L&T Technology Services

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.[4]

L&T Technology Services
FormerlyL&T Integrated Engineering Services
TypePublic
NSE: LTTS
BSE: 540115
ISININE010V01017
Founded14 June 2012 (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 ₹8,221.60 crore (US$1.0 billion) (2023)[3]
Increase ₹1,643.70 crore (US$210 million) (2023) [3]
Increase ₹1,174.10 crore (US$150 million) (2023)[3]
Total assetsIncrease ₹6,917.30 crore (US$870 million) (2023) [3]
Total equityIncrease ₹4,968.90 crore (US$620 million) (2023) [3]
Number of employees
23,000+ (2023)
ParentLarsen & Toubro
Websitewww.ltts.com

LTTS is a subsidiary of the conglomerate Larsen & Toubro (L&T), and listed on the National Stock Exchange and the Bombay Stock Exchange.[5][6] The company has offices across India, United States, Europe, and Asia. It has a subsidiary company Esencia, based in San Jose, California.[7][8]

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 the L&T[5] and in 2013, as a result of the L&T's strategy, the parent company was split into "nine verticals and six subsidiaries", of which this was one.[9][10] It began to expand its engineering services as a developer of corporate software under a new brand name L&T Technology Services (LTTS).[5]

In September 2016, LTTS had its initial public offering in the National Stock Exchange, making it the second L&T subsidiary to go public.[11][12] A. M. Naik, the current group chairman of the parent company, remained chairman of the subsidiary until his retirement in October 2017.[10][8] Keshab Panda was named as the CEO and managing director [5] and S.N.Subrahmanyan as vice chairman of the company.[13][14]

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."[15]

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

In March 2017, it opened a center of excellence in Munich, Germany.[16] 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.[7][17] In July, the company was upgraded to Group A of the Bombay Stock Exchange.[18]

In May 2022, the company opened an engineering, research and development (ER&D) centre in Krakow, Poland.[19] In June 2022, LTTS set up an engineering design centre in Toulouse, France.[20]

In January 2023, LTTS announced that it would acquire parent Larsen & Toubro's "Smart World & Communication" business segment, which has interests in communication networks, cybersecurity and smart spaces, for ₹800 crore.[21]

See also

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. "Outcome of Board Meeting" (PDF). L&T Technology Services. 26 April 2023. Retrieved 26 April 2023.
  4. "Q4FY22 Investor Presentation" (PDF). LTTS. Retrieved 8 January 2023.
  5. Alvares, Clifford (3 February 2017). "Corporate: On The Road Less Taken". BW Businessworld. Retrieved 26 September 2017.
  6. Ganguly, Dibeyendu (16 May 2017). "Digital Age: Companies invest in young leaders". The Economic Times. Retrieved 26 September 2017.
  7. "L&T Technology Services completes Esencia acquisition". Outlook India. 1 June 2017. Retrieved 26 September 2017.
  8. PTI (23 August 2017). "Western protectionism fears more media hype than actual: A M Naik". The Economic Times. Retrieved 26 September 2017.
  9. Shaker, S (22 August 2013). "L&T to focus on engineering services with new entity". The Hindu Business Line. Retrieved 26 September 2017.
  10. Gupta, Ashish (5 April 2016). "Naik's successor". Fortune India. Retrieved 26 September 2017.
  11. "L&T Technology IPO subscribed 2.5 times". The Economic Times. 16 September 2016. Retrieved 26 September 2017.
  12. Mudgill, Amit (23 September 2016). "L&T Technology lists at Rs 920, up 7% over issue price". The Economic Times. Retrieved 26 September 2017.
  13. 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.
  14. Alvares, Clifford (20 September 2017). "L&T: The Ambidextrous Architect". BW Businessworld. Retrieved 12 January 2018.
  15. Pramanik, Ayan (15 May 2017). "Chatbots and more: How Indian IT is using automation to service customers". Business Standard India. Retrieved 26 September 2017.
  16. Sangani, Priyanka (23 March 2017). "L&T Technology Services opens center in Munich". The Economic Times. Retrieved 26 September 2017.
  17. Mandavia, Megha (25 July 2017). "L&T Tech Q1 profit falls 9% on weak margins". The Economic Times. Retrieved 26 September 2017.
  18. PTI (14 July 2017). "BSE to add 48 companies to Group 'A from July 17". India Today. Retrieved 26 September 2017.
  19. Sureban, Haripriya (26 May 2022). "L&T Technology Services opens Engineering R&D Centre in Poland". www.thehindubusinessline.com. Retrieved 31 July 2022.
  20. Baruah, Ayushman (28 June 2022). "LTTS launches engineering design centre in France, to hire 100". Mint. Retrieved 23 July 2022.
  21. "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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