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Larsen and Toubro Info targets $1 billion revenue

Larsen and Toubro Info targets $1 billion revenue
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First Published: Tue, Jun 12 2007. 12 37 AM IST
Updated: Tue, Jun 12 2007. 12 37 AM IST
Mumbai: Larsen and Toubro Infotech Ltd (L and T Infotech), which rounds off India’s top 10 IT software and services exports companies, said it aims to achieve $1 billion (Rs4,100 crore) annual revenue in next three to four years. The company has a plan to bring its initial public offer in the second half of 2008-09.
For the fiscal 2006-07, the company achieved $287 million in revenue, growing at 50% in each of the last three years. The company is expecting $400 million in revenue in 2007-08.
L and T Infotech, a wholly-owned subsidiary of the country’s largest publicly traded engineering and construction company Larson and Toubro Ltd, is targeting manufacturing, energy, banking and financial services, insurance, product engineering verticals to achieve the sales target.
“We will be investing Rs600 crore in the next three-four years to increase our capacity by opening new software development centres for achieving our turnover target,” said A.M. Naik, chairman, L and T, unveiling a brand logo.
“By 2010, we are expecting $800 million contribution to the revenue from the organic growth,” he said. Out of this, the company is expecting to have $150-200 million revenue from an insurance business that is expected to bring $75-80 million revenue in 2007-08 alone. “Another $200 million revenue is expected to come from the acquisition route by 2010,” added Naik.
L and T Infotech is looking at acquiring companies which have synergy with one of the five focus verticals that the company operates in and would fit in the deal size of $50-200 million. The company also expects to increase its employee strength from 7,200 to 20,000 by March 2010.
abhineet.k@livemint.com
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First Published: Tue, Jun 12 2007. 12 37 AM IST
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