L&T Technology Services

Last updated

L&T Technology Services
FormerlyL&T Integrated Engineering Services
Company type Public
NSE:  LTTS
BSE:  540115
ISIN INE010V01017
Founded14 June 2012;11 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]
Services Engineering design
Research and development
Product lifecycle management
RevenueIncrease2.svg₹9,647 crore (US$1.2 billion) (FY24) [3]
Increase2.svg₹1,803 crore (US$230 million) (FY24) [3]
Increase2.svg₹1,303 crore (US$160 million) (FY24) [3]
Total assets Increase2.svg₹8,488 crore (US$1.1 billion) (FY24) [3]
Total equity Increase2.svg₹5,347 crore (US$670 million) (FY24) [3]
Number of employees
23,812 (March 2024) [4]
Parent Larsen & Toubro
Website www.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]

Contents

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

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. L&T Technology Services - Manyata Tech Park.jpg
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]

See also

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References

  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. 1 2 3 4 5 "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. 1 2 3 4 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. 1 2 "L&T Technology Services completes Esencia acquisition". Outlook India. 1 June 2017. Retrieved 26 September 2017.
  9. 1 2 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. 1 2 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.


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