Tata Technologies on May 3 reported 28% decline in consolidated net profit at Rs 157 crore for the quarter ended March 31, 2024. It reported consolidated net profit of Rs 217 crore in the year-ago period.
The firm said its board approved a final dividend of Rs 8.40 and special dividend of Rs 1.65 per equity share of Rs 2 face value for the financial year ended March 31, 2024.
On May 3, the Tata group firm's shares closed trading 0.5% lower at Rs 1,085 apiece.
The firm's revenue from operations declined 7% to Rs 1,301 crore in Q4FY24 as against Rs 1,402 crore in Q4FY23.
The firm also announced re-appointment of Warren Kevin Harris as CEO and Managing Director for a term of 3 years and 6 months with effect from September 9, 2024 to March 8, 2028.
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 million plus deal, and five deals in the $15 to $25 million range. Our large deal pipeline remains healthy and continues to grow. 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.”
Savitha Balachandran, Chief Financial Officer, said: “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.”
Q4 highlights:
• Total operating revenue up 0.9% QoQ to Rs 1,301 crore
• In USD terms, total operating revenues were up 1.2% QoQ to $156.6 million. Services segment revenues came in at $120.2 million.
• Operating EBITDA at Rs 240 crore; EBITDA margin at 18.4% vs. 18.3% QoQ (adj.) and 17.3% YoY
• Net income at Rs 157 crore; Net margin at 12.1%.
• 90 bps sequential improvement in last-twelve-month [LTM] attrition to 14.5%.
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