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<ul><li>Shares of <keyword id="2535680" type="PERSON" weightage="20" keywordseo="LT-Technology">L&amp;T Technology</keyword> Services touched its record high mark of ₹3,447 on July 15.</li><li>The engineering services company delivered 84% year on year growth in net profit to ₹216 crore.</li><li>The company filed 23 patents in the June quarter.</li></ul>Shares of L&amp;T Technology Services, the engineering services arm of India’s largest construction company, surged 18% in a single day as investors celebrated the exemplary performance by the company in June quarter. The company reported 85% year on year growth in its net profit to ₹216 crore and 17% on year growth in revenue to ₹1,518 crore. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Financials </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Apr-Jun 2021 (in rupee crores) </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Jan-Mar 2021 (in rupee crores) </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1,518 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1440 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Net income </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">216 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">194 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Gross profit </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">506 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">465 </td></tr></tbody></table> The strong quarter performance was supported by a huge deal win and good growth in digital engineering revenues. The company won 11 large deals across 5 segments -- transportation, industrial products, telecom and hi-tech, plant engineering and medical devices. “Digital transformation deals now account for 54% of our revenue. Our strong growth foundation in the digital transformation domain enables newer opportunities for us. FY22 will be about relooking at our offerings and portfolios to resonate with the needs of the modern world,” the company said on <a href="https://twitter.com/LnTTechservices/status/1415304700652576769">Twitter</a>. <div type="image" title="L&amp;amp;T Tech stock" height="900" width="1200" msid="84437562" hostid="261"></div> Moreover, the company has filed 23 patents in the June quarter. At the end of the first quarter, the patents portfolio of L&amp;T Technology Services stood at 719, out of which 531 are co-authored with its customers and the rest are filed by the company. The engineering services company relies on a combination of patent, copyright and trademark laws, trade secrets, confidentiality procedures and contractual provisions to protect its intellectual property. “We started the new fiscal with a strong performance, despite the pandemic related challenges during the quarter. In Q1, we got our revenue back on the double-digit growth trajectory and marked four consecutive quarters of operating margin improvement. The deal pipeline is healthy across segments, and we expect broad based growth to continue. Our innovation engine is matching the pace of our growth as we filed a record 23 patents in Q1,” said Amit Chadha, chief executive officer and managing director of L&amp;T Technology Services in June quarter release. Further, the company looks to scale its operations in 6 areas -- automated electric vehicles, medical technologies, digital manufacturing, artificial intelligence and machine learning, and sustainability. At the end of June quarter, the company had an employee strength of 16,972. At 2:11 p.m., on July 15, shares of the company were trading 18% higher at ₹3,440. SEE ALSO: <a href="https://www.businessinsider.in/business/news/merus-plea-against-uber-abusing-its-dominant-status-rejected-by-cci/articleshow/84434982.cms">Meru’s plea against Uber abusing its dominant status rejected by CCI </a> <a href="https://www.businessinsider.in/business/corporates/news/just-dial-share-price-surge-as-mukesh-ambani-is-looking-to-buy-just-dial/articleshow/84432450.cms">As Mukesh Ambani reportedly dials in, Just Dial stocks surge 3% </a> <a href="https://www.businessinsider.in/business/startups/news/pubg-developer-krafton-is-going-to-help-indian-storytelling-platform-pratilipi-to-turn-a-few-stories-into-games/articleshow/84430517.cms">PUBG developer Krafton is going to help Indian storytelling platform Pratilipi to turn a few stories into games </a>

L&T Technology Services gains more than 18% in a day on strong financials

<keyword id="141182" type="COMPANY" weightage="20" keywordseo="Larsen-Tourbo">Larsen &amp; Tourbo</keyword>’s technology arm, L&amp;T Technology Services, has successfully acquired the engineering services vertical of US technology company <keyword id="28251" type="CITY" weightage="20" keywordseo="Dell">Dell</keyword>. With the acquisition deal closed, the engineering giant will now provide comprehensive engineering research and development (ER&amp;D) services to its transportation customers, through its global delivery centers in the US and India. 
	 “Product engineering is undergoing structural shifts with evolving technologies, shorter development cycles, regulatory demands, and a shortage of skilled talent. This is a tremendous opportunity for us to have a strong local presence in North America where a majority of our clients are based. That along with <keyword id="2549810" type="UNKNOWN" weightage="20" keywordseo="Dell-Engineering-Services">Dell Engineering Services</keyword>’ strong expertise in Embedded, and Mechanical Design &amp; Analysis and a history of successful relationships in North America will help us ride the next level of growth,” said Keshab Panda, chief executive of L&amp;T Technology Services. 
	 
	He further added, “The transaction enhances L&amp;T Technology Services’ ability to offer differentiated technology solutions and full program management services by leveraging global-local talent base at any point in the product development cycle. Dell Engineering Services has delivery centers in Illinois, Iowa and Texas in the US and Bangalore and Hyderabad in India.” 
	 
	The American division of Dell Engineering Services will become a part of L&amp;T Technology Services’ North America Offsite Delivery center and will have the headquarter in Peoria, Illinois. The company through the deal will now have greater access to the customer base of Dell Engineering Services and will enjoy a better share in the $4 billion transportation ER&amp;D market.

India’s Engineering Major L&T Acquires Dell’s Engineering Services Division

<ul><li><keyword id="6354919" type="COMPANY" weightage="20" keywordseo="LT">L&amp;T</keyword> has teamed up with local administrations of over 20 cities to combat <keyword id="8763838" type="UNKNOWN" weightage="20" keywordseo="covid-19">Covid-19</keyword>.</li><li>L&amp;T’s solutions include the use of artificial intelligence and machine learning tools in Telangana, using which it notifies the local administrations about crowd gatherings and lockdown violations.</li><li>In Andhra and UP, L&amp;T is using control centers and helplines to control crowd gatherings and let people connect with the local medical officer in case of emergencies.</li></ul>Infrastructure major L&amp;T has partnered with over 20 city administrations across India to combat the Covid-19 pandemic. To aid surveillance, the company is bringing out the many AI and ML assisted technologies that it is piloting for smart cities projects. “With its ability to seamlessly integrate various smart technologies to manage surveillance, crowd management, message delivery and communication to residing populace, L&amp;T is supporting the transformation of city civic administrations,” said L&amp;T’s CEO and MD, SN Subrahmanyan. L&amp;T said that it has partnered with municipal and police agencies of various cities to set up technology and manage Command &amp; Control Centers. It has multiple partnerships with local administrations in Telangana, Andhra Pradesh, Uttar Pradesh and Maharashtra. Who’s going too far in Hyderabad? Hyderabad citizens have been ordered not to drive beyond 3 KM for anything – even essential goods. L&amp;T’s systems use machine learning (ML) tools to detect the number plates of the vehicles outside of the 3KM zone. Then, they send an automatic alert to the local administration. L&amp;T also uses the regional transport authority’s (RTA) database to identify the owners of these vehicles. Apart from this, L&amp;T deployed AI-based crowd control measures to maintain social distancing. This AI technology is used in conjunction with more than 200 CCTV cameras across Hyderabad to send automatic alerts to the local police. So far, L&amp;T says it has sent more than 1,000 alerts. An app for health workers to carry out surveys L&amp;T has developed an app for health workers in Visakhapatnam to carry out Covid-19 surveys. Apart from this, a separate app for citizens also lets them notify the local medical officer in case of an emergency. The company also set up a dedicated 24x7 grievance cell to keep a tab on people who have returned from foreign countries. L&amp;T’s operators follow up with these identified individuals on a daily basis for 14 days. If these individuals report any Covid-19 symptoms, the operators notify the chief medical officer of the locality. It has set up a similar grievance cell in UP’s Prayagraj, along with a 1920 helpline number. In Mumbai, it has deployed thermal cameras and drones for surveillance. L&amp;T says that it has sent 246 alerts to the Mumbai police so far, notifying it about crowd gatherings in the city. See also: <a href="https://www.businessinsider.in/india/news/the-indian-army-gives-larsen-and-toubro-a-large-contract-to-build-an-it-network/articleshow/75026000.cms">The Indian Army gives Larsen and Toubro a large contract to build an IT network</a> <a href="https://www.businessinsider.in/business/news/lt-announces-rs-150-cr-donation-to-pm-cares-fund-to-fight-covid-19/articleshow/74884008.cms">L&amp;T announces Rs 150 cr donation to PM-CARES Fund to fight COVID-19</a> <a href="https://www.businessinsider.in/business/news/covid-19-lt-to-donate-ppes-n95-masks-other-medical-equipments/articleshow/75195465.cms">COVID-19: L&amp;T to donate PPEs, N95 masks, other medical equipments</a>

L&T is testing out its smart city solutions during the Covid-19 pandemic

To tap the upbeat investor sentiment, three firms - <a href="http://www.businessinsider.in/searchresult.cms?query=IPO&amp;sortorder=score">ICICI Prudential Life</a> <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">Insurance</keyword> Company, <a href="http://www.businessinsider.in/searchresult.cms?query=IPO&amp;sortorder=score">L&amp;T Technology Services</a> and <keyword id="3079163" type="UNKNOWN" weightage="20" keywordseo="GNA-Axles">GNA Axles</keyword> - will hit the markets this month to raise over Rs 7,000 crore through IPO. 
 Bidding for shares in <keyword id="1380245" type="UNKNOWN" weightage="20" keywordseo="LT-Technology-Services">L&amp;T Technology Services</keyword> will open tomorrow, while the same for GNA Axles would begin on September 14 and <keyword id="75577" type="COMPANY" weightage="20" keywordseo="ICICI-Prudential-Life">ICICI Prudential Life</keyword>'s public issue would be open for subscription from September 19. 
 The public issue of ICICI <keyword id="118708" type="CITY" weightage="20" keywordseo="Prudential">Prudential</keyword> Life is expected to garner Rs 6,057 crore, L&amp;T Technology (Rs 894 crore) and GNA Axles (Rs 130 crore). 
 The equity shares offered through the initial public offers (IPOs) are proposed to be listed on the BSE and <keyword id="6354646" type="CITY" weightage="20" keywordseo="NSE">NSE</keyword>. 
 
Since the beginning of 2016, as many as 17 companies have already floated their IPOs and got listed on the <a href="http://www.businessinsider.in/searchresult.cms?query=IPO&amp;sortorder=score">stock exchanges</a>. 
 
ICICI Prudential Life's public offer comprises up to 18,13,41,058 <a href="http://www.businessinsider.in/searchresult.cms?query=IPO&amp;sortorder=score">equity shares </a>of <keyword id="632740" type="COMPANY" weightage="20" keywordseo="ICICI-Prudential-Life-Insurance-Company">ICICI Prudential Life Insurance Company</keyword>. 
 
This would be the first public issue by an insurer in India. It would also be the biggest IPO after Coal India, which had hit the markets in 2010 to raise over Rs 15,000 crore. 
 The insurer is a venture between banking major <keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword> and UK's Prudential Corporation Holdings. ICICI Bank has around 68% stake in the insurer, while Prudential has 26 per cent. <keyword id="6356662" type="COUNTRY" weightage="20" keywordseo="Singapore">Singapore</keyword>'s <keyword id="6367519" type="PERSON" weightage="20" keywordseo="Temasek">Temasek</keyword> and PremjiInvest also are shareholders. 
 
The firm has fixed a price band between Rs 300 to Rs 334 per equity share. 
 L&amp;T Technology Services' IPO comprises an offer for sale of up to 10,400,000 shares by its promoter <keyword id="147676" type="PERSON" weightage="20" keywordseo="Larsen">Larsen</keyword> and <keyword id="304986" type="COMPANY" weightage="20" keywordseo="Toubro">Toubro</keyword> (L&amp;T). The firm has fixed price band of Rs 850 to Rs 860 per share for the IPO. 
 
The initial public offering of auto components maker GNA Axles comprises an issue of up to 63 lakh shares. The price band has been sat Rs 205-207 per share.

Watchout for these three new IPOs hitting the market to raise Rs 7,000 crores

New Delhi, Feb 7 () Infrastructure giant Larsen &amp; Toubro (L&amp;T) on Friday said it has entered into a pact with ideaForge, domestic unmanned aerial vehicles manufacturer, to offer drones and allied systems for defence use. "L&amp;T and ideaForge...have entered (into) an MoU (memorandum of understanding) to offer drones and allied systems for defence use," the company said in a filing to the BSE. Both companies will combine their strengths to offer hi-tech integrated drone solutions to enhance security and surveillance. They will also offer anti-drone solutions to counter the threat of malicious or unintended usage of drones. "The MoU involves collaboration on technology, products, deployment and go-to-market strategies," it said. It will unlock the full potential of unmanned systems in security, surveillance and protection solutions. With the ever-increasing adoption of drone technology, the partnership will redefine the landscape of unmanned systems. "We are teaming as partners of choice to provide indigenously developed unmanned systems for Indian and global markets. We are confident that this alliance will create a successful 'Make in India' collaboration between a diversified engineering conglomerate and a young, technology-driven company for across-the-range offerings," J D Patil, whole-time director and senior executive vice-president (defence and smart technologies), L&amp;T, said. SID HRS

L&T, ideaForge sign pact for unmanned systems

<ul><li>L&amp;T management reassured investors after its hostile takeover of Mindtree</li><li>The conglomerate's IT subsidiary L&amp;T Infotech and Mindtree will operate as separate entities</li><li>Investors in Mindtree will be given an open offer at ₹980</li><li>L&amp;T will even consider to buy back shares from Mindtree's investors</li></ul> Shares of L&amp;T Infotech gained over 3.7% during mid-day trade on Tuesday (March 19) after a reassurance from the L&amp;T managment. "Our intent is to keep both of them separate,” President SN Subrahmanyan said at a press conference after the conglomerate, which spans businesses from infrastructure to information technology, bought a controlling stake in the Bengaluru-based Mindtree. This will be the first hostile takeover of an Indian information technology (IT) services firm as Mindtree's founders resisted the takeover by L&amp;T. L&amp;T Infotech, which is the conglomerate's IT subsidiary, has already lost a lot of share value since January when the rumours of the takeover surfaced. Investors <a target="_blank" href="https://www.livemint.com/market/mark-to-market/l-t-infotech-shares-already-carry-scars-of-meddling-with-mindtree-1552842303673.html">fear merging with Mindtree</a>, which has only one large client that is Microsoft, may hurt the performance of L&amp;T Infotech, whose stock price has more than doubled in the last three years and has a <a target="_blank" href="https://economictimes.indiatimes.com/tech/ites/lt-set-to-seal-mindtree-deal-with-caf-coffee-day-founder-vg-siddhartha/articleshow/68457010.cms">significantly wider profit</a> margin of 16% compared to Mindtree's 10%. However, Subrahmanyan explained that L&amp;T Infotech will continue its existing focus on banking, insurance etc, whereas Mindtree will operate in retail and hospitality. L&amp;T will buy coffee baron VG Siddhartha's20.4% stake in the the mid-tier IT services company Mindtree for approximately ₹3,300 crore. L&amp;T also intends to purchase an additional stake of upto 15% from the open market and another 31% from Mindtree shareholders at ₹980 per share.

L&T Infotech and Mindtree will remain separate and the open offer will be at ₹980

<ul><li>Mindtree shares open the week with gains of over 2% </li><li>L&amp;T is set to make a hostile bid as the company's founders refuse let go of control</li><li>Company's strategic investor, coffee baron VG Siddhartha, is expected sell his 21% stake to L&amp;T</li></ul> Indian technology services company Mindtree, backed by coffee baron VG Siddhartha, is at the centre of a takeover battle between the company's founders and one of the country's biggest conglomerates, Larsen and Toubro (L&amp;T). Shares of Mindtree opened the day up over 2% on Monday (March 18) as investors expect the battle for control between the hostile suitor L&amp;T, which has proposed to buy out <a href="https://tech.economictimes.indiatimes.com/news/corporate/mindtree-founders-plan-buyback-wall-to-block-lt/68435104" data-type="tilCustomLink" target="_blank">Siddhartha's 21% stake</a> in the company, and the existing leadership determined to keep control of the company. If L&amp;T pulls it off, it would be the first hostile takeover of an Indian IT company. The founders, Krishnakumar Natarajan, Subroto Bagchi, NS Parthasarathy and Rostow Ravanan, together own 13.32% stake in the company and they are so reluctant to let go of the company that Bagchi left a government job to avert a hostile takeover of Mindtree by L&amp;T. 
	
	
	
	
	
	
	
	
	<div type="twitter" handle="skilledinodisha" handlename="Subroto Bagchi" image="http://pbs.twimg.com/profile_images/727342138430771200/Kf0tzvdR_normal.jpg" favoritecount="418" retweetcount="101" status="Mindtree has not been designed as an “asset” to be bought &amp; sold. It is a national resource. It has a unique cultur… https://t.co/x9uT0UQ25s" createdat="1552835669000" id="1107299169415225345"></div>



















 The board of directors informed the stock exchange on Friday that it will consider a share buyback in a meeting on March 20. The move has come after the founders <a href="https://www.livemint.com/" data-type="tilCustomLink" target="_blank">reportedly</a> could not find private equity investors to counter L&amp;T's offer. L&amp;T <a href="https://timesofindia.indiatimes.com/business/india-business/lt-to-make-1st-ever-hostile-bid-in-indian-it-for-mindtree/articleshow/68457037.cms" data-type="tilCustomLink" target="_blank">reportedly</a> plans to spend $1 billion, including an open offer to minority investors, to gain controlling stake in the company. Indian takeover laws mandate that the suitor must buy shares worth 26% of the target company from the open market, if the stake in the target exceeds 25%. L&amp;T's offer price for another 31% stake in Mindtree may be around ₹980 apiece, a 4% premium to Friday’s closing price, the Economic Times reported. A share buyback by the existing board of directors at Mindtree would mean the company will use a part of its existing ₹2.8 billion reserves to thwart L&amp;T's bid. Investors may not like that, especially, at a time when there is premium offer on the table. On the other hand, L&amp;T Infotech, which is the conglomerate's IT subsidiary, has already lost a lot of share value since January when the rumours of the takeover surfaced. Investors <a href="https://www.livemint.com/market/mark-to-market/l-t-infotech-shares-already-carry-scars-of-meddling-with-mindtree-1552842303673.html" data-type="tilCustomLink" target="_blank">fear merging with Mindtree</a>, which has only one large client that is Microsoft, may hurt the performance of L&amp;T Infotech, whose stock price has more than doubled in the last three years and has a <a href="https://economictimes.indiatimes.com/tech/ites/lt-set-to-seal-mindtree-deal-with-caf-coffee-day-founder-vg-siddhartha/articleshow/68457010.cms" data-type="tilCustomLink" target="_blank">significantly wider profit</a> margin of 16% compared to Mindtree's 10%.

India begins a new trading week with a hostile takeover battle between Mindtree's founders and L&T

New Delhi, Jan 23 () L&amp;T Technology Services (LTTS) on Thursday said that it has joined a Qualcomm program to provide smart city solutions to original equipment manufacturers (OEMs) and system integrators.
 The community matchmaking program brings together smart solutions providers with municipalities or systems integrators looking to solve problems.
 "L&amp;T Technology Services has joined the Qualcomm Smart Cities Accelerator Program to collaborate on providing smart ecosystem solutions and services to help global enterprises accelerate the digital transformation to smart urban infrastructure," the company said in a filing to BSE.
 This can help drive additional value and integrate solutions with secure interoperability, edge processing and an ecosystem to deploy at scale, it said, adding that LTTS has expertise in smart ecosystems - smart cities, smart warehousing and smart manufacturing solutions.
 "Together with Qualcomm Technologies' global technology leadership in edge compute capability, cutting-edge processors and wide-area and local-area communications technologies, LTTS can offer a portfolio of digital offerings to address energy conservation, operational efficiency and digital transformation to cities, making them smarter and more sustainable," as per the filing.
 The shares of L&amp;T Technology Services were trading at Rs 1,705.45 a piece on BSE, up 4.61 per cent from the previous close. SID ANS
ANS

L&T Tech joins Qualcomm program for smart city solutions

<ul><li><keyword id="2535680" type="General" weightage="20" keywordseo="LT-Technology" source="Orion">L&amp;T Technology</keyword> Services Limited on Wednesday reported 22 per cent revenue <keyword id="42546" type="General" weightage="20" keywordseo="growth" source="Orion">growth</keyword>.</li><li>For the fourth quarter of FY23, the pure-play engineering services company recorded Rs 2,096 crore, a growth of 19 per cent YoY.</li></ul>New Delhi, L&amp;T Technology Services Limited on Wednesday reported 22 per cent revenue growth at Rs 8,014 crore for the FY23. The net <keyword id="6362247" type="General" weightage="20" keywordseo="profit" source="Orion">profit</keyword> for the fiscal year was Rs 1,170 crore, also a 22 per cent jump (on-year). For the fourth quarter of FY23, the pure-play engineering services company recorded Rs 2,096 crore, a growth of 19 per cent YoY, with a net profit of more than Rs 309 crore, a 18 per cent growth. During the quarter, LTTS won a $40 million deal and three $10 million plus total contract value (TCV) deals. "FY23 was a landmark year for us as we crossed a billion dollars in revenue run rate and Rs 1,000 crore in annual profits. Our EBIT margin was the highest ever at 18.5 per cent driven by a strong focus on building a robust and sustainable operating model," said Amit Chadha, CEO and Managing Director, L&amp;T Technology Services Ltd. The combination of steady growth and expanding operating margin has led to an 18 per cent CAGR in profits over the last 5 years, he added. At the end of Q4 FY23, the patents portfolio of L&amp;T Technology Services stood at 1,090, out of which 727 are co-authored with its customers and the rest are filed by LTTS. The company currently has 22,233 employees. LTTS's customer base includes 69 Fortune 500 companies and 57 of the world's top ER&amp;D companies, across industrial products, medical devices, transportation, telecom &amp; hi-tech, and the process industries. "We are optimistic about the future and look for another year of strong growth as we partner with the top ER&amp;D companies globally in developing next generation products", said Chadha. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/the-best-vpns-to-safeguard-your-online-privacy-and-security-in-india/articleshow/99727397.cms">The best VPNs to safeguard your online privacy and security in India</a> <a href="https://www.businessinsider.in/tech/news/formerly-barred-from-pharma-industry-entrepreneur-develops-ai-tool-using-chatgpt-to-cut-down-hospital-runs/articleshow/99662101.cms">Formerly barred from pharma industry, entrepreneur develops AI tool using ChatGPT to cut down hospital runs</a>

L&T Technology Services logs 22% growth in revenue, net profit in FY23

<ul><li>Global IT majors will have to bear the brunt of a strong US dollar, despite expectations of revenue growth.</li><li>Back home, Indian IT giants are bearing the brunt of concerns of a potential recession in the US and Europe.</li><li>Several economists have predicted that the US, the world’s largest economy, could slip into recession in the near term.</li></ul>While <keyword id="6357549" type="General" weightage="20" keywordseo="indian-it-companies" source="Orion">Indian IT companies</keyword> are worried about a potential slowdown due to recession, their global counterparts have already started factoring in the impact on their profitability and revenues because of it. The fact that two overseas IT giants – <keyword id="6370971" type="General" weightage="20" keywordseo="accenture" source="Orion">Accenture</keyword> and <keyword id="28721" type="General" weightage="20" keywordseo="cognizant" source="Orion">Cognizant</keyword> – have lowered their growth numbers says a lot about the bleak outlook for the sector because of rising inflation and currency headwinds. Accenture cut earnings per share for 2022 to $10.61-10.70, compared with its previous estimate of $10.61-10.81. The Russia-Ukraine war also had an impact on its earnings as it decided to close down its Russian business. The company said it expects a negative foreign exchange impact of 4.5% in fiscal 2022, worse than its previous forecast of a 3% forex hit, as per a <a href="https://www.reuters.com/business/accenture-beats-quarterly-revenue-estimates-2022-06-23/">Reuters</a> report. Note that Accenture makes more than half of its revenue from outside the US. A strong US dollar means weakness in other currencies – this has an adverse impact on companies with exposure to currencies other than the dollar. Confirming the bleak environment to make money, even Cognizant lowered its revenue guidance to 9-11% in constant currency terms as compared to 8.5-11.5% earlier. “Results were strong though the focus of the Street has shifted to impact on business in a recessionary environment,” said a report by Kotak Institutional Equities. A recession in the US and Europe will impact Indian IT companies directly Stocks of Indian IT companies have seen a major correction this year, as a surging inflation and the rising interest rates reduce the spending power of their clients in the US and Europe. Post the breakout of the Covid pandemic, Indian IT giants TCS, Infosys and Wipro reported record earnings as their clients rushed to digitize their operations to meet their growing IT needs. Now, it looks like the era of record growth is over, leading to sharp corrections in stock prices. <div type="image" title="IT firms top 5 companies" height="900" width="1200" msid="92437564" hostid="261" sizebytes="55924"></div> "The stock price correction (in Indian IT firms) has largely been due to de-rating of valuation multiples, as earnings estimates have largely remained intact or seen minor downgrades. The reasons for this sharp derating, as we mentioned above, are largely related to the global macro environment,” said a report by Phillip Capital. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/may-is-the-first-month-of-2022-when-startups-raises-less-than-2-billion/articleshow/92432430.cms">May is the first month of 2022 when startups raises less than $2 billion</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/mm-shares-hit-52-week-high-on-the-back-of-rural-revival-more-good-news-in-store/articleshow/92432812.cms">M&amp;M shares hit 52-week high on the back of rural revival – more good news in store</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/okinawa-electric-scooter-showroom-in-mangaluru-catches-fire-several-scooters-destroyed/articleshow/92433747.cms">EV fire – Okinawa electric scooter showroom in Mangaluru catches fire, several scooters destroyed</a>

Accenture, Cognizant could see revenue growth but a strong US dollar could spoil the party

<ul><li><keyword id="6357549" type="UNKNOWN" weightage="20" keywordseo="Indian-IT-companies">Indian IT companies</keyword> are growing faster in the US market than Europe for the first time in three years.</li><li>Pressure from deal ramp ups, increasing visa costs, rising subcontractor costs and higher salary payouts has taken a toll on margins.</li><li><keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword> and TCS are the worst hit by the lack <a href="https://www.businessinsider.in/amazon-facebook-apple-google-face-low-h1b-rejection-rate-while-deloitte-capgemini-suffer/articleshow/69734189.cms">of H1-B visa applications</a>.</li></ul>Indian IT sector has a lot to fear but has more to gain as well. Unlike many companies which are in the throes of a slowdown, the IT sector has bigger fish fry. European markets which are its mainstay are growing slow, and the US is dealing with recession fears. Adding fuel to the fire, the US government is making it tough for them to operate, with tighter immigration laws which are taking its toll. Yet, IT companies are showing signs of resilience. For the first time in three years, US led growth is ahead of growth from the European Union, according to Nomura’s market analysis. Ramping up operations in the US It will neither be cheaper nor easier to play a lot more in the US markets, as their ability to send employees to service the clients will not be easy. To counter the aftermath of diminishing manpower in the US, these companies have ramped up acquisition and large deals to make up for it. Infosys and TCS are the worst hit by the lack <a href="https://www.businessinsider.in/amazon-facebook-apple-google-face-low-h1b-rejection-rate-while-deloitte-capgemini-suffer/articleshow/69734189.cms">of H1-B visa applications</a>. Yet, these companies are trying to gain more clients in the country and adding manpower. The acquisition and deals, in turn, are the primary reasons why momentum in US markets is greater than growth in European markets at a yearly growth rate of 12.4%. And they will continue to gain more deals, believes Nomura. The negatives bearing IT down Increased number of large size deals is causing companies to miss margin estimates. Additional pressure from increasing visa costs, rising subcontractor costs and higher salary payouts has also taken a toll on margins. Hiring has grown at a yearly rate of 10% and attrition levels remain elevated at 17% to 22%. Three out of the four Indian IT giants — TCS, Infosys, HCL Technologies and Wipro — missing their growth expectations and all them missed margin expectations. Though IT companies chase other markets, they are not immune to Indian slowdown blues. The stagnation in growth is attributed to slowdown in banking, financial services and insurance (BFSI) coupled with <a href="https://www.businessinsider.in/auto-sales-continue-to-decline-in-august/articleshow/70941671.cms">softness in automobile manufacturing</a>. BFSI’s soft growth and the future outlook is an indicator of the challenges that IT companies are facing in capital markets, large EU banks and regional banks in the US. Retail growth was also flat at 7% to 9%. The brighter side of IT In spite of dragging factors, the IT sector has a few fast growth segments like energy which is growing at 12.7%. Telecom is also is growing at 13.9%. The IT sector, overall, is a part of a growing disruptive transition across the country and the world — digitisation. Digital growth has also been strong for IT companies like TCS, Infosys and Wipro during the first quarter for the current financial year. They have shown quarterly growth of 42.1%, 41.9% and 34.2% respectively. Going forward, Nomura expects Indian IT companies to price their products aggressively in a bid to win more market share. The IT sector is one of the core sectors of the Indian economy. GDP growth is at 5% — a six year low for the country — and re-energising the IT sector which is a huge chunk of services sector, is a key part of the puzzle. See also: <a href="https://www.businessinsider.in/amazon-facebook-apple-google-face-low-h1b-rejection-rate-while-deloitte-capgemini-suffer/articleshow/69734189.cms" style="">H-1B visas: US immigration seems to like certain companies more than others</a> <a href="https://www.businessinsider.in/us-h-1b-visa-rejection-rate-may-trigger-tech-ma/articleshow/69721592.cms" style="">Rise in US H-1B visa rejection may force Indian tech companies to look at M&amp;A</a> <a href="https://www.businessinsider.in/here-are-the-25-most-popular-workplaces-in-india-according-to-linkedin/articleshow/68704338.cms" style="">Here are the 25 most popular workplaces in India, according to LinkedIn</a>

You Searched For "lt technology it company" and got 11 results

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L&T Technology Services logs 22% growth in revenue, net profit in FY23

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