Tata Tech Q4 Results Highlights: Net profit falls 27.3% to ₹157-cr, dividend declared

Tata Tech Q4 Results Live Update at 4:42 pm: Customer pyramid

• $50 million and above category: 3
• $10-$50 million category: 5
• $5-$10 million category: 3
• $1-$5 million category: 30

Tata Tech Q4 Results Live Update at 4:36 pm: Attrition rate at Tata Technologies decreased to 14.4% in Q4 FY24 from 21.7% in Q4 FY23. In the fourth quarter of the financial year ended March 31, 2024, the Tata Group firm's headcount stood at 12,688 compared to 11,616 in the year-ago period.

Tata Tech Q4 Results Live Update at 4:27 pm: FY24 results highlights

• Total operating revenue up 15.9% YoY to ₹51,17.2 crore
• Operating EBITDA up 15% YoY to ₹9,41.3 crore
• In the last 3 years, revenue from operations has grown at 29% CAGR while Operating EBITDA grew at a 35% CAGR
• Profit before tax (PBT) was up 17.1% YoY to ₹9,32.1 crore
• Closed a total of 12 large deals in FY24, which included one $50 million plus deal and five deals in the $15 to $25 million range
• The board recommended a final dividend of ₹8.40 per equity share, and a special dividend of ₹ 1.65 per equity share, subject to shareholder approval at the AGM.

Tata Tech Q4 Results Live Update at 4:24 pm: Business key highlights:

• Tata Technologies and BMW Group have signed a strategic joint venture agreement with an aim to collaborate for the development of automotive software and business IT solutions.
• Tata Technologies has renewed its engineering center contract and won strategic deals in AMR Controls and Embedded Software with a leading global designer and manufacturer of access equipment based in North America.
• A leading North American bus manufacturer has onboarded Tata Technologies as its strategic engineering partner towards engineering support services engagement.
• A premium UK-based global automotive original equipment manufacturer (OEM) has partnered with Tata Technologies to implement Manufacturing Execution Solutions for a modern luxury electric car.
• Tata Technologies has inked a 5-year Memorandum of Understanding (MoU) with the Telangana government to establish Advanced Technical Skill Training Centers in 65 Industrial Training Institutes in the state.

Tata Tech Q4 Results Live Update at 4:11 pm: Management commentary

Warren Harris, Chief Executive Officer and Managing Director, said, “I am delighted with the way our business performed in FY24 with revenue growth of 15.9% and a 15% growth in operating EBITDA. In the last 3 years, our revenue from operations has grown at 29% CAGR while Operating EBITDA grew at a 35% CAGR. 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, Chief Financial Officer, 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 industry’s 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".

Tata Tech Q4 Results Live Update at 4:11 pm: Q4 FY24 results highlights

• Total operating revenue up 0.9% quarter on quarter (QoQ) to ₹1,301 crore
• Operating EBITDA at ₹240 crore
• EBITDA margin at 18.4% vs 18.3% QoQ and 17.3% YoY
• Net income at ₹157 crore
• Net margin at 12.1%

Tata Tech Q4 Results Live Update at 4:04 pm: Tata Technologies consolidated revenue from operations declined 7.2% YoY to ₹1301.05 for Q4 FY24 against ₹1402.3 in the year-ago period.

Tata Tech Q4 Results Live Update at 4:01 pm: Tata Technologies has approved 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, subject to approval of the shareholders.

Tata Tech Q4 Results Live Update at 4:00 pm: Tata Technologies' Board has recommended a final dividend of ₹8.40 and special dividend of ₹1.65 per equity share of ₹2 each of the company for the financial year ended March 31, 2024, subject to approval of the shareholders.

Tata Tech Q4 Results Live Update at 3:57 pm: The consolidated net profit of Tata Technologies declined 27.3% year-on-year (YoY) to ₹157.24 crore in the fourth quarter of the financial year ended March 31, 2024. In the year-ago period, the net profit was 216.56 crore.

Tata Tech Q4 Results Live Update at 3:32 pm: Shares of Tata Technologies closed 0.4% lower at ₹1,085 on the NSE. Intraday, the stock hit a high of ₹1,109.

Tata Tech Q4 Results Live Update at 3:00 pm: Tata Technologies recent developments

• Tata Technologies strengthens its leadership team with the appointment of S Sukanya as Chief Operating Officer
• Tata Technologies collaborates with the Government of Telangana to transform 65 Industrial Training Institutes (ITIs) into skill development centers
• Agratas partners with Tata Technologies to fast-track the development and industrialisation of best-in-class battery solutions for mobility and energy sector

Tata Tech Q4 Results Live Update at 2:33 pm: Shares of Tata Technologies were trading 0.4% at ₹1,085 on the NSE.

Tata Tech Q4 Results Live Update at 2:00 pm: Leadership

• Warren Harris- CEO and Managing Director
• Sukanya Sadasivan- Chief Operating Officer
• Pawan Bhageria- President, Global HR, IT, Admin and Education
• Savitha Balachandran- Chief Financial Officer
• Nachiket Paranjpe- President, Automotive Sales
• Aloke Palsikar- EVP and Head, Aerospace and Industrial Heavy Machinery Sales
• Prahalada Rao- President and Client Partner – Tata Motors
• Sriram Lakshminarayanan- President and Chief Technical Officer
• Santosh Singh- EVP and Global Head, Marketing and Business Excellence
• Anjali Balagopal- General Counsel
• Shailesh Saraph, EVP and Global Head, ER&D Delivery Geena Binoy- EVP and Global Head, DES Delivery

Tata Tech Q4 Results Live Update at 1:32 pm: Tata Technologies had reported a 6.1% increase in its consolidated net profit at ₹170.22 crores for Q3 FY24 as against ₹160.38 crores in the year-ago period.

Tata Tech Q4 Results Live Update at 12:51 pm: Trading stats

• Stock price: 1,085 (-0.47%)
• Open: ₹1,100
• High: ₹1,109.80
• Low: ₹1,080.50
• Previous close: ₹1,090.20
• Total m-cap: ₹44,017
• Free float m-cap: ₹7,045

Tata Tech Q4 Results Live Update at 12:10 pm: Shares of Tata Technologies were trading 0.6% lower at ₹1,083 on the National Stock Exchange.

Tata Tech Q4 Results Live Update at 11:35 am: Tata Technologies core services

Engineering, research and development (ER&D) Digital enterprise services (DES) Education offerings Products and value added reselling (VAR)

Tata Tech Q4 Results Live Update at 11:05 am: Board of Directors

• Ajoyendra Mukherjee- Chairman, Independent Director
• Usha Sangwan- Independent, Non-Executive Director
• Nagaraj Ijari- Independent, Non-Executive Director
• Aarthi Sivanandh- Independent, Non-Executive Director
• PB Balaji- Non-Executive Director
• Shailesh Chandra- Non-Executive Director
• Warren Harris- CEO aand Managing Director

Tata Tech Q4 Results Live Update at 10:35 am: Trading stats

• Stock price: 1,094.75 (0.4%)
• Open: ₹1,100
• High: ₹1,109.80
• Low: ₹1,084.95
• Previous close: ₹1,090.20
• Total m-cap: ₹44,361
• Free float m-cap: ₹7,097

Tata Tech Q4 Results Live Update at 10:03 am: Industries indulged in

• Automotive
• Industrial heavy machinery
• Aerospace

Tata Tech Q4 Results Live Update at 9:44 am: About Tata Technologies

Tata Technologies Limited specialises in product engineering services. They offer a range of services including engineering and design, product lifecycle management, manufacturing, product development, and IT service management to automotive and aerospace original equipment manufacturers as well as industrial machinery companies. The company is a subsidiary of Tata Motors.

Tata Tech Q4 Results Live Update at 9:22 am: Shares of Tata Technologies were trading 0.4% higher at ₹1,094 on the NSE. The stock opened at ₹1,100 on Friday.

Tata Tech Q4 Results Live Update at 8:28 am: Tata Technologies will release its earnings for the January-March quarter of financial year 2023-24 on Friday, May 3.

Tata Tech Q4 Results Live: Tata Technologies will release its financial results for the fourth quarter of the fiscal year 2023-24 (Q4 FY24).

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