L&T Technology Services crosses $1B in revenue run rate

L&T Technology reports 22% rise in net profit

L&T Technology Services (LTTS), the engineering services company and part of the L&T Group, has reported a net profit of Rs 1,170 crore for FY23—which is an annual growth of 22%. The revenue for the financial year stood at Rs 8,014 crore, registering a growth of 22%.

“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% driven by a strong focus on building a robust and sustainable operating model," said L&T Technology Services CEO Amit Chadha. "The combination of steady growth and expanding operating margin has led to an 18% CAGR in profits over the last five years.”

For the fourth quarter of FY23, the company reported a net profit of Rs 310 crore, which was an annual growth of 18%. The revenue during this period stood at Rs 2,096 crore, registering an annual growth of 19%. During the quarter, LTTS won a $40 million deal and three $10+ million TCV deals.

“We are optimistic about the future and look for another year of strong growth as we partner with the top ER&D companies globally in developing next-generation products,” said Chadha.

1054 people loved this story

---

Nestle India Q1 net profit up 24.7% to Rs 736.64 Cr, net sales up 20.3% to Rs 4,808.40 Cr

Infosys collaborates with Walmart Commerce Technologies

Infosys, a leading Indian IT services company, is collaborating with Walmart Commerce Technologies to help retailers leverage technology solutions that simplify customer and sore employee experiences. Infosys will help retailers implement and use Store Assist, which enables them to provide omnichannel experiences such as pickup, delivery and shipping from stores for both employees and customers.

Store Assist is a lightweight, cloud-based, API-first solution that integrates into a retailer's existing commerce or OMS platform, including integrations with out-of-the-box capabilities for Salesforce and Adobe customers.

Through platforms like Infosys Equinox, partner products, and leading digital capabilities, Infosys claims to have helped over 190 retailers globally by augmenting their core digital capabilities, advancing their operating models, and transforming their talent for the future.

Cognizant signs new deal with Nike

Cognizant has announced a new agreement to transform and support the technology operations of Nike, the leading designer, marketer, and distributor of authentic athletic footwear, apparel, equipment, and accessories.

Building on the companies' 14-year history of collaboration, this new agreement will consolidate several of Nike's existing IT support functions, with Cognizant serving Nike across 230+ locations in more than 40 countries. Cognizant will support the company's customers, partners, as well as its 70,000 employees through three key areas of technology operations: multilingual IT customer service, deskside and dispatch depot, as well as application and infrastructure support.

As part of the new five-year agreement, Cognizant will assist both Nike's customers as well as employees with their technical support needs. Cognizant will offer onsite and remote support across locations worldwide for resolving all hardware issues for employees, from laptops to work phones.

Additionally, through Level 1 and 2 support, Cognizant will provide engineering and backend solutions for all of Nike's enterprise-wide applications, including mobile apps, computer software, and Nike.com.

Netcore Cloud partners with Google Cloud

Netcore Cloud, a cloud-based communication and digital marketing solutions provider, has collaborated with Google Cloud to offer integration for its Email API and SMS API products. According to a statement, this collaboration will enable Netcore Cloud to provide its customers with faster, more reliable, and more secure delivery of their email and SMS messages.

Furthermore, Netcore’s presence now on the Google Cloud Marketplace will enable all Google customers to purchase the company’s offerings directly from the marketplace.

Netcore Cloud's Email API and SMS API products are designed to help businesses communicate more effectively with their customers. These APIs offer features such as real-time delivery, advanced analytics, and personalised messaging, all of which can be integrated into any application or website.

By integrating with Google Cloud, Netcore Cloud's Email API, and SMS API products will be able to leverage the power of Google's infrastructure to deliver messages quickly and reliably to customers. Google Cloud partner Searce was a key enabler in bringing these services live on for Netcore Cloud.

Dell unveils new range commercial PC range

Dell Technologies has launched its latest commercial portfolio in India, which includes the Latitude Notebooks, Precision Mobile Workstations (MWS), OptiPlex All-In-One (AIO) Desktop, and 34-inch Ultrasharp Curved WQHD Monitor.

The new devices are powered with 13th Gen Intel Core processors and upgraded Dell Optimizer features to enhance personalisation.

The latest version of Dell Optimizer extends intelligence from the PC to the overall computing ecosystem. It allows users to manage displays and peripherals more easily in one interface, including intelligent audio, privacy, connectivity, and collaboration that learns and responds to how the user works. Meanwhile, the Dell Ultrasharp 34-inch Curved USB-C Hub Monitor with a three-sided narrow bezel comes with IPS Black technology and ComfortView Plus.