Dear Shareholders,
We live in an age of impermanence. Nothing stays the same - the technology landscape,
industry trends, geo-political equations, and heightened societal expectations. The
consistent accomplishments of LTTS are even more salient , when viewed in this context of
change.
Your Company's efforts toward ensuring excellence have led to its sustained leadership
of the ER&D domain. We are now a USD 1.2 billion revenue run rate company with a
vision to cross USD 1.5 billion, and will continue to grow in size and scale. The
acquisition of Smart World and Communication last year has already borne fruit, viz., a
marquee USD 100 million deal win in cybersecurity.
CHARTING NEW LANDSCAPES
Much of what your Company has achieved is in line with the vision that we had
articulated soon after I took over at the helm two and half decades ago. Your Company
today has built a reputation for delivering pioneering engineering and R&D solutions
to a global clientele. This has been achieved by marrying deep engineering expertise with
agile, innovative thinking - which has become the hallmark of LTTS' operations and
reflects the heritage of the parent Company.
As we forge ahead, it is vital that LTTS continues to strengthen and expand its
customer engagement by actively pursuing opportunities beyond the immediate scope of work.
The journey ahead will therefore be defined by a multipronged approach - from ensuring a
closer alignment of our offerings with market expectations, to unlocking new value across
talent and technology, and delivering unmatched operational excellence. Realigning our
focus areas around Mobility, Sustainability, and HiTech is a key step in this direction.
BECOMING FUTURE READY
Securing and retaining top-tier talent remains a major objective as we expand our
footprint, notably with the development of a new strategic center in Vadodara and our
expansion across major delivery hubs in Chennai and Mysuru. The focus on emergent domains
such as software-defined vehicles, AI and cybersecurity, coupled with the continued
upskilling of our engineers and forging new partnerships with hyperscalers promises to
revolutionize our offerings across each of the focus areas.
LTTS has secured multiple awards and peer commendations - a clear indication of our
industryleading stance in AI and emerging technologies. Our leadership of the ER&D
domain has been reaffirmed by leading analysts, including Zinnov and ISG, alongside
prestigious accolades like the 'BIG Innovation Award' for loT and the RoSPA Gold Health
& Safety Awards for our smart city projects.
An organization's success is intrinsically linked to the spirit of its people. LTTS has
been recognized as a 'Great Place to Work' in India and has won a similar recognition in
Europe.
This exemplifies our commitment to establishing LTTS as a preferred employer for
talented engineers worldwide.
ENSURING ALL-ROUND EXCELLENCE
LTTS continues to be the ER&D industry bellwether. Our industryleading performance
in FY24 is built on the pillars of revenues of ?96,473 million, a growth of 9.4% y-o-y,
and net profit of ?13,037 million, a 7.6% rise y-o-y. I remain confident that the
sustained demand momentum across segments will accelerate and help strengthen our
competitive positioning going ahead.
Scaling up our engagements with premier global clients and enhancing their core
businesses remains our top priority. We will seek to deepen our engagements and expand
their scope to cover new domains across industries.
In addition to business growth, LTTS remains steadfast in its dedication to foster an
environment underscored by care, trust, and perpetual learning.
This commitment is manifested through its CSR endeavors, aimed at addressing critical
areas such as water development, healthcare provision in remote regions, and skill
enhancement for the underprivileged. Such initiatives have touched millions of lives
across the country, reinforcing LTTS' reputation as a company devoted to generating
substantial goodwill through meaningful societal contributions.
IN CONCLUSION
On a personal note, as most of you are already aware, I will be stepping down as the
Founder Chairman of L&T Technology Services effective the 12th AGM of the Company. As
I take a moment to reflect on the past, I feel grateful to have spearheaded the creation
of the largest pureplay ER&D Services Company based out of India - driving the next
frontiers of L&T's vision of growth and technology excellence.
I would also like to thank you, our shareholders for your continued and sustained trust
in us. My best wishes to my colleagues on the Board and the LTTS leadership, led by Amit
Chadha, for driving our growth journey across new frontiers.
With best wishes for a healthy and prosperous future.
A. M. Naik
FOUNDER CHAIRMAN