L&T Technology Services
The key achievements included acquiring the US-based Esencia Technologies, which has helped increase its footprint in the high-end VLSI and ASIC designs
L&T Technology Services had a good 2018, registering revenue at USD 740 Mn for the year; a growth of 15.4% YoY. In US dollar terms, the US Dollar revenue was at $580.4 million for 2018, with revenue growth of 19.8% YoY, and growth in constant currency at 18.2% YoY. LTTS’s strategy of focusing on top 30 accounts, winning large deals and co-innovating with customers, has worked well. During FY18, the key achievements included acquiring the US-based Esencia Technologies, which has helped increase the footprint in the high-end VLSI and ASIC designs, opening a Centre of Excellence for video and security in Israel - a hub for innovation, and winning multiple large deals with marquee clients across verticals and technologies.
LTTS won several multi-million dollar projects from global customers across all the verticals. A few key deals were: • LTTS won a digitalization contract valued at more than $20 million in the first year, from ExxonMobil Exploration Cp., an American multinational oil and gas corporation. • Germany’s Covestro, a world-leading manufacturer of high-tech polymer materials, chose LTTS as one of its major engineering services partners. LTTS won a multi-million dollar contract to implement digitalization based Engineering Programs across Covestro’s global locations. • LTTS entered into a multi-year partnership with a leading networking OEM for a complex 5G product development and testing program. LTTS will also provide engineering services and support to the manufacturer for product commercialization activities in the North American region. • For a Japanese manufacturer, LTTS has entered into a multi-year deal for end-to-end design & development of its product line across two design centers in India. LTTS will roll out product variants on an ongoing basis from the centres. • For a European Off Highway major, LTTS set up a design centre to build components for the customer’s agricultural, as well as construction equipment divisions. India, as a region, accounted for 10.8% of revenue in 2018, a growth of 64.6%. North America accounted for 60.2% of revenue, Europe 17.3%, and RoW 11.7%.
LTTS organized the second edition of its unique industry-academia initiative TECHgium. The event drew tremendous response from students across major Indian educational establishments. With the objective to nurture future innovators, LTTS invested over 100 working hours to mentor students shortlisted for the PoC round, with subject matter experts from respective industry domains, mentoring the students.
LTTS also launched a design center in Gurugram, Haryana, the first for the company in northern India.
—DR KESHAB PANDA CEO & MD