2 weeks ago
L&T Technology Services Secures Five-Year Deal Exceeding $75 Million
L&T Technology Services, also called LTTS, won a large five-year business contract.
The deal is worth more than $75 million, or about Rs 718 crore.
The customer is a major technology company, but its name was not announced.
LTTS will help the customer design and build products and software.
It will also test systems, maintain them and operate technology platforms.
LTTS plans to create a special engineering centre for the customer.
The work will use LTTS’s Engineering Intelligence tools.
The company recently said that both its quarterly profit and revenue increased.
L&T Technology Services won a five-year contract worth more than $75 million from a leading global technology enterprise.
The unnamed client’s identity was withheld because of contractual obligations, and the deal was awarded by an international entity.
LTTS will provide product engineering, software development, testing, validation, sustenance engineering, platform operations and digital engineering services.
The agreement includes establishing a dedicated engineering centre for the client’s technology and digital functions.
LTTS recently reported a 17.4% year-on-year increase in quarterly net profit to Rs 352 crore and an 11.5% revenue rise to Rs 2,940 crore.
- Who
- L&T Technology Services and an unnamed leading global technology enterprise.
- What
- LTTS secured a five-year engagement worth more than $75 million for engineering and digital services.
- Where
- The announcement was made in New Delhi; the client’s location was not disclosed.
- When
- The deal was announced on Wednesday and will be executed over five years.
- Why
- LTTS will apply its Engineering Intelligence capabilities across the client’s product-development lifecycle and support its technology and digital functions.
Key facts
- Contract value
- More than $75 million, reported as about Rs 718 crore
- Contract duration
- Five years
- Client
- Unnamed leading global technology enterprise
- Contract scope
- Product engineering, software development, testing, validation, sustenance engineering, platform operations and digital engineering
- Dedicated facility
- An engineering centre for the client’s technology and digital functions
- Quarterly net profit
- Rs 352 crore, up 17.4% year on year
- Quarterly revenue
- Rs 2,940 crore, up 11.5% year on year
- Constant-currency revenue growth
- 1.9%, compared with 12.8% in the corresponding period last year
Quotes
L&T Technology Services (LTTS)
Indian engineering services subsidiary of Larsen & Toubro
“"LTTS will also enable the creation of a dedicated engineering centre for technology and digital functions, leveraging its full stack of EI solutions," the company stated”
freepressjournal.in
Sources
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