L&T Technology Services posts 7% rise in revenue

L&T Technology Services registers 7% rise in revenue

L&T Technology Services (LTTS), a pure-play engineering services company, reported a net profit of Rs 314 crore for the first quarter of FY25—a year-on-year (YoY) growth of 1%. The revenues during this period touched Rs 2,462 crore which is a YoY rise of 7%.

According to the company, during the quarter it bagged two $30 million deals and two $15 million deals. At the end of Q1 FY25, the patents portfolio of L&T Technology Services stood at 1,343, out of which 853 are co-authored with its customers and the rest are filed by LTTS.

“With phase one of our reorganisation and related investments in technology and leadership complete, we are reassured of our performance for the rest of the year and reaffirm our aspirations to reach $1.5 Billion in annualised revenues,” said Amit Chadha, CEO and Managing Director, L&T Technology Services Limited.

ideaForge enters into partnership with Inertial Labs

ideaForge Technology, a drone company, has partnered with Inertial Labs to integrate its Inertial Labs' RESEPI LiDAR solution into ideaForge's unmanned aerial vehicles (UAVs). According to a statement, this collaboration represents an advancement in UAV-based LiDAR mapping, offering industries an enhanced, highly accurate, and reliable solution.

As part of the partnership, ideaForge and Inertial Labs will jointly work together to provide surveying, mapping and inspection solutions across specific applications in mining, forestry, GIS and land surveys, and water resources management, among others.

The integration of Inertial Labs' precise LiDAR payloads with ideaForge's NETRA/Q6 class of UAVs will help in delivering aerial data with extreme precision, speed and actionable insights.

LTIMindtree extends contract with Absa Bank

LTIMindtree has announced a multi-million dollar contract extension with Absa Bank, an African financial services group. The extended partnership builds upon a 17-year collaboration, where LTIMindtree has been driving Absa Bank's digital transformation journey, fostering growth and efficiency.

Absa Group Limited has footprints across 12 African countries, China, the United Kingdom, and the United States. LTIMindtree will act as a one-stop shop for Absa Bank's IT needs, providing comprehensive services to bolster its digital infrastructure. This includes deploying solutions in digital transformation, Applied AI, cloud acceleration, data-driven decision-making, and core banking modernisation.

HCLTech gets recognition from Everest Group

HCLTech, has been recognised as a Leader in Everest Group’s Software Product Engineering Services PEAK Matrix Assessment 2024.

The report notes how HCLTech is driving value and innovation for its clients, drawing on its technical expertise, comprehensive partner ecosystem and emerging deal constructs and pricing models. It highlights HCLTech’s robust client relationships, balanced global presence and commitment to developing industry-specific solutions and intellectual property (IP) across pertinent themes including data engineering, cloud, automation, monitoring, AI/ML and cybersecurity.