L&T Technology Services Limited

L&T Technology Services Limited Overview

Company Headquarters: Vadodara

Founded: 2012

Workforce: ~ 23,000

Company Working: L&T Technology Services Limited (LTTS) is a global leader in Engineering and R&D (ER&D) services. With 976 patents filed for 57 of the Global Top 100 ER&D spenders, LTTS lives and breathes engineering and technology. Its innovations speak for themselves – World’s 1st Autonomous Welding Robot, Solar ‘Connectivity’ Drone, and the Smartest Campus in the World, to name a few. Its expertise in engineering design, product development, smart manufacturing, and digitalization touches every area of users’ lives - from the moment the user wakes up to when the user goes to bed. With 90 Innovation and R&D design centers globally, it specializes in disruptive technology spaces such as EACV, Med Tech, 5G, AI and Digital Products, Digital Manufacturing, and Sustainability. It is a publicly listed subsidiary of Larsen & Toubro Limited, the $21 billion Indian conglomerate operating in over 30 countries. It specializes in Mechanical Engineering Services, Embedded Systems Services, Product Lifecycle Management (PLM), Engineering Analytics, Power Electronics, M2M, Internet of Things (IoT), and Digital Engineering.

Strategy

L&T Technology Services Limited focuses on transforming its products and services with new age technology and digital engineering. Its design strategy includes product architecture, digital platforms and security and deployment includes MVP (minimum viable product) strategy, product testing and automated control system. The company adopted contracts & agreements as key strategies to grow in smart wells market. For instance, in January 2018, the company signed a contract with Kreuz Subsea Services (Singapore). This contract has helped to increase exploration activities in subsea. Such contracts would increase its customer base, globally.

Company Snapshot

$680.28M

Revenue

23,000

Employees

2012

Founded

Vadodara

Headquarters

SWOT Analysis

Strengths

Strong product offering in smart products & services
Strong financial position due to an increase in annual revenue
Diversified services offerings in renewable energy
Leveraging brand recognition in new segments

Weaknesses

Dependence on Indian market
Increasing debts
Extra cost of building new supply chain and logistics network
Local monopolies

Opportunities

Advancements in innovative technology
New environmental policies
Lowering of the cost of new product launch

Threats

Extensive environmental regulations
Low oil prices affect the industry
GST impact can be negative
Rapid technological changes

Key Developments

Date	Approach	Development
November,2018	Contract & Agreement	L&T Hydrocarbon Engineering Limited (LTHE) signed an offshore contract with ONGC (India) for the Bassein Development 3 Well Platform & Pipeline Project. This contract was worth USD 34 million.
January 2018	Contract& Agreement	L&T and ONGC in India signed a contract with Kreuz Subsea services (Singapore) to support subsea services. It involves the installation of riser clamps, risers, crossing works, tie-ins, subsea trenching and hydro-testing of pipelines, which are part of the ONGC and Daman field development project in the west coast of India.
March 2023	Collaboration	L&T Technology Services announced the completion of 15 years of valued collaboration with Eaton, a leading global power management company with operations across 175 countries. Through the years, LTTS has provided diverse ER&D solutions and services in Product Development, Smart Platform adoption, and supporting overall digital transformation. LTTS & Eaton each have commitments to a greener future and healthier tomorrow.
May 2022	Collaboration	L&T Technology Services Limited- announced that it has signed a collaboration agreement with Pandit Deendayal Energy University (PDEU). The industry-academia partnership aims to develop disruptive technologies and prioritize the creation of innovations that strengthen clean and sustainable energy. According to the agreement, LTTS will also help to set up a Center of Excellence at the premises of the PDEU, where the projects undertaken will focus on R&D in hydrogen generation, carbon capture, energy storage, & pumped storage.

Product Offering

L&T Technology Services Limited
- Digital Engineering
- Industrial Process
- Medical
- Transport
- Plant Engineering
- Telecom
- Consumer Electronics
- Semiconductors
- Renewable energy data/services

Financial Performance

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