Tata Technologies Limited Reports Strong Financial Performance in FY24, Recommends Dividends
New Delhi: Tata Technologies Limited announced a robust financial performance for the fiscal year 2023-24, with a profit before tax (PBT) of Rs 932 crore, marking a notable 17.1 percent year-on-year growth. The company’s board has recommended a final dividend of Rs 8.40 per equity share along with a special dividend of Rs 1.65 per share.
The global engineering services company achieved a significant milestone with a 15.9 percent growth in total operating revenue, amounting to Rs 5,117 crore in the last fiscal year.
Highlighting the company’s consistent growth trajectory, Tata Technologies revealed that over the past three years, revenue from operations has surged at a compound annual growth rate (CAGR) of 29 percent, while operating EBITDA witnessed a robust 35 percent CAGR.
Warren Harris, CEO and Managing Director of Tata Technologies, expressed optimism about the company’s future prospects, stating, “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.”
In the fourth quarter ending March 31, 2024, Tata Technologies recorded total operating revenue of Rs 1,301 crore, marking a modest 0.9 percent increase compared to the previous quarter. The net income for the quarter stood at Rs 157.2 crore.
Savitha Balachandran, Chief Financial Officer of Tata Technologies, reiterated the company’s commitment to value creation for its shareholders, stating, “We are excited about the prospects in FY25 and remain committed towards creating long-term shareholder value.”
Tata Technologies recently entered into a strategic joint venture agreement with BMW Group to collaborate on the development of automotive software and business IT solutions, further enhancing its position in the global market.
