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; 14 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$1.1 billion) (FY24)[3]
Increase ₹1,803 crore (US$210 million) (FY24)[3]
Increase ₹1,303 crore (US$150 million) (FY24)[3]
Total assetsIncrease ₹8,488 crore (US$1.0 billion) (FY24)[3]
Total equityIncrease ₹5,347 crore (US$630 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 to forge a €45 million deal.[23] In August 2024, LTTS signed a contract to resell the Thales Sentinel platform, a software monetization platform developed by French defence and aerospace company, Thales Group, to its customers.[24] In November 2024, L&T Technology Services announced the acquisition of Intelliswift for $110 million.[25]

See also

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References

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