L&T Technology Services

L&T Technology Services Limited (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.[2][3] The company also has offices in Edison, New Jersey,[4] and Munich,[5] and a subsidiary company Esencia, based in San Jose, California.[6][7]

L&T Technology Services
Formerly
L&T Integrated Engineering Services
Public subsidiary
Traded asNSE: LTTS
BSE: 540115
ISININE010V01017
IndustryEngineering, Technology
Founded14 June 2012 (14 June 2012)
Area served
Worldwide
Key people
Keshab Panda
(CEO & MD)
P. Ramakrishnan
(CFO)
Amit Chadha
(ED)
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
19000+ (2020)
ParentLarsen & Toubro
SubsidiariesEsencia, Graphene Semiconductor Services
Websitewww.ltts.com

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.[8][9] It began to expand its engineering services as a developer of new technology solutions 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.[10][11] A. M. Naik, the current group chairman of the parent company remained chairman of the subsidiary until his retirement in October 2017.[9][7] Keshab Panda was named as the CEO and managing director [2] and S N Subrahmanyan as vice chairman of the company.[12][13]

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."[14]

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][15] In July, the company was upgraded to Group A of the Bombay Stock Exchange.[16]

References
  1. "Outcome of Board Meeting" (PDF). L&T Technology Services. 3 May 2019. Retrieved 16 July 2019.
  2. Alvares, Clifford (2017-02-03). "Corporate: On The Road Less Taken". BW Businessworld. Retrieved 2017-09-26.
  3. Ganguly, Dibeyendu (2017-05-16). "Digital Age: Companies invest in young leaders". The Economic Times. Retrieved 2017-09-26.
  4. Sood, Jayshal (2017-05-18). "Top 10 Indian, Indian American owned companies that are h-1b dependent". The American Bazaar. Retrieved 2017-09-26.
  5. Sangani, Priyanka (2017-03-23). "L&T Technology Services opens center in Munich". The Economic Times. Retrieved 2017-09-26.
  6. "L&T Technology Services completes Esencia acquisition". Outlook India. 2017-06-01. Retrieved 2017-09-26.
  7. PTI (2017-08-23). "Western protectionism fears more media hype than actual: A M Naik". The Economic Times. Retrieved 2017-09-26.
  8. Shaker, S (2013-08-22). "L&T to focus on engineering services with new entity". The Hindu Business Line. Retrieved 2017-09-26.
  9. Gupta, Ashish (2016-04-05). "Naik's successor". Fortune India. Retrieved 2017-09-26.
  10. "L&T Technology IPO subscribed 2.5 times". The Economic Times. 2016-09-16. Retrieved 2017-09-26.
  11. Mudgill, Amit (2016-09-23). "L&T Technology lists at Rs 920, up 7% over issue price". The Economic Times. Retrieved 2017-09-26.
  12. 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.
  13. Alvares, Clifford (20 September 2017). "L&T: The Ambidextrous Architect". BW Businessworld. Retrieved 2018-01-12.
  14. Pramanik, Ayan (2017-05-15). "Chatbots and more: How Indian IT is using automation to service customers". Business Standard India. Retrieved 2017-09-26.
  15. Mandavia, Megha (2017-07-25). "L&T Tech Q1 profit falls 9% on weak margins". The Economic Times. Retrieved 2017-09-26.
  16. 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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