Tata Technologies clocks profit before tax at Rs 932 crore in FY24

Tata Technologies Limited on Friday reported profit before tax (PBT) at Rs 932 crore in FY24, a 17.1 per cent growth (year-on-year), as the board recommended a final dividend of Rs 8.40 per equity share and a special dividend of Rs 1.65 per share.

The global engineering services company registered 15.9 per cent growth in total operating revenue to Rs 5,117 crore in the last fiscal year.

The company said that in the last three years, revenue from operations has grown at 29 per cent compound annual growth rate (CAGR) while operating EBITDA grew at a 35 per cent CAGR.

“We closed a total of 12 large deals in FY24. We are currently engaged in a number of large deal discussions with existing and new customers and anticipate an uptick in deal conversions in the current quarter,” said Warren Harris, CEO and Managing Director.

For the quarter ended March 31, 2024, the company clocked Rs 1,301 crore in total operating revenue, up 0.9 per cent (on-quarter). Net income for the quarter was Rs 157.2 crore.

Savitha Balachandran, Chief Financial Officer, said they are excited about the prospects in FY25 and “remain committed towards creating long-term shareholder value.”

Tata Technologies and BMW Group recently signed a strategic joint venture agreement, to collaborate for the development of automotive software and business IT solutions.