Tata Technologies reported a 7.63% decrease in consolidated net profit in Q4 FY24, from Rs 170.22 crore in Q3 FY24 to Rs 157.24 crore.
Comparing Q4 FY24 revenue from operations to Q3 FY24 revenue of Rs 1,289.45 crore, there was a slight increase to Rs 1,301.05 crore.
The company experienced a 27.39% and 7.23% decline in net profit and revenue year over year (YoY).
The services segment’s revenue, which was Rs 974 crore, decreased 2.2% YoY and 0.6% QoQ. LTM was 14.5% during the quarter compared to 15.4% in Q3 FY24.
The overall operating revenue was $156.6 million in USD, a 12% quarterly increase. Revenues for the services segment totaled $120.2 million. Revenue fell 1% on a quarterly basis in constant currency services.
CEO and MD of Tata Technologies Warren Harris stated, “We closed a total of 12 large deals in FY24, which included one deal over $50 million and five deals between $15 and $25 million.” Our substantial deal pipeline is still strong and expanding. We anticipate a rise in deal conversions as we are currently involved in several significant deal discussions with both new and existing customers. We will continue to take a balanced approach, exercising operational discipline while strategically investing in capacity and capabilities to seize the opportunity presented by the industry’s structural transformation, according to Savitha Balachandran, CFO of Tata Technologies.
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