L&T Technology Services

L&T Technology Services
Formerly
 L&T Integrated Engineering Services
Public subsidiary
Traded as NSE: LTTS
BSE: 540115
ISIN INE010V01017
Industry Engineering, Technology
Founded 2009 (2009)
Area served
 Worldwide
Key people
  • A. M. Naik (Chairman)
  • S. N. Subrahmanyan (Vice Chairman)
  • Keshab Panda (CEO & MD)
  • Amit Chadha (President)
  • Bhupendra Bhate (COO)[1]
Revenue Increase US$488 million (2017)
Increase US$63 million (2017)[2]
Number of employees
 10,223 (June 2017)
Parent Larsen & Toubro
Subsidiaries Esencia
Website www.lnttechservices.com

L&T Technology Services (LTTS) is a multi-national publicly-traded subsidiary of the Indian-based conglomerate Larsen & Toubro (L&T).[3][4] The research and development engineering services firm also has offices in Edison, New Jersey,[5] and Munich,[6] as well as a subsidiary Esencia that is based in San Jose, California.[7] As of 2016,[8] it is traded in at least two of India’s stock exchanges, the National Stock Exchange and the Bombay Stock Exchange.

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 larger publicly-traded L&T conglomerate.[3] By 2013, the company had become part of an effort to split the parent company “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 for other companies under a new name L&T Technology Services (LTTS).[3]

In September 2016, LTTS had its initial public offering in the National Stock Exchange, making it the second L&T subsidiary to go public after the listing of L&T Infotech a few months before.[11][12] As of August 2017, A. M. Naik, the current group chairman of the parent company, also serves as chairman of the subsidiary until his announced retirement in October 2017.[10][8] LTTS is also headed by Keshab Panda the CEO and managing director[3] and vice chairman S.N. Subrahmanyan, who also serves as vice chairman, CEO, and managing director of the parent 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 $27 million 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”.[7][16] In July, the company was one of a total of 48 that were upgraded to Group A of the Bombay Stock Exchange, “the most tracked segment” which consists of about 300 selected stocks.[17]

References

  1. ↑ "Board Of Directors". L&T Technology Services.
  2. ↑ L&T Technology Services Limited (LTTS) posts FY17 results
  3. 1 2 3 4 Alvares, Clifford (2017-02-03). "Corporate: On The Road Less Taken". BW Businessworld. Retrieved 2017-09-26.
  4. ↑ Ganguly, Dibeyendu (2017-05-16). "Digital Age: Companies invest in young leaders". The Economic Times. Retrieved 2017-09-26.
  5. ↑ Sood, Jayshal (2017-05-18). "Top 10 Indian, Indian American owned companies that are h-1b dependent". The American Bazaar. Retrieved 2017-09-26.
  6. ↑ Sangani, Priyanka (2017-03-23). "L&T Technology Services opens center in Munich". The Economic Times. Retrieved 2017-09-26.
  7. 1 2 "L&T Technology Services completes Esencia acquisition". Outlook India. 2017-06-01. Retrieved 2017-09-26.
  8. 1 2 PTI (2017-08-23). "Western protectionism fears more media hype than actual: A M Naik". The Economic Times. Retrieved 2017-09-26.
  9. ↑ Shaker, S (2013-08-22). "L&T to focus on engineering services with new entity". The Hindu Business Line. Retrieved 2017-09-26.
  10. 1 2 Gupta, Ashish (2016-04-05). "Naik's successor". Fortune India. Retrieved 2017-09-26.
  11. ↑ "L&T Technology IPO subscribed 2.5 times". The Economic Times. 2016-09-16. Retrieved 2017-09-26.
  12. ↑ Mudgill, Amit (2016-09-23). "L&T Technology lists at Rs 920, up 7% over issue price". The Economic Times. Retrieved 2017-09-26.
  13. ↑ 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.
  14. ↑ Alvares, Clifford (20 September 2017). "L&T: The Ambidextrous Architect". BW Businessworld. Retrieved 2018-01-12.
  15. ↑ Pramanik, Ayan (2017-05-15). "Chatbots and more: How Indian IT is using automation to service customers". Business Standard India. Retrieved 2017-09-26.
  16. ↑ Mandavia, Megha (2017-07-25). "L&T Tech Q1 profit falls 9% on weak margins". The Economic Times. Retrieved 2017-09-26.
  17. ↑ PTI (2017-07-14). "BSE to add 48 companies to Group `A from July 17". India Today. Retrieved 2017-09-26.
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