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LTTS bags $45 million EV deal from US automotive firm

LTTS said it is looking to build scale in core new technology areas and has identified six strategic bets—EACV (electrification market, connected, autonomous), medtech, 5G, artificial intelligence (AI) and digital products, digital manufacturing, and sustainability.Premium
LTTS said it is looking to build scale in core new technology areas and has identified six strategic bets—EACV (electrification market, connected, autonomous), medtech, 5G, artificial intelligence (AI) and digital products, digital manufacturing, and sustainability.

  • For the December quarter, LTTS reported a 34% year-on-year increase in net profit to 248.8 crore, with revenue at 1,687.5 crore, up 20%. During the quarter, LTTS won a $45 million deal and a total of three deals worth total contract value of over $10 million

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BENGALURU: L&T Technology Services Ltd (LTTS) has bagged a deal worth $45 million from a US-based tier-1 automotive company, to be its strategic engineering partner and provide engineering services for its electric vehicle (EV) product portfolio.

Under the terms of the five-year agreement, LTTS will work with the client to deliver solutions leveraging its e-mobility technology competence, which will be delivered from its engineering and research & development (ER&D) centre in Krakow, Poland.

LTTS plans to have over 300 engineers working from its Poland centre in the next three years, marking its expansion in eastern Europe.

"We have been investing in Electric, Autonomous and Connected Vehicle (EACV) as part of our six big bets and our engineers have developed several new scalable e-mobility solutions that can accelerate global automotive players’ EV development journey," said Amit Chadha, CEO & managing director, LTTS.

"This landmark deal reinforces that our strategic investment is paying off and establishes LTTS’ dominant position in the EACV landscape. The Krakow R&D centre will serve as a nearshore centre to Western European and North American clientele across verticals," Chadha said.

For the December quarter, LTTS reported a 34% year-on-year increase in net profit to 248.8 crore, with revenue at 1,687.5 crore, up 20%. During the quarter, LTTS won a $45 million deal and a total of three deals worth total contract value of over $10 million. Revenues from digital and leading-edge technologies stood at 56% during the third quarter.

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