L&T Technology Services bags $45 million EV deal from US-based automotive company

As per the agreement, L&T Technology Services will mark its expansion into Eastern Europe and will work its customer to furnish solutions leveraging its e-mobility technology competence from ‘LTTS’ ER&D centre in Krakow, Poland.

L&T Technology Services(LTTS) declared that it had been awarded a deal during the Q3 worth $45 million from a US-based automotive company while announcing its quarterly results on Tuesday.

For the December quarter, LTTS reported a 34% year-on-year rise in net profit to 248.8 crore, with revenue at 1,687.5 crore, up by 20%. The company said it is set to be its customer’s strategic engineering partner and provide services for its electric vehicle (EV) product portfolio. “Furthermore, three deals with TCV of worth $10 million-plus were also registered. Revenues from digital and high-tech sectors maintained at 56% during the quarter,” the company said in a statement.

As per the agreement, L&T Technology Services will mark its expansion into Eastern Europe and will work with its customer to furnish solutions leveraging its e-mobility technology competence from the ‘LTTS’ ER&D centre in Krakow, Poland.

“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. Our landmark win in this deal allows us to ramp up our ER&D centre in Krakow. And work on that has kicked off. I believe in the coming few years, we will be 300 people in Krakow,” Amit Chadha, CEO and MD, L&T Technology Services.

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