L&T Infotech sets $1 b turnover target

L&T Infotech, the IT arm of Larsen & Toubro, has set a turnover target of $1 billion (over Rs 4,000 crore at current exchange rates) within a period of three or four years. In the financial year 2007, it had witnessed revenues of $287 million. Its CAGR for the last four years has been 50 per cent. A five-year strategic plan has been implemented keeping the $1-billion target in mind. The new logo retains the L&T medallion but in a contemporary multifaceted 3D form, the primary colour being yellow, and described by the company as vibrant and optimistic. A new 1,900-seat software development centre was also inaugurated at Mahape in Navi Mumbai. This entailed an investment of Rs 60 crore. More such centres will come up in Mumbai, Bangalore and Chennai in 2008.