Tata Technologies reported 7.63% decline in consolidated net profit to Rs 157.24 crore in Q4 FY24 as compared with Rs 170.22 crore in Q3 FY24.
Revenue from operations rose marginally to Rs 1,301.05 crore in Q4 FY24 as compared with Rs 1,289.45 crore in Q3 FY24.On year on year (YoY) basis, the companys net profit and Revenue declined 27.39% and 7.23%.
Operating EBITDA jumped 1.4% to Rs 242.7 crore in Q4 FY24 as compared with Rs 236 crore in Q3 FY24. Operating EBITDA margin reduced to 15.5% in Q4 FY24 as against 16.2% in Q3 FY24.
Revenue from services segment was down 0.6% QoQ and 2.2% YoY to Rs 974 crore. During the quarter, LTM stood at 14.5% as against 15.4% in Q3 FY24.
In dollar terms, total operating revenue stood at $ 156.6 million, up 12% QoQ. Services segment revenues came in at $120.2 million. In constant currency services, revenue down 1% QoQ.
Warren Harris CEO and MD, Tata Technologies, said, We closed a total of 12 large deals in FY24 which included one $50 Mn plus deal, and five deals in the $15 to $25 Mn range. Our large deal pipeline remains healthy and continues to grow. We are currently engaged in a number of large deal discussions with existing and new customers and anticipate an uptick in deal conversions in the current quarter. 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.
I am incredibly grateful to the almost 13,000 people of Tata Technologies, who remain committed to helping our customers engineer a better world.
Savitha Balachandran CFO, Tata Technologies,said, We will continue to follow a balanced approach of exercising operational discipline while strategically investing in capacity and capabilities to seize the opportunity presented by the industrys structural transformation. 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, also with having delivered over 18% margins consistently over the last three consecutive years, in-line with our stated aspiration. We are excited about our prospects in FY25 and remain committed towards creating long-term shareholder value.
Meanwhile, the board has approved the re-appointment of Warren Kevin Harris as CEO and Managing Director of the Company for a term of 3 years and 6 months with effect from September 9, 2024 to March 8, 2028.
Further, the board has also declared a dividend of Rs 8.40 per share for FY24. The dividend will be paid on or after the third day from the conclusion of the 30th AGM.
Tata Technologies is a global product engineering and digital services company.
The scrip declined 0.37% to end at Rs 1,085.90 on 3 May 2024.
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