L&T Information Technology Plodding On

The company that traces its roots to
Larsen & Toubro (L&T) clocked a revenue of Rs 165 crore–a mere 2%
growth over the previous fiscal’s revenue. It had grossed Rs 161 crore in
1998-99. It provided a range of solutions to brokerage firms including front
office, middle office and back office systems and interfaces to stock exchanges.

In the last fiscal, L&T Information
Technology Ltd (LTITL) worked with insurance companies and provided a range of
software solutions and products
for addressing the insurance sector’s needs. For the financial sector, it
provided financial accounting software, specialized processing services like
salary and wage management, provident fund and family pension, income tax
processing, bonus processing, fixed assets management, share accounting, and
fixed deposit processing and accounting. A bold decision to restructure itself
into vertical segments like financial, manufacturing and services paid off. The banking
and financial sector yielded Rs 30 crore of the overall revenue. This year too
software exports accounted for 88%, garnering a revenue of Rs 145 crore. The US
was the largest contributor to the exports revenue with 53%.

For
the CAD/CAM segment, it banked on leveraging the vastly experienced skill-sets
from its parent company, L&T. In this sector, it offered solutions for
developing engineering applications and integration of heterogeneous CAD/CAM/CAE
systems, legacy engineering data migration and implementation of product data
management.

On the domestic front, its customized software
development and maintenance yielded Rs 15 crore, twice as much as in fiscal
1998-99. Last year, it was also appointed by SAP as the latter’s national
implementation partner. LTITL is looking at garnering business through the
offsite-offshore model and is trying to increase its revenue from ecommerce. DQ

Fact Sheet

START-UP YEAR: 1997 PRODUCTS AND SERVICES: Software
development, solutions for manufacturing, banking and finance AGENCY OPERATIONS:
Veritas, MKS, Seagate, SAP, Microsoft, Lotus EMPLOYEES: 1,579 ADDRESS: Saki
Vihar Road, Powai, Mumbai 400 072 TEL: 858 1003 FAX: 858 1615, 858 1592 WEBSITE:
www.ltitl.com