The shares of the IT company specializing in providing digital and engineering solutions across various industries jumped upto 2 upon securing a €50 million work order from a major European automotive OEM.
Price action
With a market capitalization of Rs. 48,290.67 crores on Tuesday, the shares of L&T Technology Services Ltd jumped upto 1.6 percent, making a high of Rs. 4576.80 per share compared to its previous closing price of Rs. 4500.90 per share.
What Happened
L&T Technology Services Ltd is engaged in providing digital and engineering solutions across various industries, has secured a €50 million deal with a major European automotive OEM, marking a significant milestone in its Mobility segment. The deal focuses on developing next-generation software platforms for current and future vehicle models.
LTTS will set up a new development center as part of the client’s global right-shoring strategy, contributing to cutting-edge technologies like driver assistance systems, infotainment platforms, and integrated vehicle solutions.
L&T Technology Services secured the deal through its expertise in software-defined vehicles (SDV), Advanced Driver Assistance Systems (ADAS), and AI. Their investments in driverless car technologies and integrated ADAS solutions help clients accelerate development. The launch of LTTSiDrive further strengthens their SDV framework for automotive, trucks, and off-highway vehicles.
Management Commentary
Amit Chadha, CEO & Managing Director, L&T Technology Services and Nasscom Executive Council Member, stated, “We are thrilled to collaborate with one of the most influential automotive leaders in Europe. This deal underlines LTTS’s proven competencies in software-defined mobility and reflects our commitment to enabling transformation in the global automotive landscape.
Our expertise in EV technologies, SDVs, and ADAS, complemented by our robust digital engineering capabilities, positions us to create a powerful impact for our customers, making future-ready mobility a reality.”
About the Company
L&T Technology Services (LTTS) is a global leader in engineering and technology services. A listed subsidiary of Larsen & Toubro (L&T), they offer design, development, testing, and sustenance services across products and processes. It offers solutions across industries like automotive, aerospace, industrial products, and healthcare, with expertise in areas like AI, IoT, and software-defined vehicles.
Financials
The company’s revenue rose by 8.14 percent from Rs. 2,484.2 crore to Rs. 2,686.5 crore in Q3FY24-25. Meanwhile, Net profit declined from Rs. 336.2 crore to Rs. 322.4 crore during the same period.
Written By Sridhar J
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