Updated January 25th, 2024 at 17:47 IST
Tata Tech Q3 profit up 14.7% to Rs 170 crore
Shares for the company were 0.11% higher at Rs 1,144.20 per share ahead of the results announcement.
Tata Tech Q3: Tata Technologies has posted a 14.7 per cent rise in sequential net profit at Rs 170.2 crore in the December quarter (Q3FY24), from Rs 160.4 crore in the previous quarter of the same fiscal (Q2FY24).
The product engineering arm of the Tata Group saw its revenue up 1.6 per cent to Rs 1289.5 crore, from Rs 1,269.2 crore in the previous quarter.
The company’s EBIT, also known as operational profit, jumped 11.3 per cent to Rs 209.5 crore as against Rs 188.2 crore in the previous quarter.
Meanwhile, its margin was at 150 bps to 16.3 per cent, from 14.8 per cent in the previous quarter.
Warren Harris, Chief Executive Officer and Managing Director of the company said the company's deal win momentum has stayed robust, with 5 large deals won in the quarter, including one deal with over $50 million in TCV and another one 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,” he added.
Amid the seasonally-soft quarter, margins remained resilient which reflects strong operational rigor and execution, Savitha Balachandran, Chief Financial Officer of Tata Technologies said.
“Our long-term levers of margin growth include increased offshoring, further improvement of our people pyramid and operating leverage as our business scales,” she added.
Shares for the company were 0.11 per cent higher at Rs 1,144.20 per share ahead of the results announcement. The market cap of the company is about Rs 46,417 crore on the Bombay Stock Exchange.
Published January 25th, 2024 at 17:45 IST