Tata Tech Q4 net profit falls 28% to Rs 157 cr, declares total dividend of Rs 10.05

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%.