L&T Technology Services

2021-04-28T05:34:07Z

2601:2C2:683:FCD0:F9E1:1B66:CCA1:7358:

{{Infobox company
| name = L&T Technology Services
| logo = L&T Technology Services logo.png
| logo_size = 75px75
| former_name = L&T Integrated Engineering Services
| type = [[Public Company|Public subsidiary]]
| traded_as = {{NSE|LTTS}} {{BSE|540115}}
| ISIN = INE010V01017
| industry = [[Engineering]], [[Technology]]
| founded = {{Start date and age|14 June 2012}}
| area_served = Worldwide
| key_people = Amit Chadha {{small|(CEO & MD)}} Keshab Panda {{small|(Non-Ex Director)}} Rajeev Gupta {{small|([[CFO]])}}<ref>http://www.smechannels.com/rajeev-gupta-takes-charge-as-new-cfo-of-lt-technology-services/</ref><ref>https://www.peoplematters.in/news/c-suite/rajeev-gupta-joins-lt-technology-as-cfo-26391</ref> Kapil Bhalla {{small|(Company Secretary)}}
| revenue = {{Increase}} {{USD|723.1 million|link=yes}} ([[Fiscal year#India|FY]] ending 31 March 2019)
| net_income = {{Increase}} {{USD|109.0 million}} (FY ending 31 March 2019)<ref>{{cite web|url=https://www.ltts.com/sites/default/files/investors/exchange-announcements/OutcomeofBoardMeeting.pdf|title=Outcome of Board Meeting|publisher= L&T Technology Services|date=3 May 2019|access-date=16 July 2019}}</ref>
| num_employees = 19000+ (2020)
| parent = [[Larsen & Toubro]]
| subsid = Esencia, Graphene Semiconductor Services
| website = {{URL|http://www.ltts.com/}}
}}

'''L&T Technology Services''' ('''LTTS''') is an engineering services company based in Vadodara, Gujarat. It operates as a subsidiary of the [[Conglomerate (company)|conglomerate]] [[Larsen & Toubro]] (L&T), and is listed on the [[National Stock Exchange of India|National Stock Exchange]] and the [[Bombay Stock Exchange]].<ref name=":0">{{Cite news|url=http://www.businessworld.in/article/Corporate-On-The-Road-Less-Taken/03-02-2017-112394/|title=Corporate: On The Road Less Taken|last=Alvares|first=Clifford|date=2017-02-03|work=BW Businessworld|access-date=2017-09-26|language=en}}</ref><ref>{{Cite news|url=http://economictimes.indiatimes.com/jobs/digital-age-companies-invest-in-young-leaders/articleshow/58688566.cms|title=Digital Age: Companies invest in young leaders|last=Ganguly|first=Dibeyendu|date=2017-05-16|work=The Economic Times|access-date=2017-09-26}}</ref> The company also has offices in [[Edison, New Jersey]],<ref>{{Cite news|url=https://www.americanbazaaronline.com/2017/05/18/top-10-indian-indian-american-owned-companies-h-1b-dependent/|title=Top 10 Indian, Indian American owned companies that are h-1b dependent|last=Sood|first=Jayshal|date=2017-05-18|work=The American Bazaar|access-date=2017-09-26|language=en-US}}</ref> and [[Munich]],<ref>{{Cite news|url=http://economictimes.indiatimes.com/tech/ites/lt-technology-services-opens-center-in-munich/articleshow/57788452.cms|title=L&T Technology Services opens center in Munich|last=Sangani|first=Priyanka|date=2017-03-23|work=The Economic Times|access-date=2017-09-26}}</ref> and a subsidiary company Esencia, based in [[San Jose, California]].<ref name=":2">{{Cite news|url=https://www.outlookindia.com/newsscroll/fedbank-finance-plans-to-open-30-more-branches-in-fy18/1065148|title=L&T Technology Services completes Esencia acquisition|date=2017-06-01|work=Outlook India|access-date=2017-09-26}}</ref><ref name=":3" />

== 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 [[Larsen & Toubro|L&T]]<ref name=":0" /> and in 2013, as a result of the L&T's strategy, the parent company was split into "nine [[Vertical integration|verticals]] and six subsidiaries", of which this was one.<ref>{{Cite news|url=http://www.thehindubusinessline.com/companies/lt-to-focus-on-engineering-services-with-new-entity/article5049383.ece|title=L&T to focus on engineering services with new entity|last=Shaker|first=S|date=2013-08-22|work=The Hindu Business Line|access-date=2017-09-26|language=en}}</ref><ref name=":1">{{Cite news|url=http://www.fortuneindia.com/people/naiks-successor/100333|title=Naik’s successor|last=Gupta|first=Ashish|date=2016-04-05|work=Fortune India|access-date=2017-09-26|language=en}}</ref> It began to expand its engineering services as a developer of new technology solutions{{buzzword inline|date=July 2019}} for other companies under a new brand name L&T Technology Services (LTTS).<ref name=":0" />

In September 2016, LTTS had its initial public offering in the [[National Stock Exchange of India|National Stock Exchange]], making it the second L&T subsidiary to go public.<ref>{{Cite news|url=http://economictimes.indiatimes.com/markets/stocks/news/lt-technology-ipo-subscribed-2-5-times/articleshow/54356710.cms|title=L&T Technology IPO subscribed 2.5 times|date=2016-09-16|work=The Economic Times|access-date=2017-09-26}}</ref><ref>{{Cite news|url=http://economictimes.indiatimes.com/markets/stocks/news/lt-technology-lists-at-rs-920-up-7-over-issue-price/articleshow/54475804.cms|title=L&T Technology lists at Rs 920, up 7% over issue price|last=Mudgill|first=Amit|date=2016-09-23|work=The Economic Times|access-date=2017-09-26}}</ref> [[A. M. Naik]], the current group chairman of the parent company remained chairman of the subsidiary until his retirement in October 2017.<ref name=":1" /><ref name=":3">{{Cite news|url=http://economictimes.indiatimes.com/news/company/corporate-trends/western-protectionism-fears-more-media-hype-than-actual-a-m-naik/articleshow/60197282.cms|title=Western protectionism fears more media hype than actual: A M Naik|last=PTI|date=2017-08-23|work=The Economic Times|access-date=2017-09-26}}</ref> Keshab Panda was named as the CEO and managing director <ref name=":0" /> and [[S N Subrahmanyan]] as vice chairman of the company.<ref>{{Cite news|url=http://businessworld.in/article/-What-I-Inherited-Is-Today-12-Of-L-T-The-Other-88-I-Have-Created-/20-09-2017-126603/|title=‘What I Inherited Is Today 12% Of L&T; The Other 88% I Have Created’|last=Alvares|first=Clifford|date=20 September 2017|work=BW Businessworld|access-date=2018-01-12|language=en}}</ref><ref>{{Cite news|url=http://businessworld.in/article/L-T-The-Ambidextrous-Architect/20-09-2017-126609/|title=L&T: The Ambidextrous Architect|last=Alvares|first=Clifford|date=20 September 2017|work=BW Businessworld|access-date=2018-01-12|language=en}}</ref>

In 2017, L&T Technology developed a set of personal safety gear that is based on [[Cloud computing|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."<ref>{{Cite news|url=http://www.business-standard.com/article/companies/chatbots-and-more-how-indian-it-is-using-automation-to-service-customers-117051500037_1.html|title=Chatbots and more: How Indian IT is using automation to service customers|last=Pramanik|first=Ayan|date=2017-05-15|work=Business Standard India|access-date=2017-09-26}}</ref>

In June 2017, L&T Technology completed the acquisition of the Esencia, a [[San Jose, California]]-based engineering firm involved in development of "[[Wireless network|wireless connectivity]] solutions, [[perceptual computing]], [[Internet of things|Internet of Things]] and advanced [[silicon]] products" for $27 million.<ref name=":2" /><ref>{{Cite news|url=http://economictimes.indiatimes.com/markets/stocks/earnings/lt-tech-q1-profit-falls-9-on-weak-margins/articleshow/59758297.cms|title=L&T Tech Q1 profit falls 9% on weak margins|last=Mandavia|first=Megha|date=2017-07-25|work=The Economic Times|access-date=2017-09-26}}</ref> In July, the company was upgraded to Group A of the [[Bombay Stock Exchange]].<ref>{{Cite news|url=http://indiatoday.intoday.in/story/bse-to-add-48-companies-to-group-%60a-from-july-17/1/1002286.html|title=BSE to add 48 companies to Group `A from July 17|last=PTI|date=2017-07-14|work=India Today|access-date=2017-09-26}}</ref>

== See also ==

* [[Larsen & Toubro]]
* [[Larsen & Toubro Infotech]]

== References ==
{{Reflist}}

== External links ==
* {{Official website|http://www.lnttechservices.com/}}

{{Larsen & Toubro}}
{{Nifty 200 companies}}

{{DEFAULTSORT:LandT Technology Services}}
[[Category:Engineering companies of India]]
[[Category:Larsen & Toubro]]
[[Category:Indian companies established in 2013]]
[[Category:2013 establishments in Maharashtra]]

{{India-company-stub}}

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L&T Technology Services