L&T Technology Services Ltd announces change in Chairman

Mr. A. M. Naik has decided to step down as Chairman of L&T Technology Services Limited (LTTS) at the end of LTTS’ 12th AGM on 26th June 2024. The Board of Directors of LTTS at its meeting held on June 26, 2024, have appointed Mr. S. N. Subrahmanyan, (Vice-Chairman), as Chairman with effect from June 27, 2024.

The Board highly appreciated Mr. Naik’s stellar contribution to the Company, his astute technology leadership which has facilitated LTTS filing close to 1300 patents and his unmatched dedication towards ensuring LTTS remains India’s No 1 pure play engineering services company. AMN, as he is popularly known as, is the Founder Chairman of the company and has been constantly focusing on leveraging technology for scaling the future and inspiring new possibilities for LTTS’ customers and towards creating a sustainable world.

Speaking on this development, Mr. Naik said, “It is with immense pride and satisfaction when I look back to our modest beginning of USD 60 Million in annual revenues vis a vis LTTS’ current annual revenue run rate of USD 1.2 Billion. That I could steer this multifold value creation and be part of this exhilarating journey fills me with utmost content and gratitude towards LTTS’ 24000 plus strong workforce. LTTS is spearheading several cutting-edge technology tracks across verticals and industries, driving sustainable customer business successes. It is my firm belief that LTTS will continue to scale greater heights under the chairmanship of Mr. Subrahmanyan, to whom I am handing over the responsibility”.

SNS, as Mr. Subrahmanyan is popularly known, joined the Board of LTTS on 10 Jan 2015. He was appointed as the Vice Chairman of LTTS on 03 May 2017. SNS with his engineering DNA and can-do, will-do attitude has been the catalyst in ensuring LTTS’s growth momentum continues at a fast clip. He has been instrumental in the multifold expansion of LTTS’ truly global customer base and sharpening focus on markets, technology and core innovation.

On this occasion, Mr. Subrahmanyan said, “First of all, I would like to acknowledge Mr. Naik’s efforts towards building India’s largest pure play engineering R&D services company, LTTS. What he has done is humongous and simply outstanding. I would like to express my sincere gratitude to him and the Board for reposing trust in me and appointing me as the Chairman. I would humbly like to take up this responsibility and take forward LTTS’ legacy of constant innovation and technology leadership. LTTS lives and breathes engineering and that is what we will continue to do”.

Shares of L&T Technology Services Limited was last trading in BSE at Rs. 4844.50 as compared to the previous close of Rs. 4833.20. The total number of shares traded during the day was 2124 in over 600 trades.

The stock hit an intraday high of Rs. 4866.00 and intraday low of 4826.40. The net turnover during the day was Rs. 10293180.00.

Source : Equity Bulls

Keywords

LandTTechnologyServices INE010V01017 LTTS Chairman