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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.[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]

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.[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).[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.[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][13] 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]

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

External links

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. Financial Results FY25 BSE, retrieved 23 May 2025^
  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 LTTS, retrieved 8 January 2023^
  6. Clifford Alvares. Corporate: On The Road Less Taken BW Businessworld, 2017-02-03, retrieved 2017-09-26^
  7. Financial Results FY25 BSE, 2025-05-23, retrieved 2025-05-23^
  8. L&T Technology Services completes Esencia acquisition Outlook India, 2017-06-01, retrieved 2017-09-26^
  9. S Shaker. L&T to focus on engineering services with new entity The Hindu Business Line, 2013-08-22, retrieved 2017-09-26^
  10. Ashish Gupta. Naik's successor Fortune India, 2016-04-05, retrieved 2017-09-26^
  11. L&T Technology IPO subscribed 2.5 times The Economic Times, 2016-09-16, retrieved 2017-09-26^
  12. Amit Mudgill. L&T Technology lists at Rs 920, up 7% over issue price The Economic Times, 2016-09-23, retrieved 2017-09-26^
  13. PTI. Western protectionism fears more media hype than actual: A M Naik The Economic Times, 2017-08-23, retrieved 2017-09-26^
  14. Clifford Alvares. 'What I Inherited Is Today 12% Of L&T; The Other 88% I Have Created' BW Businessworld, 20 September 2017, retrieved 2018-01-12^
  15. Clifford Alvares. L&T: The Ambidextrous Architect BW Businessworld, 20 September 2017, retrieved 2018-01-12^
  16. Ayan Pramanik. Chatbots and more: How Indian IT is using automation to service customers Business Standard India, 2017-05-15, retrieved 2017-09-26^
  17. Priyanka Sangani. L&T Technology Services opens center in Munich The Economic Times, 2017-03-23, retrieved 2017-09-26^
  18. Megha Mandavia. L&T Tech Q1 profit falls 9% on weak margins The Economic Times, 2017-07-25, retrieved 2017-09-26^
  19. PTI. BSE to add 48 companies to Group 'A from July 17 India Today, 2017-07-14, retrieved 2017-09-26^
  20. Haripriya Sureban. L&T Technology Services opens Engineering R&D Centre in Poland www.thehindubusinessline.com, 2022-05-26, retrieved 2022-07-31^
  21. Ayushman Baruah. LTTS launches engineering design centre in France, to hire 100 Mint, 2022-06-28, retrieved 2022-07-23^
  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. Thales and L&T Technology Services Expand Collaboration to Provide Innovative Business Models to Customers Business Wire, 21 August 2024, retrieved 27 March 2025^
  25. L&T Technology Services acquires US-based Intelliswift for $110 million Business Standard, retrieved 11 November 2024^