L&T Technology Services rises 2% on Rs 800-cr cybersecurity contract from Maharashtra

L&T Technology Services stock has advanced over 50 percent in the last one year

Shares of Larsen and Toubro Technology Services advanced over 2 percent to Rs 5,385 on March 15 after the company won a Rs 800-crore order to provide advanced cyber security solutions for the state, enhancing public safety in Maharashtra.

"The company, in consortium with KPMG Assurance and Consulting Services LLP as forensics partner, will provide advanced cyber security solutions for the state enhancing public safety against cyber threats," the company said in an exchange filing.

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The project involves creating an advanced cybersecurity system and setting up a cybersecurity and cybercrime prevention centre. It will use artificial intelligence and digital forensic tools to ward off cyber threats and resolve cyber attacks.

"This first-of-its-kind deal is more than just a business achievement for us. It’s an opportunity to leverage our experience in setting up over 25 command centres and recognising the growing criticality of cybersecurity and the need to invest in advanced digital safeguard platforms and tools to benefit the larger society. This deal will set the stage for LTTS to scale its offerings for our global clientele," said Amit Chadha, CEO and managing director of LTTS.

The company reported a consolidated net profit of Rs 336.2 crore in the quarter ended December 2023, 13 percent higher than Rs 303 crore reported in the comparable year-ago period. Its revenue from operations came in at Rs 2,422 crore, a 12 percent increase as against Rs 2,049 crore recorded in the corresponding quarter of the previous fiscal.

At 12:20pm, the stock was trading at Rs 5,379, up 2.2 percent from the previous close. The stock has advanced over 50 percent in the last year.

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