tata technologies q3fy24 earnings: Tata Technologies Q3 Results: Net profit rises 15% YoY to Rs 170 crore
Tata Technologies, a recent debutant at the bourses, on Thursday, reported a consolidated net profit of Rs 170 crore for the quarter ended December 2023. The profit is higher by 15% from Rs 148 crore reported in the previous year period.
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Revenue from operations in the third quarter increased 15% year-on-year to Rs 1,289 crore, compared with Rs 1,124 crore in the corresponding quarter of last year.
In USD terms, total operating revenues were up 0.9% QoQ and 13.4% YoY to $154.8 million.
Meanwhile, services segment revenues were up 8.3% YoY to $120.2 million. In constant currency, services revenues were up 6% YoY.
Continued improvement was seen in the customer ramp-up activity, with 39 customers now in the million-dollar- plus revenue bucket compared with 34 at the end of Q3 FY23.
The company has reported an operating EBITDA at Rs 237 crore, with an EBITDA margin of 18.3%, a 140-bps increase quarter-on-quarter driven by improved services gross margins.
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“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,” said Warren Harris, CEO and MD, Tata TechnologiesThe deal win momentum during the quarter 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,” Harris said.
The company has added 172 employees during the third quarter, taking the total workforce strength to 12,623. There was also 180 bps sequential improvement in [LTM] attrition to 15.4%.
On Thursday, Tata Technologies shares closed 0.25% higher at Rs 1,145.45 on NSE.
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Tata Technologies, a recent debutant at the bourses, on Thursday, reported a consolidated net profit of Rs 170 crore for the quarter ended December 2023. The profit is higher by 15% from Rs 148 crore reported in the previous year period.
![]()
Revenue from operations in the third quarter increased 15% year-on-year to Rs 1,289 crore, compared with Rs 1,124 crore in the corresponding quarter of last year.
In USD terms, total operating revenues were up 0.9% QoQ and 13.4% YoY to $154.8 million.
Meanwhile, services segment revenues were up 8.3% YoY to $120.2 million. In constant currency, services revenues were up 6% YoY.
Continued improvement was seen in the customer ramp-up activity, with 39 customers now in the million-dollar- plus revenue bucket compared with 34 at the end of Q3 FY23.
The company has reported an operating EBITDA at Rs 237 crore, with an EBITDA margin of 18.3%, a 140-bps increase quarter-on-quarter driven by improved services gross margins.
Discover the stories of your interest
“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,” said Warren Harris, CEO and MD, Tata TechnologiesThe deal win momentum during the quarter 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,” Harris said.
The company has added 172 employees during the third quarter, taking the total workforce strength to 12,623. There was also 180 bps sequential improvement in [LTM] attrition to 15.4%.
On Thursday, Tata Technologies shares closed 0.25% higher at Rs 1,145.45 on NSE.
(Subscribe to ETMarkets WhatsApp channel)
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