Larsen & Toubro Technology Services (LTTS), the IT services subsidiary of engineering conglomerate Larsen & Toubro (L&T), has entered into a multi-faceted partnership with Swedish digital security services providing firm Kudelski Group to offer secure solutions for internet of things (IoT) systems such as connected cars or industrial internet of things (IIoT).
The companies said in a joint statement that the secure solutions will include device identity, device security, data security and a secure channel to process commands, actions and decisions between the hub and devices.
“As verticals like automotive and manufacturing increasingly adopt digital technologies and get 'connected', they are also becoming prone to risks of unwarranted access into critical systems causing heavy damages leading to loss of productivity, brand reputation and possibly human lives," said Ashish Khushu, chief technology officer at LTTS.
Khushu also said that as part of the collaboration, LTTS will leverage Kudelski’s security solutions and its IoT Center of Excellence to help manufacturers design, run and sustain effective IoT protection throughout the entire product lifecycle.
On the other hand, Kudelski will leverage LTTS’ multi-domain proficiencies and its domain-specific expertise in areas like automotive and plant engineering and work to provide leading-edge secure solutions to joint customers, he added.
Further, the collaboration will help industrial equipment manufacturers and automotive OEMs create new features and business models while increasing their safety and efficiency, the companies said.
In the beginning of the month, LTTS had reported an increase of 20.93% in net profit for the fourth quarter.
The company reported a profit of Rs 19.24 crore for the quarter ended March 2019 compared with Rs 15.91 crore for the corresponding period in the previous year, it said in a stock-exchange filing. In the third quarter, the company had reported a profit of Rs 18.61 crore.
Total income jumped 27.33% to Rs 134.31 crore from Rs 105.48 crore. In the third quarter, the company had reported a total income of Rs 135.28 crore.
For the full year, total income surged 34.52% to Rs 530.11 crore while net profit jumped 51.73% to Rs 76.84 crore.
In terms of segments, revenue from transportation, process industry, industrial products, medical devices, telecom and hi-tech showed a year-on-year increase. Transportation and telecom and hi-tech industries were the largest contributors to revenue with Rs 161.86 crore and Rs 138.03 crore, respectively, followed by industrial products at Rs 101.96 crore.