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Tata Tech CEO sees muted end to FY24; bullish on next year
Mint Mumbai
|January 26, 2024
Tata Technologies on Thursday reported a 1.6% sequential growth in its rupee revenue to 1,289.5 crore in the quarter ended December, while net profit rose 6.1% to 170.2 crore. In dollar terms, the revenue increased 0.9% sequentially to $154.8 million, while its earnings before interest and taxes (ebit) margin rose to 16.2%.
Dollar revenue of its services vertical, which accounts for 78% of its overall operating revenue, dropped 1.7% sequentially, which Warren Harris, managing director and chief executive, said was due to seasonality of a traditionally weak quarter, as well as the completion of a large deal.
Tata Technologies, an engineering and design services firm, did not make any net additions to its large clients, with deal value of over $5 million during the period. However, it added 172 employees to its net headcount, even as attrition dropped by 1.8 percentage points to 15.4%.
This story is from the January 26, 2024 edition of Mint Mumbai.
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