Tata Technologies Q3 Result: Firm reports 6.1% QoQ rise in consolidated net profit at Rs 170.22 crore
Tata Tech Q3 Results: The company reported a profit of Rs 160.38 crore in the year-ago period. On a year-on-year (YoY) basis, the profit grew 14.7 per cent.
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Tata Tech Q3 Results: Tata Technologies, a subsidiary of the Tata Group, which is a global product engineering and digital services company, reported a 6.1 per cent increase in its consolidated net profit, or profit after tax (PAT), at Rs 170.22 crore for the quarter ended December 31, 2023. The company reported a profit of Rs 160.38 crore in the year-ago period. On a year-on-year (YoY) basis, the profit grew 14.7 per cent.
Revenue from operations came in at Rs 1,289.45 crore, up 1.59 per cent against Rs 1,269.17 crore in the previous quarter. In the year-ago period, the figure stood at Rs 1,123.89 crore.
Basic earnings per share (EPS) for the quarter stood at Rs 4.20 against Rs 3.95 in the September quarter.
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Operating EBITDA came in at Rs 236.6 crore, while the operating EBITDA margin was 18.3 per cent, a 140-basis-point increase on a QoQ basis, driven by improved 'Services' gross margins, the company said in its earnings release.
In US dollar terms, total operating revenue was up 0.9 per cent QoQ and up 13.4 per cent YoY to $154.8 million. Services segment revenue was up 8.3 per cent YoY to $120.2 million.
In constant currency, Services' revenue was up 5.8 per cent YoY.
Commenting on the result, Warren Harris, Chief Executive Officer and Managing Director, said: “We delivered sequential growth and a healthy operating EBITDA margin of 18.3% in Q3 FY24 while making strategic investments in relationships to enable future growth."
"Our deal win momentum has stayed robust, with five large deals won in the quarter, including one deal with over $50 million in TCV and another with $25 million in TCV. We remain positive on customer spending in the automotive vertical as OEMs continue to pivot towards electrification and other alternative propulsion systems. The aerospace industry is looking upbeat, with a good pickup in demand there. We are investing in building capabilities at scale and remain confident about the long-term fundamentals of our business," Harris added.
"We have seen our employee engagement initiatives yield success with a steady reduction in attrition levels over the last few quarters. We continue to focus on engineering a better world for our customers, employees, partners, and the community," the CEO said further.
Tata Tech IPO
Tata Technologies made a stellar debut on the bourses on Thursday, November 30, with a 140 per cent premium over the issue price of Rs 500. The scrip of Tata Technologies was listed at Rs 1,200 on the NSE and Rs 1,199.95 on the BSE. Its IPO was a mega-hit. The Rs 3,042.5 crore public issue of the company was overall subscribed 69.43 times, driven by remarkable participation from institutional buyers.
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