L&T Tech bags Rs 19.07-bn orders in Jan-Sep period

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’s 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. “Investments 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 — the third consecutive quarter of wins in the $50 to $100 million TCV range for the transportation segment,” 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’s 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