Tata Technologies declares dividend of ₹10.05, net profit slides 27% to ₹157 crore in Q4.
On Friday (May 3), Tata Technologies Ltd, a provider of digital services for engineering and product development, announced a 27.4% YoY drop in net profit to ₹157.2 crore for the fourth quarter ending March 31, 2024.
Tata Technologies Ltd, a provider of engineering and product development digital services, announced on Friday (May 3) a 27.4% year-on-year (YoY) decrease in net profit to ₹157.2 crore for the fourth quarter ending March 31, 2024. In the corresponding quarter of the previous fiscal year, the company reported a net profit of ₹216.6 crore, according to a regulatory filing. Revenue from operations decreased by 7.2% to ₹1,301 crore compared to ₹1,402.4 crore in the same period last fiscal year. EBITDA decreased by 1.1% to ₹240 crore from ₹242.6 crore, with an EBITDA margin of 18.5% compared to 17.3% in the same quarter last year. Total operating revenues increased by 1.2% quarter-on-quarter to $156.6 million in USD terms, with service segment revenues reaching $120.2 million. The board proposed a final dividend of ₹8.40 and a special dividend of ₹1.65 per equity share of ₹2 each for the financial year ending March 31, 2024, subject to approval at the Annual General Meeting (AGM), to be paid or dispatched on or after the third day following the conclusion of the 30th AGM.
During FY24, Tata Technologies closed a total of 12 significant deals, including one deal exceeding $50 million and five deals ranging between $15 million and $25 million. The company's customer base expanded, with 2 customers added in the $10-50 million category, 2 in the $5-10 million category, and 3 in the $1-5 million category.
Warren Kevin Harris has been re-appointed as CEO and Managing Director of the company for a term of three years and six months, effective from September 9, 2024, subject to shareholder approval. Harris commented, "I am pleased with our business performance in FY24, achieving a revenue growth of 15.9% and a 15% increase in operating EBITDA. Over the past 3 years, our revenue from operations has grown at a 29% CAGR, while operating EBITDA has seen a 35% CAGR."
The results were released after the market closed. Tata Technologies Ltd shares closed at ₹1,085.90 on the BSE, down ₹4.05 or 0.37%.
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