Tata Technologies Q1 PAT falls 15% to ₹162.03 crore

Global engineering and product development digital services firm Tata Technologies Ltd on Thursday reported a 15.4% decline in consolidated profit after tax at ₹162.03 crore in the June 2024 quarter, impacted by higher expenses.

The company had posted a consolidated profit after tax (PAT) of ₹191.53 crore in the same quarter last fiscal, Tata Technologies Ltd said in a regulatory filing.

Consolidated revenue from operations in the first quarter stood at ₹1,268.97 crore as against ₹1,257.53 crore in the year-ago period, it added.

Total expenses were higher at ₹1,072.33 crore compared to ₹1,035.42 crore in the same period a year ago, the company 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," Tata Technologies CEO and Managing Director Warren Harris said.

He said the company expects the sequential revenue growth of its 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," Harris said.