L&T Technology Services Lands ₹800 Crore Cyber Security Project from Maharashtra

LTTS CyberSecurity
Preeti Bali / 11:49 am / March 15, 2024

L&T Technology Services (LTTS), a prominent mid-sized engineering and technology services company, announced a significant contract win today. The company has secured a $100 million (approximately Rs 800 crore) cybersecurity project from the Maharashtra State Cyber Department.

Boosting Maharashtra’s Cyber Defenses

Headquartered in Mumbai and a publicly traded subsidiary of Larsen & Toubro (L&T), LTTS will establish a cutting-edge cybersecurity and digital threat analytics centre for the Maharashtra Cyber Department. This nodal agency plays a critical role in safeguarding the state’s cyber infrastructure and investigating cybercrime activities. The new centre will significantly enhance cyber safety and awareness among Maharashtra’s citizens.

To deliver this project, LTTS will collaborate with KPMG Assurance and Consulting Services LLP, a renowned forensics partner. This collaboration ensures the provision of advanced cybersecurity solutions to the Maharashtra State Cyber Department.

Building a Robust Cybersecurity Infrastructure

The project scope encompasses the design and implementation of a sophisticated cybersecurity system. A state-of-the-art cyber security and cybercrime prevention centre will be established, equipped to address cybercrime incidents and investigations through the strategic use of AI and advanced digital forensic tools.

“This groundbreaking agreement represents more than just a commercial win for LTTS,” stated Amit Chadha, CEO and Managing Director of LTTS. “It presents an opportunity to leverage our extensive experience in establishing over 25 command centres. We recognize the ever-increasing importance of cybersecurity and the urgent need to invest in sophisticated digital security platforms and tools. This project establishes a strong foundation for LTTS to expand its cybersecurity offerings to our global clientele.”

Encompassing Advanced Security Features

The program incorporates a digital threat analytics centre (DTAC) alongside a centre of excellence (COE). This combined effort will equip the dedicated forensics team and central emergency response team (CERT) with the necessary resources. The facility will handle incident response and investigations by utilizing advanced cyber threat intelligence, analytics, and security operations, all bolstered by AI and machine learning technologies.

Market Reaction and Company Performance

On Friday, LTTS shares witnessed a positive response on the Bombay Stock Exchange (BSE), trading 1.5% higher at Rs 5,345 per share compared to the previous close.

For the quarter ending December 2023, LTTS reported a healthy financial performance. The company’s net profit grew by 13% to Rs 336 crore compared to Rs 297 crore in the corresponding quarter of the previous year. Revenue also experienced a 12% increase, reaching Rs 2,422 crore from Rs 2,157 crore a year ago.

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