L&T Tech bags Rs 19.07-bn orders in Jan-Sep period
31 Oct 2022
2 Min Read
CW Team
L&T Technology Services, a part of the $21 billion Larsen & Toubro Group, won orders worth over Rs 19.07 billion between January-September this year from the transportation sector on the back of strong tailwinds from electric vehicles, easing of semiconductor shortages and a spike in air travel.
Amit Chadha, the firm鈥檚 chief executive and managing director, said during a post-result conference that the company registered 9.4% growth during Q2 of FY23, which was broad-based across the sub-segments of auto, trucks and off-highway and aviation. The company added $60 million in sales during Q2FY23. An earlier deal worth around $50 million was reported in Q1FY23, in addition to $120 million in Q4FY22. The company includes aviation in its transport vertical in addition to automotive.
鈥淚nvestments in our electric, autonomous, connected vehicle (EACV) big bet has helped us win large deals consistently. In Q2, we won a $60 million plus deal 鈥� the third consecutive quarter of wins in the $50 to $100 million TCV range for the transportation segment,鈥� said Chadha.
L&T Technology Services had in August announced winning a five-year, multi-million-dollar deal from European luxury vehicle maker BMW to provide high-end engineering services for the company鈥檚 suite of infotainment consoles targeted for its family of hybrid vehicles. The Vadodara based company has an existing Near Shore Centre which provides engineering and R&D services for BMW.
See also:
Volcan Investments, not Vedanta, to invest in semi-conductor plant
Vedanta, Foxconn enter JV for semiconductor project in Gujarat
L&T Technology Services, a part of the $21 billion Larsen & Toubro Group, won orders worth over Rs 19.07 billion between January-September this year from the transportation sector on the back of strong tailwinds from electric vehicles, easing of semiconductor shortages and a spike in air travel.
Amit Chadha, the firm鈥檚 chief executive and managing director, said during a post-result conference that the company registered 9.4% growth during Q2 of FY23, which was broad-based across the sub-segments of auto, trucks and off-highway and aviation. The company added $60 million in sales during Q2FY23. An earlier deal worth around $50 million was reported in Q1FY23, in addition to $120 million in Q4FY22. The company includes aviation in its transport vertical in addition to automotive.
鈥淚nvestments in our electric, autonomous, connected vehicle (EACV) big bet has helped us win large deals consistently. In Q2, we won a $60 million plus deal 鈥� the third consecutive quarter of wins in the $50 to $100 million TCV range for the transportation segment,鈥� said Chadha.
L&T Technology Services had in August announced winning a five-year, multi-million-dollar deal from European luxury vehicle maker BMW to provide high-end engineering services for the company鈥檚 suite of infotainment consoles targeted for its family of hybrid vehicles. The Vadodara based company has an existing Near Shore Centre which provides engineering and R&D services for BMW.
See also: Volcan Investments, not Vedanta, to invest in semi-conductor plantVedanta, Foxconn enter JV for semiconductor project in Gujarat
Next Story
Reliance, Diehl Advance Pact for Precision-Guided Munitions
Diehl Defence CEO Helmut Rauch and Reliance Group鈥檚 Founder Chairman Anil D. Ambani have held discussions to advance their ongoing strategic partnership focused on Guided and Terminally Guided Munitions (TGM), under a cooperation agreement originally signed in 2019.This collaboration underscores Diehl Defence鈥檚 long-term commitment to the Indian market and its support for the Indian Government鈥檚 Make in India initiative. The partnership鈥檚 current emphasis is on the urgent supply of the Vulcano 155mm Precision Guided Munition system to the Indian Armed Forces.Simultaneously, the 鈥淰ulc..
Next Story
Modis Navnirman to Migrate to Main Board, Merge Subsidiary
Modis Navnirman Limited has announced that its Board of Directors has approved a key strategic initiative involving migration from the BSE SME platform to the Main Board of both BSE and NSE, alongside a merger with its wholly owned subsidiary, Shree Modis Navnirman Private Limited.The move to the main boards marks a major milestone in the company鈥檚 growth trajectory, reflecting its consistent financial performance, robust corporate governance, and long-term commitment to value creation. This transition will grant the company access to a broader investor base, improve market participation, en..
Next Story
Global Capital Flows Remain Subdued, EMEA Leads in Q1 2025
The Bharat InvITs Association鈥檚 industry update for Q1 2025 shows subdued global capital flows, with investment volumes remaining at the lower end of the five-year range despite a late 2024 recovery. According to data from Colliers and MSCI Real Capital Analytics, activity in North America declined slightly, while EMEA maintained steady levels and emerged as the top region for investment in standing assets.The EMEA region now hosts seven of the top ten cross-border capital destinations for standing assets, pushing the United States鈥� share of global activity below 15 per cent. Meanwhile, in..
