L&T Technology Services
 | |
| Formerly | L&T Integrated Engineering Services |
|---|---|
| Company type | Public subsidiary |
| NSE: LTTS BSE: 540115 | |
| ISIN | INE010V01017 |
| Industry | Engineering, Technology |
| Founded | 14 June 2012 |
Area served | Worldwide |
Key people | Dr. Keshab Panda (CEO & MD) P. Ramakrishnan (CFO) Amit Chadha (ED) Capt. Kapil Bhalla (Company Secretary) |
| Revenue |  US$723.1 million(FY ending 31 March 2019) |
| US$109.0 million (FY ending 31 March 2019)[1] | |
Number of employees | 15,100 (2019) |
| Parent | Larsen & Toubro |
| Subsidiaries | Esencia, Graphene Semiconductor Services |
| Website | www |
L&T Technology Services Limited (LTTS) is an engineering services company based in Vadodara, Gujarat. It operates as a subsidiary of conglomerate Larsen & Toubro (L&T) and it is listed on the National Stock Exchange and the Bombay Stock Exchange.[2][3] The company also has offices in Edison, New Jersey,[4] and Munich,[5] and a subsidiary Esencia, based in San Jose, California.[6][7]
The company developed the world’s first cost-effective Robotic Endo-training Kit in association with Global Innovation & Technology Alliance (GITA) and Department of Science and Technology (DST).[8]
History
L&T Technology Services was founded in 2009 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[2] 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 new technology solutions[buzzword] for other companies under a new brand name L&T Technology Services (LTTS).[2]
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][7] Keshab Panda was named as the CEO and managing director [2] and S.N. Subrahmanyan as vice chairman of the company.[13][14]
In 2017, 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."[15]
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.[6][16] In July, the company was upgraded to Group A of the Bombay Stock Exchange.[17]
References
- ^ "Outcome of Board Meeting" (PDF). L&T Technology Services. 3 May 2019. Retrieved 16 July 2019.
- ^ a b c d Alvares, Clifford (2017-02-03). "Corporate: On The Road Less Taken". BW Businessworld. Retrieved 2017-09-26.
- ^ Ganguly, Dibeyendu (2017-05-16). "Digital Age: Companies invest in young leaders". The Economic Times. Retrieved 2017-09-26.
- ^ Sood, Jayshal (2017-05-18). "Top 10 Indian, Indian American owned companies that are h-1b dependent". The American Bazaar. Retrieved 2017-09-26.
- ^ Sangani, Priyanka (2017-03-23). "L&T Technology Services opens center in Munich". The Economic Times. Retrieved 2017-09-26.
- ^ a b "L&T Technology Services completes Esencia acquisition". Outlook India. 2017-06-01. Retrieved 2017-09-26.
- ^ a b PTI (2017-08-23). "Western protectionism fears more media hype than actual: A M Naik". The Economic Times. Retrieved 2017-09-26.
- ^ "L&T Technology Services Develops The World's 1st Cost-effective Robotic Endo-Training Kit". IndianWeb2.com. Retrieved 2019-12-16.
- ^ Shaker, S (2013-08-22). "L&T to focus on engineering services with new entity". The Hindu Business Line. Retrieved 2017-09-26.
- ^ a b Gupta, Ashish (2016-04-05). "Naik's successor". Fortune India. Retrieved 2017-09-26.
- ^ "L&T Technology IPO subscribed 2.5 times". The Economic Times. 2016-09-16. Retrieved 2017-09-26.
- ^ Mudgill, Amit (2016-09-23). "L&T Technology lists at Rs 920, up 7% over issue price". The Economic Times. Retrieved 2017-09-26.
- ^ Alvares, Clifford (20 September 2017). "'What I Inherited Is Today 12% Of L&T; The Other 88% I Have Created'". BW Businessworld. Retrieved 2018-01-12.
- ^ Alvares, Clifford (20 September 2017). "L&T: The Ambidextrous Architect". BW Businessworld. Retrieved 2018-01-12.
- ^ Pramanik, Ayan (2017-05-15). "Chatbots and more: How Indian IT is using automation to service customers". Business Standard India. Retrieved 2017-09-26.
- ^ Mandavia, Megha (2017-07-25). "L&T Tech Q1 profit falls 9% on weak margins". The Economic Times. Retrieved 2017-09-26.
- ^ PTI (2017-07-14). "BSE to add 48 companies to Group `A from July 17". India Today. Retrieved 2017-09-26.