Pune, India: July19, 2024: Tata Technologies Limited (BSE: 544028, NSE: TATATECH), a leading global engineering services company, announced the financial results for the quarter ended June 30, 2024.
Key highlights for the quarter that ended on 30th June 2024:
· Total operating revenue at ₹12,690 million, up 0.9% YoY and down 2.5% QoQ.
· Services segment revenue of ₹9,855 million, a decline of 1.0% QoQ.
· Operating EBITDA at ₹2,311 million; EBITDA margin at 18.2%, vs. 18.4% QoQ.
· Net income at ₹1,620 million, up 3.1% QoQ.
· 70 bps sequential improvement in net income margin to 12.8%.
· 80 bps sequential improvement in [LTM] attrition to 13.7%.
· Five strategic deal wins across automotive and aerospace.
Warren Harris, Chief Executive Officer and Managing Director said, “The overall market conditions remain favourable as the manufacturing sector continues to future-proof itself through ongoing investments in alternative propulsion systems, software-defined products and services, and smart manufacturing. The VinFast transition is now largely behind us, and we fully expect the sequential revenue growth of our services business to accelerate from the current quarter. Confidence in our full-year prospects is fuelled by our order book, continued positive momentum within our Anchor accounts, and tailwinds that we expect to continue to intersect with across automotive, aerospace, and industrial heavy machinery.”
Savitha Balachandran, Chief Financial Officer, said: “Our margins have remained resilient during the quarter, reflecting our strong operating discipline. We are committed to strategically investing in key growth areas while optimising costs and improving efficiency across the organisation. Our robust cash flow management and efficient collections process remain priorities. By focusing on sustainable growth and value creation, we are confident in our ability to stay competitive and achieve long-term success.”
EVStory.in - India's best EV Portal
