L&T Technology Services (LTTS) on Monday said that it has won a 5-year, multi-million-dollar deal from BMW Group to provide high end engineering services for the company's suite of infotainment consoles targeted for its family of hybrid vehicles.
The BMW Group, is the world's leading manufacturer of premium automobiles and motorcycles, and provider of premium financial and mobility services.
The IT solutions provider said that the large deal was awarded to LTTS because of its deep domain expertise and engineering leadership in transportation technologies and its proven ability to offer unique opportunities to scale up existing projects and work on new ones. The LTTS team of engineers will be providing services in the areas of software build and integration, infotainment validation and defect management, it added.
LTTS has an existing near shore center which provides engineering and R&D services for BMW Group's suite of infotainment consoles and its family of hybrid electric vehicles. The proximity to BMW Group's campus will enable LTTS' engineers to work on a variety of solutions and offer services in real time, the engineering services company stated.
Abhishek Sinha, chief operating officer and board member of L&T Technology Services, said, This latest deal win is a testament to LTTS' long-standing expertise in the automotive engineering services domain. Our transportation engineering services are enabling leading OEMs to build innovative and sustainable vehicles and achieve faster time to market using new age digital technologies. We are delighted to strengthen our existing engagement with BMW Group and are fully committed to deploying our digital engineering capabilities and assist with the launch of their new family of hybrid vehicles.
LTTS is a listed subsidiary of Larsen & Toubro focused on Engineering and R&D (ER&D) services. It offers consultancy, design, development and testing services across the product and process development life cycle.
The company reported a 4.7% rise in consolidated net profit to Rs 274.20 crore on 6.7% increase in revenue to Rs 1,873.70 crore in Q1 FY23 over Q4 FY22.
Shares of L&T Technology Services declined 2.11% to Rs 3,591.35 on the BSE.
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