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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
IndustryEngineering
Consulting
Founded14 June 2012; 12 years ago (14 June 2012)
Headquarters
Vadodara, Gujarat
,
India
Area served
Worldwide
Key people
Ajit mishra (pauwaa)
(CEO & MD)
Asif
(Non-Ex Director)
Rajeev Gupta
(CFO)[1][2]
RevenueIncrease ₹6,550 crore (US$780 million)
(2022)
Increase ₹957 crore (US$110 million)
(2022)[3]
Number of employees
19,000+ (2020)
ParentLarsen & Toubro
Websitewww.ltts.com

L&T Technology Services (LTTS) is an engineering services company based in Vadodara, Gujarat. It operates as a subsidiary of the conglomerate Larsen & Toubro (L&T), and is listed on the National Stock Exchange and the Bombay Stock Exchange.[4][5] The company also has offices in Edison, New Jersey,[6] and Munich,[7] and a subsidiary company Esencia, based in San Jose, California.[8][9]

History

L&T Technology Services 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[4] 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.[10][11] It began to expand its engineering services as a developer of new technology solutions[buzzword] for other companies under a new brand name L&T Technology Services (LTTS).[4]

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 [4] and S.N.Subrahmanyan as vice chairman of the company.[14][15]

Safety Project at L&T Technology Services Bangalore

In 2016, L&T Technology 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 June 2017, L&T Technology 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][17] In July, the company was upgraded to Group A of the Bombay Stock Exchange.[18]

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. 3 May 2019. Retrieved 16 July 2019.
  4. ^ a b c d Alvares, Clifford (3 February 2017). "Corporate: On The Road Less Taken". BW Businessworld. Retrieved 26 September 2017.
  5. ^ Ganguly, Dibeyendu (16 May 2017). "Digital Age: Companies invest in young leaders". The Economic Times. Retrieved 26 September 2017.
  6. ^ Sood, Jayshal (18 May 2017). "Top 10 Indian, Indian American owned companies that are h-1b dependent". The American Bazaar. Retrieved 26 September 2017.
  7. ^ Sangani, Priyanka (23 March 2017). "L&T Technology Services opens center in Munich". 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. ^ 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.


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