LARSEN & TOUBRO S/GDR 1 - LTOUF STOCK NEWS

LTIMindtree has been selected as a key digital transformation partner by Currys, a leading UK technology retailer, for a five-year engagement. This partnership aims to enhance Currys' omnichannel strategy, leveraging LTIMindtree's expertise in retail consulting and technology. The collaboration builds on previous successful initiatives since 2022, focusing on providing a personalized shopping experience.

With this multi-million-dollar agreement, Currys aims to drive revenue growth and cost transformation while consolidating its consumer and employee-facing applications. Both companies expressed confidence in streamlining employee engagement and enhancing consumer satisfaction through this venture.

L&T Technology Services Limited has partnered with Ansys to establish the LTTS-Ansys Center of Excellence for Digital Twin, enhancing its capabilities in design, manufacturing, and supply chain processes. The digital twin market, currently valued at $6.5 billion, is projected to grow to $125.7 billion by 2030 with a CAGR of 39.48%. This collaboration will enable LTTS to accelerate the adoption of digital twin technology across various sectors such as oil and gas, automotive, and aerospace, providing its customers with advanced simulation tools for improved operational efficiency.

LTIMindtree has been chosen as the strategic sourcing partner by Hellenic Bank, enhancing the bank's resource capacity needs efficiently. This partnership aims to transform Hellenic Bank’s core business and improve its data analytics and process excellence. Hellenic Bank seeks to elevate customer experience and operational efficiency through this collaboration. LTIMindtree, a global technology consulting firm with nearly 90,000 professionals, offers extensive domain expertise to drive innovation. The engagement marks a crucial step in Hellenic Bank's strategic transformation towards becoming a technology-driven institution.

L&T Technology Services Limited has launched a new Centre of Excellence (CoE) in Mysore, Karnataka, in collaboration with Amazon Web Services (AWS). This CoE aims to leverage cloud technology to facilitate digital transformation for global automotive OEMs, enhancing the company’s offerings in Electric, Autonomous, and Connected Vehicles (EACV). The initiative is expected to reduce time-to-market for customers by utilizing LTTS' advanced technologies like AnnotAI, Connected Cars, and SafeX. The partnership with AWS is designed to bolster R&D capabilities and improve the safety and efficiency of next-generation vehicles.

LTIMindtree has inaugurated a new delivery center in Krakow, Poland, expanding its presence in Eastern Europe. The 500-seater facility aims to enhance the company's capabilities in serving clients in the travel, transportation, and hospitality industries. This move follows a successful delivery center established in Warsaw. The Krakow center, comprising state-of-the-art technology, is part of the company's strategy to leverage local talent and provide better service to over 75 existing clients in the region. LTIMindtree, a company under the Larsen & Toubro Group, employs nearly 90,000 professionals worldwide.

L&T Technology Services Limited has partnered with Thales and Qualcomm Technologies to create advanced 5G-driven connectivity solutions aimed at enhancing urban railway operations. This collaboration seeks to leverage Qualcomm's 5G RAN Platform and LTTS’s chip-to-cloud capabilities, enabling efficient private networks and IoT applications. Analysts project the smart railway market will expand from $28.9 billion in 2022 to $43 billion by 2027.

The initiative aims to improve transit efficiency and user experience, highlighting LTTS's commitment to technological innovation in transport infrastructure.

LTIMindtree has achieved the Guidewire PartnerConnect Testing Standards specialization, strengthening its position as a leading technology consulting firm in the insurance sector. This recognition allows LTIMindtree to offer enhanced enterprise testing solutions to global insurers, thus driving their transformation with the Guidewire platform. The specialization is a testament to the company's expertise and capabilities in providing superior digital solutions, aligning with the needs of over 700 clients globally. LTIMindtree emphasizes its commitment to helping insurers achieve efficient transformation through its advanced understanding of the insurance domain.

LTIMindtree has announced a partnership with Duck Creek Technologies (DCT) and Microsoft to develop a cloud migration solution for insurers. This initiative aims to facilitate the transition of on-premises core systems to the cloud, enhancing efficiency and competitive edge for insurers. The collaboration combines LTIMindtree's modernization expertise, Duck Creek's SaaS platform, and Microsoft's Azure cloud services to deliver superior customer experiences and innovation. According to executives from both Duck Creek and LTIMindtree, this solution will empower insurers to achieve strategic goals more rapidly in a rapidly evolving industry.

LTIMindtree announced its Q3 FY23 results, showcasing a 16.3% year-over-year revenue growth in constant currency. The company's revenue reached $1,046.7 million, a 14.0% increase year-over-year, although net profit declined by 17.7% quarter-over-quarter to $121.5 million. With a robust order inflow of $1.25 billion, the company reported 723 active clients and notable multiyear deals across various sectors. The Board of Directors has also recommended an interim dividend of ₹20 per equity share. Overall, LTIMindtree is well-positioned for future growth despite some profit margin pressures.