LTTS bags $45 million EV deal from US automotive firm

L&T Technology Services Ltd (LTTS) has bagged a deal worth $45 million from a US-based tier-1 automotive company, to be its strategic engineering partner and provide engineering services for its electric vehicle (EV) product portfolio.

Under the terms of the 5-year agreement, LTTS will work with the customer to deliver solutions leveraging its e-mobility technology competence, which will be delivered from LTTS’ engineering and research & development (ER&D) centre in Krakow, Poland.

LTTS plans to have over 300 engineers working from its Poland centre in the next 3 years, marking its expansion into Eastern Europe.

“We have been investing in Electric, Autonomous and Connected Vehicle (EACV) as part of our 6 big bets and our engineers have developed several new scalable e-mobility solutions that can accelerate global automotive players’ EV development journey,” said Amit Chadha, CEO & managing director, LTTS.

“This landmark deal reinforces that our strategic investment is paying off and establishes LTTS’ dominant position in the EACV landscape. The Krakow R&D centre will serve as a nearshore centre to Western European and North American clientele across verticals,” Chadha added.

For the December quarter, LTTS posted a 34% increase in net profit to Rs 248.8 crore from the year-ago period on the back of revenues of Rs 1,687.5 crore, up 20% from the previous year. During the quarter, LTTS won a $45 million deal and a total of three deals with a total contract value of over $10 million. Revenues from digital and leading-edge technologies stood at 56% during the third quarter.