Chadha says customers continue to spend on transformational technologies
L&T Technology Services Limited (BSE: 540115, NSE: LTTS) has secured a US$50 million contract with a global technology company to enable new opportunities for digital media platforms.
The latest agreement carries a 5-year tenure and is tailored to significantly enhance the flagship suite of products including the customer’s cloud native portfolio and drive new levels of automation and optimization for customer experience functions.
LTTS will also be streamlining the workflow processes and reduce the product development cycle. A key tenet of this collaboration is to leverage LTTS’ cutting-edge innovations in machine learning and artificial intelligence while enabling collaboration on a range of new next-generation experiences.
Amit Chadha, CEO and Managing Director, L&T Technology Services, commented, “We are delighted to announce this key deal win and will be leveraging our multi-vertical expertise, combined with advanced machine learning techniques and deep learning networks developed with over a decade’s experience across linear and other platforms.
“Our team will integrate and deploy the customer’s next gen suite of offerings and help them create personalized and immersive experiences for end customers across the globe.”
Additionally, the company also reported five deals of more than US$10 million each in Q1FY24.
“We had a quarter of strong deal wins across all five segments. Our customers continue to spend on transformational technologies and seek ER&D partners who can deliver innovation, speed-to-market and cost synergies,” he said.
With the addition of Smart World and Communication, LTTS is now better positioned to play in the Next generation communications space. The early wins and critical partnerships with telecom service providers, equipment manufacturers and cyber security providers will create a robust foundation for future growth.
“Our investments into emerging technology areas like AI, Software Defined Vehicle (SDV) and cybersecurity continue to help us engage with customers on ways to prioritize strategic spends and increase market agility,” said Chadha.
Highlights and Recognitions:
• LTTS has partnered with Palo Alto Networks to provide enterprises in diverse verticals with security services and solutions in 5G and Operations Technology (OT). Under the agreement, LTTS will become a Palo Alto Networks Managed Security Services Partner (MSSP), delivering a suite of security services to global customers in industrial verticals.
• LTTS was also recognized as the Leadership Factory of India by Great Manager Institute.
• Rated as leaders in Manufacturing Smart Industry Services 2023 RadarView by Avasant.
• LTTS received the Aveva Global Alliance partner of the Year Award for delivering the highest business growth for Aveva.
• Recognized as Sustainability Partner of the Year by PTC for LTTS’ ESM solution built on PTC platform.
Patents
At the end of Q1FY24, the patents portfolio of L&T Technology Services stood at 1,145, out of which 757 are co-authored with its customers and the rest are filed by LTTS.
It ended Q1FY24 on 30 June 2023:
• Reaffirms US$1.5 billion revenue run-rate in FY25 Q1;
• Revenue of Rs.2,301 crore, up 15% YoY Q1;
• Net profit of Rs.311 crore, up 13% YoY;
• Revenue at Rs.23,014 million; growth of 15% YoY;
• Revenue at US$280 million; growth of 10% YoY in constant currency;
• Net profit at Rs.3,111 million; growth of 13% YoY. Fiinews.com
