Mid-cap stock jumps marginally in the day’s trade after it announced an innovative collaboration with Google Cloud for the development of LTTS Developer Experience Platform known as DevX which would serve as a comprehensive, unified destination for API-enabled solutions across major industries.
At 11:39 a.m the shares of L&T Technology Services Limited were trading at Rs. 4,273.70 up 0.28 percent from its previous day close price of Rs. 4261.75 and its market capitalization is Rs. 44,948 Crores.
As per the company’s filing, L&T Technology services Limited(LTTS) has announced an innovative collaboration with Google Cloud to harness the power of its generative AI (gen AI) technology and tools for the development of its LTTS Developer Experience Platform, known as DevX.
LTTS DevX is a groundbreaking platform for engineering services, which will serve as a comprehensive, unified destination for API-enabled solutions across major industries, from LTTS and its ecosystem partners. It will support the development of a comprehensive API portfolio and experience, altering how customers interact with LTTS’ digital products.
LTTS and Google Cloud will take the next leap in their collaboration by creating a custom gen AI platform seamlessly integrated into the overarching LTTS DevX ecosystem.
Following the collaboration, Abhishek Sinha, Chief Operating Officer and Member of the Board at L&T Technology Services said that “We are excited to join forces with Google Cloud to unlock new dimensions of AI-led innovation”.
Chandra Sankholkar, Director of Partnerships,Google Cloud following the collaboration said that “Google Cloud is committed to providing the industry’s most open cloud and helping customers accelerate their digital transformations”.
The company’s revenue grew 21.98 percent from Rs. 6,569.7 Crores in FY22 to Rs. 8,013.6 Crores in FY23, accompanied by increasing profits of Rs. 957 Crores to Rs. 1,169.8 Crores.
It has reported a return on equity (ROE) of 26.09 percent and a return on capital employed (ROCE) of 37.03 percent, it is making good returns on its equity and is making efficient utilisation of the company’s resources.
According to the latest shareholding data available for the September 2023 quarter, the company’s Promoters hold 73.77 percent stake, the Domestic Institutional Investors hold 10.79 percent and the Foreign Institutional Investors (FII) hold 5.89 percent.
L&T Technology Services Limited is a global Engineering and ER&D service provider, it offers consultancy, design, development and testing services across the product and process development life cycle.
Written by: Bharath K.S
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