). "Western protectionism fears more media hype than actual: A M Naik". The Economic Times. Retrieved 26 September 2017.
  10. ^ Shaker, S (22 August 2013). "L&T to focus on engineering services with new entity". The Hindu Business Line. Retrieved 26 September 2017.
  11. ^ a b Gupta, Ashish (5 April 2016). "Naik's successor". Fortune India. Retrieved 26 September 2017.
  12. ^ "L&T Technology IPO subscribed 2.5 times". The Economic Times. 16 September 2016. Retrieved 26 September 2017.
  13. ^ Mudgill, Amit (23 September 2016). "L&T Technology lists at Rs 920, up 7% over issue price". The Economic Times. Retrieved 26 September 2017.
  14. ^ Alvares, Clifford (20 September 2017). "'What I Inherited Is Today 12% Of L&T; The Other 88% I Have Created'". BW Businessworld. Retrieved 12 January 2018.
  15. ^ Alvares, Clifford (20 September 2017). "L&T: The Ambidextrous Architect". BW Businessworld. Retrieved 12 January 2018.
  16. ^ Pramanik, Ayan (15 May 2017). "Chatbots and more: How Indian IT is using automation to service customers". Business Standard India. Retrieved 26 September 2017.
  17. ^ Sangani, Priyanka (23 March 2017). "L&T Technology Services opens center in Munich". The Economic Times. Retrieved 26 September 2017.
  18. ^ Mandavia, Megha (25 July 2017). "L&T Tech Q1 profit falls 9% on weak margins". The Economic Times. Retrieved 26 September 2017.
  19. ^ PTI (14 July 2017). "BSE to add 48 companies to Group 'A from July 17". India Today. Retrieved 26 September 2017.
  20. ^ Sureban, Haripriya (26 May 2022). "L&T Technology Services opens Engineering R&D Centre in Poland". www.thehindubusinessline.com. Retrieved 31 July 2022.
  21. ^ Baruah, Ayushman (28 June 2022). "LTTS launches engineering design centre in France, to hire 100". Mint. Retrieved 23 July 2022.
  22. ^ "Larsen & Toubro sells business division to subsidiary LTTS for Rs 800 crore". Business Standard. 12 January 2023. Retrieved 13 January 2023.
  23. ^ "L&T Technology Services and FORVIA Forge €45 Million Alliance to Accelerate Clean Mobility Engineering". Bru Times News.
  24. ^ "L&T Technology Services acquires US-based Intelliswift for $110 million". Business Standard. Retrieved 11 November 2024.
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