Tata Technologies, a leading global engineering services company has announced its financial results for the Q3 FY2024 with revenue of Rs 1,289 crore, up 14.7 percent YoY, the net profit came at Rs 170 crore, up 6.1 percent respectively.
The company attributes the growth to improvement in the services segment, and customer ramp-up activity, with 39 customers now in the million-dollar plus revenue bucket compared with 34 at the end of Q3 FY2023.
Warren Harris, CEO and MD, Tata Technologies said: “We delivered sequential growth and a healthy operating EBITDA margin at 18.3% in Q3FY24 while making strategic investments in relationships to enable future growth. Our 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. 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. We have seen our employee engagement initiatives yield success with a steady reduction in attrition levels over the last few quarters.”
Savitha Balachandran, CFO, Tata Technologies said: “We continue to maintain a sharp focus on profitability and cash flow generation in our business. Despite the seasonally soft quarter, our margins have remained resilient reflecting strong operational rigor and execution. Our long-term levers of margin growth include increased offshoring, further improvement of our people pyramid and operating leverage as our business scales. The free cash flow to net income conversion in the first nine months of the year has also remained robust.”
The company shares the highlights of the quarter which saw a leading global automotive OEM onboarded Tata Technologies as its strategic engineering partner for “FTE Engineering Services” engagement. A leading European luxury automotive OEM chose it for the design, development, implementation and validation of AUTOSAR-based software for DRVU ECU (Gateway Module).
Tata Technologies won a large engagement with a North American automotive OEM for the implementation of SAP and PLM-managed services.
A leading Asian automotive OEM has chosen Tata Technologies for the development of a premium crossover sedan.
