Tata Technologies on May 3 reported a 28% decline in consolidated net profit at INR 157 crore for the quarter ended March 31, 2024. It reported a consolidated net profit of INR 217 crore in the year-ago period.

The firm said its board approved a final dividend of INR 8.40 and a special dividend of INR 1.65 per equity share of INR 2 face value for the financial year ended March 31, 2024.

On May 3, the Tata Group firm's shares closed trading 0.5% lower at INR 1,085 apiece ahead of its Q4 results.

The firm's revenue from operations declined 7% to INR 1,301 crore in Q4FY24 as against INR 1,402 crore in Q4FY23.

Sequentially, the profit after tax (PAT) of Tata Technologies reduced by 7% from INR 170.2 crore during Q3FY24, while its revenue from operations marginally jumped from INR 1,289.5 crore during the quarter ending December 2023.

The firm also announced the reappointment of Warren Kevin Harris as CEO and Managing Director for a term of 3 years and 6 months with effect from September 9, 2024, to March 8, 2028.

Warren Harris, Chief Executive Officer and Managing Director said: “I am delighted with the way our business performed in FY24 with revenue growth of 15.9% and a 15% growth in operating EBITDA. In the last 3 years, our revenue from operations has grown at 29% CAGR while Operating EBITDA grew at a 35% CAGR. We closed a total of 12 large deals in FY24 which included one USD 50 million plus deal, and five deals in the USD 15 to USD 25 million range. Our large deal pipeline remains healthy and continues to grow. We continue to lead our industry in Gen AI and Software Defined Devices (SDx) services – as evidenced by the endorsement that we have received from BMW.”

Savitha Balachandran, Chief Financial Officer, said: “Ending the year with a robust EBITDA margin of 18.4% and strong liquidity underscores our focus on efficiency and prudent management of resources. Overall, I am pleased with our execution in FY24 and have delivered over 18% margins consistently over the last three consecutive years, in line with our stated aspiration.”

Tata Technologies Limited is an Indian multinational product engineering company that offers industrial machinery companies, OEMs in the automotive and aerospace industries, and IT service management services in engineering and design, product lifecycle management, manufacturing, and product development. It is a Tata Motors subsidiary.

Tata Technologies is based in Pune, India, with a regional office in Detroit, Michigan, in the United States. The company employs around 11,000 people worldwide as of 2023, distributed among its 18 distribution centers located in India, North America, Europe, and the Asia-Pacific area.

Article Source – Tata Technologies