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L&T Technology Services (LTTS) on Monday announced that it has won a multi-million-dollar deal from BMW Group for the European premier car maker's hybrid vehicles. As part of the five-year deal, LTTS will provide high-end engineering services for the company's suite of infotainment consoles targeted for its family of hybrid vehicles, the engineering services firm said in the statement.
Notably, the engineering services firm's near shore center provides engineering and R&D services for BMW Group's suite of infotainment consoles and its family of hybrid electric vehicles, it added. The proximity to BMW Group's campus will enable LTTS' engineers to work on a variety of solutions and offer services in real-time, the company said, adding that the team will be providing services in the areas of software build and integration, infotainment validation and defect management.
Abhishek Sinha, Chief Operating Officer and Board Member, L&T Technology Services said, “our transportation engineering services are enabling leading OEMs to build innovative and sustainable vehicles and achieve faster time to market using new age digital technologies." L&T Technology Services is a subsidiary of Larsen & Toubro and this will strengthen LTTS' existing engagement with BMW Group. It is committed to deploying its digital engineering capabilities and assisting with the launch of its new family of hybrid vehicles, Sinha added.
Just last month, L&T Technology Services (LTTS) posted a 27 per cent increase in consolidated net profit at ₹274 crore in the three months ended June. The company had a net profit of ₹216.2 crore in the same period a year ago. "We started the new fiscal on a strong note with revenue growing sequentially by 4.7 per cent in constant currency.
"Growth was led by Plant Engineering and Industrial Products, benefitting from spends towards digital manufacturing, energy transition and smart connected products," LTTS CEO and Managing Director Amit Chadha said in a statement. The company's consolidated revenue from operations grew 23.4 per cent to ₹1,873.7 crore in the first quarter of the current fiscal. In the year-ago period, the same stood at ₹1,518.4 crore.
(With inputs from PTI)