Tata Technologies Ltd, a global engineering and design solutions company, unveiled robust financial results for the third quarter of fiscal year 2024, marking its maiden report post-listing. The company recorded a notable 6.14% increase in net profit, reaching Rs 160.38 crore compared to the previous quarter. Sequentially, total operating revenue also saw a positive trend, rising by 1.6% to Rs 1,289.5 crore. In US dollars, the total operating revenues registered a 0.9% increase quarter-on-quarter, reaching $154.8 million.
Warren Harris, the Chief Executive Officer and Managing Director of Tata Technologies, expressed satisfaction with the performance. He highlighted the achievement of sequential growth and a robust 18.3% operating EBITDA margin in Q3FY24. Harris emphasized strategic investments in relationships to facilitate future growth, and the company’s deal win momentum remained strong. Notably, the quarter witnessed the clinching of 5 large deals, including one valued at over $50 million in Total Contract Value (TCV) and another at $25 million in TCV.
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The market responded positively to these results, as Tata Tech shares edged 0.11% higher to close at Rs 1,144.20. This marked a continuation of the stock’s impressive journey since its strong debut on November 30, the year before. At the current closing price, the stock has surged by an impressive 128.84% from its initial public offering (IPO) price of Rs 500.
In a separate development, Tata Technologies announced a strategic collaboration with Agratas, Tata Group’s global battery business. This collaboration aims to scale Agratas’ product development and enterprise systems. According to a company statement, Agratas is set to expedite its product development timelines, integrating battery cells into modules and packs across multiple applications to align with customer requirements.
This collaboration signifies Tata Tech’s commitment to driving innovation and technology advancements, particularly in the evolving landscape of battery solutions. The partnership with Agratas aligns with Tata Technologies’ vision to contribute to sustainable and cutting-edge solutions in the global market
Tata Technologies Ltd’s impressive financial results for Q3 FY24 and its strategic collaboration with Agratas underscore the company’s commitment to growth, innovation, and its position as a key player in the engineering and design solutions space.