Tata Technologies Reports 15.4% Decline in Q1 Profit

Global engineering and product development digital assistance company Tata Technologies Ltd reported a 15.4 percent decline in close profit after tax (PAT) at ₹162.03 crore for the June 2024 quarter, impacted by higher expenses. The company had posted a consolidated PAT of ₹191.53 crore in the same quarter last fiscal year.

Revenue and Expenses by Tata Technologies:

Consolidated revenue from processes in the first quarter stood at ₹1,268.97 crore, compared to ₹1,257.53 crore in the year-ago period. Total expenses were higher at ₹1,072.33 crore, up from ₹1,035.42 crore in the same period last year.

CEO’s Statement on Market Conditions

Tata Technologies CEO and Managing Director Warren Harris highlighted the favorable market conditions as the manufacturing sector continues to invest in alternative propulsion systems, software-defined products and services, and intelligent manufacturing.

Future Outlook by Tata Technologies:

Harris expressed confidence in the company’s prospects, noting that sequential revenue growth of its services business is expected to accelerate from the current quarter. He attributed this optimism to the company’s strong order book, continued positive momentum within anchor accounts, and expected tailwinds across the automotive, aerospace, and industrial heavy machinery sectors.

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